I keep talking about the importance of consistency when it comes to marketing. But worse than confusing your customers with ever-changing messages is having a message that is completely missing the trick with your ideal clients. Like your business, your marketing isn’t a static thing. So it’s important to know when to keep going and when it’s time to update your marketing strategy.
There are a number of signs to look out for, and in this post, I’ll run through them one by one. As a small business owner myself, these are issues I’ve learned to look out for over the years. By taking them on board, you can spot when something needs to shift and do something about it before your marketing hits a snag.
External Factors:
Some of the reasons you may have to update your marketing strategy will come from external places. So, while your business itself has remained the same, situations outside of your control mean your marketing needs to shift.
The market itself has changed
It stands to reason that your customers’ buying behaviour won’t stay the same forever. In the beginning, you’ll have structured your marketing around their wants and needs at the time. You’ll have explored the challenges they faced and the goals they had.
But, say six or seven years in, that may not be the same. An example might be a new-found focus on climate change. They may not have valued eco-friendly products and business practices when you started out, but it might be what sets you apart from your competition now. By making that change and communicating it loudly to your customers, you’re showing them that you’re moving with the times and listening to their needs.
Other issues within the market itself include new technologies and the growth of AI. How have new innovations shifted your industry? And this doesn’t have to be a scary or a negative thing. Look at the opportunities they might create for you to stand out and differentiate yourself. Maybe where other companies are beginning to use AI for customer service purposes, your USP is that you don’t! Where other businesses may make use of a chatbot to start the process, perhaps you are always on the other end of the phone.
And finally, world events can have a huge shift on the market. Just look at the pandemic. When something happens at a national or global level, it’s impossible for your marketing to stay the same. And even in a post-pandemic world, there is still a lot of insight to be gained by looking back and analysing how the businesses that succeeded through that time did it.
The financial climate has changed
The financial climate is another factor that is outwith your control. However, it is something you cannot put your head in the sand and hide from! It will constantly affect whether or not you need to update your marketing strategy.
This is the case whether people have more or less money to spend at any given time. When things are tough and people have less disposable income, they will naturally look for low-cost options. And then, when they have the funds again, they will potentially opt for more expensive, slightly more high-end alternatives.
This, of course, is common sense. But have you used this knowledge to shape your marketing strategy? It can be a massive game-changer.
That’s not to say that if you’re a luxury brand, you should rush out and create a bargain range because the economy is suffering. Don’t ruin your brand by trying to be something you’re not. However, there are lots of ways to update your marketing to make things easier on your customers during a time like this.
For example, when customers had more available funds, you potentially didn’t have to shout from the rooftops about payment plan options or referral discounts. These are things that can make a big difference in keeping your target customers with you during a tighter financial period.
Your competition has caught up to you
Sometimes, like it or not, your competition catches up to you. You might have started as a leader in your field. But over time, the others in your industry have levelled up to meet you at the top. And that’s giving your customers more options.
Alternatively, and this is never a fun one to discuss, your competition might have just straight-up copied you. I have seen this happen on many occasions, and it’s incredibly disheartening. But you know what they say – imitation is the sincerest form of flattery!
While the temptation is to send them a strongly worded email, the reality is that once they’ve started duplicating your marketing, potentially word for word, there’s no going back. They’ve muddied the water and while your existing customers might hang around, newbies will potentially see you as equals. This then means things like pricing become much more of a sticking point.
So, when this happens, it’s time to update your marketing strategy. It might feel unfair or frustrating, but it’s a great opportunity for you to reflect on how far you’ve come, and inject some new energy into your business. It’s easy to get comfortable and not notice new opportunities to attract clients when things have been ticking over.
Your marketing channels themselves have changed
The final external factor I’m covering in this post is one that I’ve seen impact on a lot of people over the years. And there’s no magic wand to solve this one – it’s something that will come down to trial and error.
When your marketing mix has consisted of a group of channels and platforms for years that have worked well for you, it’s easy to get reliant on that. However, there is no guarantee that these third-party platforms will work in the same way forever. This can come as a big shock, and it means updating your marketing strategy if it happens.
Examples of this might be Google’s latest algorithm tanking your website rankings/SEO. Or that changes on social media (platforms penalising content that includes external links, for example) mean that you’re no longer getting the same volume of clicks through to your website. It might even be something as blatant as YouTube changing their monetisation system and insisting on ads you don’t want on your content.
All of this sounds scary, and I’m not saying it’s a walk in the park. But, it’s one of the clearest examples of the importance of not putting all of your eggs in one basket. Ensure that you have a good mix of channels to begin with so that one falling away isn’t catastrophic.
