Your marketing strategy is critical to your long-term success. But this is not a set it and forget it exercise. As your business changes and evolves, your marketing strategy may have to as well. So, how often should you evaluate your marketing strategy? That’s what I’m going to cover today.
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How Often Should You Evaluate Your Marketing Strategy?
Your marketing strategy is critical to your long term success. But this is not a set it and forget it type of exercise. As your business changes and evolves, your marketing strategy is most likely going to need to evolve with it. How often should you evaluate your marketing strategy? This is a question that I get all the time and that is what I'm going to dig into with you today.
Hi, I am Tim Fitzpatrick with Rialto Marketing, where we believe marketing shouldn't be difficult. All you need is the right plan. Thanks so much for tuning in.
Love talking marketing strategy. So I'm excited to dig into this with you today. Again, what are we talking about? How often should you evaluate your marketing strategy?
First thing I need to answer to help you answer this question is first and foremost, what is strategy? What am I talking about? Strategy is that it's the high-level stuff. It's not the day-to-day tactical things that are happening. Strategy is that high-level where you want to go? What you hope to accomplish?
To me, marketing strategy has three main elements. I call them the marketing strategy trilogy.
One is your target market. And within that target market, who are your ideal clients? Who are you going to serve? How are you going to serve those people? Everything from a marketing standpoint starts with your target market.
Second, is your messaging. What do you say to that market, to those ideal clients to gain their attention and their interest? Your messaging is super important. It's how you're communicating your value and what you do.
And then the third is planning. Do you have a marketing plan in place? The way we look at marketing planning is in 90-day sprints. 90 day sprints are long enough to start to see whether things are working, whether they're going in the right direction and the right trajectory or whether they're not. And it's short enough where you can make course corrections and just start wash, rinse and repeat every 90 days. I believe planning should be whether it's marketing or otherwise should be done in 90-day sprints. It's just my personal opinion. That's what strategy is target market, messaging, and planning.
So let's get back to the original question. How often should you evaluate your marketing strategy? There are two different scenarios here that are going to determine how often you should evaluate it.
The first one is like what if there are no changes in your business? Like things have been just cruising? No huge changes within the business. In that case, your marketing strategy should be evaluated, I think every nine to twelve months and there may not be much that you need to update, but just double-check. Is our target market still on track? Are our ideal clients within that market still where they need to be? Are we still focusing on the right types of ideal clients? And is our message to those people the right one? Your marketing planning. As I already touched on that, you're going to be looking at every 90 days. But if there are no changes in your business, I would recommend every nine to twelve months you look at target market and your messaging to make sure that those things are still supporting your business the way that they should.
The second scenario is when there are changes in your business. Now, changes can come in a lot of different forms. Maybe it's new products or new services that you're introducing. Might be new markets that you're going to get into. Right? You've decided, "Hey, we're going to start selling into a new target market." Well, obviously, if you're going to sell into a new target market, you got to update, make some updates with your potential ideal clients and your target market. You might just be revisiting. When these changes happen, you are going to want to revisit target market and messaging elements of the fundamentals and of your strategy. The three things that I've touched on here today, I look at them as the fundamentals of marketing. They are part of your marketing strategy. So when changes are happening in your business, if there are changes that you know are happening and are going to happen and you can plan for them, well, then you should be planning and making adjustments to your strategy ahead of time. If things are changing out of your control, for example, the pandemic, well, then those are changes that you're just going to make as they're happening or as quickly as you can after the changes have happened. So when changes haven't happened every nine to twelve months, look at it. When changes are happening or have already happened, if you can plan ahead of time, you want to plan ahead of time. If you can't plan ahead of time, I think you want to make adjustments and course corrections as quickly as you can as those changes have happened.
So simple way of answering that. How often should you evaluate your marketing strategy? You need to identify are there changes in the business? Are there not? And then you're going to plan accordingly.
So I hope that helps you evaluate how often you should be looking at your marketing strategy and making those updates as quickly as you can when they need to be done. Because this again, this is not a set it and forget it exercise. You should be looking at this on a regular basis and making adjustments as necessary.
Hope you found this helpful. Again. I am Tim Fitzpatrick with Rialto Marketing. If you are struggling with your marketing, you're not quite sure what that next right step should be to get where you want to go, hop on over to our website at Rialto Marketing dot com. That's R-I-A-L-T-O Marketing dot com. Click on the Get a Free Consultation button, I will be happy to jump on a call with you and give you some clarity on where you should be focusing your efforts right now based on where you're starting from and where you want to go, what your end goal is.
Thanks so much for tuning in hope. You found this helpful. Till next time. Take care.