A marketing strategy review starts with your business model

To ensure all your marketing efforts deliver, your marketing strategy must be aligned with your business model. After all it is the blueprint for all your marketing activity. 

So schedule time to review the business model for your company. Make sure the leadership team is present and key members of staff to ensure a rounded discussion can take place. It is also a good chance for you to look at and share views on your customer base

Key questions to ask

• What if anything has changed?
• Are you moving in the direction you planned?
• Is your value proposition the same?
• Which revenue streams are healthily, which ones are weak and may need investment?
• What is the profile of your ideal customer?
• Who are your best customers currently?
• Are the two aligned?

What does your brand identity say about you?

Every marketing activity you undertake creates a new touch point for your customers and prospects. Their impression of you is fed by these many different channels – advertising, website, logo and tag lines, social media presence, sales reps, etc – they are all part of your brand. But what brand identity have you built?

Key questions to ask

• Are all your marketing efforts correctly representing your business to your target market?
• Does your messaging transition them from prospect to customer?
• How have your marketing efforts performed?
• What were the costs versus the reach and conversion rates?

Does your marketing strategy reflect the changing market landscape?

There is always something new to learn. Taking the time to evaluate the current landscape could lead to tremendous opportunities to grow your business. Your customer’s needs may be changing. You may need to adapt both your offering and communications. Feeding regular insights into your marketing strategy will help ensure your not left behind. Remember, the way things have been done is not necessarily the way they should continue.

Key questions to ask

• How do they view your type of product?
• What other alternatives are they considering and why?
• How does your products/service address their pain points?
• What new value are they seeking?

Keep an eye on the changing competitor landscape?

It is also essential to regularly review your competitors, both direct and indirect, leaders and niche players. They may embracing changes in the market and gaining competitive advantage.

Key questions to ask

• Have they brought something new to market?
• How well does their offering bring value or relieve customer pain points?
• Are they repositioning to appeal to your target market in a new way?