And if it does happen, start branching out into other avenues. If you relied heavily on Instagram, and it’s not working the same as it once did, you could look into doing more networking. Give new opportunities a try – the worst thing you can do is stand still!
Internal factors:
In some cases, however, the reason you need to update your marketing strategy comes from internal factors. So, while the outside world hasn’t necessarily shifted, your business and what you want from it has. And that requires adapting your marketing to fit.
Your products or services have changed
If your products or services have remained the same for a while, it’s understandable that the same marketing strategy may have continued to work. But if you decide to expand or change your offerings, that might mean updating your marketing to fit.
If you have decided to replace a core product line, for example, this is something you need to prepare for in advance. Your marketing has to reflect this transition, allowing you to focus on the new while phasing the old out.
And if you’re not phasing anything out, simply expanding your range, it’s important to ensure your marketing is making time for all of it – the old and the new. This can be a tricky balance, but it’s essential to ensure the success of your launch while maintaining your existing sales of the products your customers know and love.
Another variation on this might be that the way you provide your services has changed. Maybe before, you stuck solely to working with people in person, but now you’re offering virtual options. Make sure your marketing reflects this and your clients know a) why you’re doing it and b) how they can take advantage of these new options.
Your business has grown
Growing your business is an exciting time! But it can certainly impact the need to update your marketing.
As your business grows, so will your goals and your objectives. I’ve talked before about the importance of knowing you can handle an increase in clients or sales before growing your business. If you’ve done the work to establish that you can, that’s great!
If your business has grown and you have more money to spend, you have more resources to pour into your marketing. This means reworking your budget and figuring out what you can afford to spend and where it will have the most impact across your strategy.
It also means that you may have less time than before to dedicate to your marketing, which means finding a more streamlined approach. This could look like outsourcing some of your marketing to either a consultant or an agency, or hiring a junior marketer. If you’re in this position, read this post to find out what is the best fit for you!
Additionally, with a growing business, you may realise that you need to adjust your value proposition. Your value proposition is, in essence, a summary of why your customers should choose you – how does choosing you benefit them?
As you upscale, the benefits of working with or shopping with you may change, and it’s important your marketing reflects this. A clear, up-to-date value proposition can be the difference between the customer choosing you and choosing a competitor.
Your ideal clients or target audience has changed
It can be hard to imagine in the early days of running your business, but your original target client may not remain the same long term. As your business develops, you may find yourself hoping to work with a different type of client due to the experiences you’ve had so far.
Your experiences with your customers influence how you want to progress in your business. Working with a particular client might be an unexpected joy, and they become your favourite type of client. This can then shape your marketing going forward, as you move to attract more of that sort of person or business.
This could also mean you decide to niche down as the years go on. Say you’re a photographer who originally offered engagement, wedding and newborn photoshoots. But as the years go on, you find that where you really thrive is the engagement market. Don’t be afraid to update your marketing to reflect that narrower niche. Make yourself the go-to person for one specific thing, rather than trying to cast a wider net.
Other issues with your target client can be that you notice you are converting less sales from your original audience but more from an unexpected group. This can be surprising, but it can tell you that you need to update your marketing strategy. If you’re not attracting the people you were aiming for, something is up! If the original group is still who you want, then the marketing you were doing before isn’t working now. So it’s time for a change.
Your USP has changed
And finally, for this post, we’re talking USP. If your unique selling proposition has changed, it is more important than ever to update your marketing strategy. I’ve chosen to add this to the list last because it can come down to a combination of the above factors!
If what made you unique once before is no longer what makes you stand out, your marketing cannot remain the same. There are a number of factors that can influence this and mean your USP has shifted. These include:
- a change in your products or services
- a change in customer behaviour
- the competition in the industry
- your company values
- the growth of your business
Any or all of these factors can mean your USP isn’t what it once was. For example, let’s take the engagement photographer example from above. Perhaps, when you were photographing a number of events, your USP was that you were the go-to photographer for candid style images at any special family event, specifically in your home city. So your niche was more geographical than product/service-led.
When you narrow the net to engagement photography, you present yourself as an expert in one specific area. It may also mean widening your geographical net to ensure a steady enough stream of clients. Your marketing has to be updated to put that message across!
FURTHER READING
If you are interested in reading more about this topic, have a look at these:
How to Grow Your Small Business & Keep on Track
5 Ways to Stand out from your Competitors
How to Stop Feeling Stuck with your Marketing
How to Find your Marketing Spark as a Small Business Owner
