If the past two years have taught marketers and business owners anything, it’s that adapting to change will make or break a business. In fact, Investopedia cites ineffective business planning as one of the most common reasons small businesses fail, and a major component of the planning process is revising your approach based on changes in the market.
Perhaps your business plan has remained the same over the past few years. If so, there’s a good chance you’re missing out on some potential growth. If you have managed to keep your strategies up-to-date, well done. At Riley & You, our approach to marketing evolves with industry trends, and we’ve learned a lot from helping small businesses grow over the years. Whether you’re ready to make some changes or you’re uncertain if you are adapting your strategies correctly, ask yourself the following important questions.
What is your competition doing?
One of the best ways to keep up with changes in your market is to maintain a close eye on your competition. After all, according to CBInsights as reported by Fortunly, “19% of small businesses fail because of their competition.” Take notes on the marketing strategy that leaders in your industry are using and then compare that strategy to what they were doing last year or even six months ago. If they’ve changed course and your business hasn’t, it might be wise to follow suit. On the other hand, if your competition is still working from a years-old playbook, now may be the perfect time to get ahead of them by tweaking your strategy based on new trends.
What are your metrics saying?
Your profit numbers are an important indicator of success, but your metrics will clue you in as to whether your specific marketing efforts need a refresh. Tracking your KPIs also allows you to make informed changes in your plan. If your metrics don’t show growth after a strategic change, it may be time to try a different approach. Tracking your metrics is also an essential step in the testing process. Whether it’s an organic social media strategy or a PPC campaign, you should always be testing new ideas and then analyzing the data to find out what’s working.
How have your customers changed?
Face it, your customers are changing whether you want them to or not. Whether you are trying to meet new expectations or you’re taking steps to begin marketing to new generations, it is important that you let your customers’ behaviors affect your strategy. Take stock of the demographics and behaviors represented in your store and on your social channels. Who are your customers today, and how do they differ from customers of the past? If your customer experience is designed for an outdated audience, you can’t expect consistent growth.
Businesses in every industry have been faced with tremendous changes over the past several years. It’s the ones who have adapted to those changes that have continued to thrive. A big part of adapting to changes is remaining willing to adjust your digital marketing strategy. In fact, according to Guidant, digital marketing is one of the three biggest priorities for business owners in 2022. If you’re not sure if your current strategy is in line with the trends, or if you’re looking for marketing experts to stay on top of the trends for you, we’d love to hear from you.
