Feeling uneasy about what the projected economic climate will mean for your business? Fear not, fellow business owner. With talk of a looming recession, now is not the time to stick your head in the ground. While everyone else is talking about the sky falling, my advice is don’t waste time. Here are some ways to focus your marketing this year that will help you get ahead of the competition.
Set marketing goals that align with your business goals
No one has time to waste on marketing activity that isn’t going to get results for your business. But how can you increase your likelihood of success? Goals. Does your business want to grow in market share, enter a new niche market, hire more staff or make more money? Set marketing goals that align with your company’s business goals or the upcoming FY and that will help contribute to the success of your company goals.
Don’t underestimate the value of brand awareness
People always want ad campaigns that can drive fast results. Quick-fix lead generation campaigns offering discounts and deals. In the face of potential shortfalls or budget decreases, this approach can look even more tempting to the point where I’ve had customers wanting to go “all-in”. However, you’re eroding brand equity if you lose focus on what will drive results in the long term.
Consider building the overall value of how your customers perceive your business over the long term through brand awareness. While feeding brand awareness won’t generate results immediately, investing in a longer-term brand story will likely carry your business through the highs and lows of economic storms. The slightly delayed gratification will be well worth the wait.
Set up ways to track your results
This might seem obvious, but many businesses still don’t track or utilise the data that is readily available. By monitoring marketing results monthly or quarterly, we can see what is working and what isn’t and tweak or pivot quickly.
In less than five months, Google is sunsetting Universal Analytics (UA) at the end of June, so it would pay to get ahead of the game and set up GA4. UA going away is a big deal for all business owners and marketers. Because the data model in GA4 is totally different, the switchover will be challenging. Depending on your level of expertise, it can take weeks or even months to implement and fully understand GA4. Apart from that, you also need time to verify that you are collecting data properly in GA4; otherwise, you won’t be able to build accurate reports. So if you haven’t already started running GA4, there’s no better time to set up the new version… or work with a specialist digital agency that genuinely enjoys geeking out on all the stats and can explain it to you in plain English.
Make digital your not-so-secret weapon
Don’t leave digital advertising as an afterthought. Whether you’ve tried running your own ads before or are scared at the thought of those ever-changing algorithms, many business owners and even marketers have reservations about whether digital ads will actually work for their business. Ads are a unique beast and can be incredibly powerful in the hands of an expert. A specialist agency can ensure your goals, messaging, and ad copy is all in alignment and helps you set up and track results so that you can demonstrate the value your department is contributing to your company’s bottom line.
Whether you are feeling overwhelmed or disenfranchised, know that help is available. I firmly believe no one can be an expert in everything. Make the most of the coming year by setting goals, valuing brand awareness, tracking your results and making smart digital plays.