Knowing when to revisit your marketing isn’t about sticking to an arbitrary calendar. It’s about responding to shifts in your business, your customers, and the broader market. As we move into a new period of economic adjustment, a proactive approach to your marketing strategy is more important than ever. We recommend focusing on three key triggers to determine when a refresh is due.
Firstly, look at your core customer data. Are you still attracting the right people? Customer Lifetime Value (CLTV) is a crucial metric here. If you’re seeing a consistent decline in CLTV, it signals your messaging, targeting, or even your product-market fit might be weakening. Analysing changes in customer acquisition cost (CAC) alongside CLTV will paint a clearer picture. Rising CAC with falling CLTV is a definite red flag.
Secondly, monitor your marketing channel performance. It’s easy to get stuck in routines, continuing to invest in channels that once delivered but are now underperforming. We suggest a quarterly review of key performance indicators (KPIs) for each channel – website traffic, conversion rates, social media engagement, email open rates, and so on. A sustained drop in performance across multiple channels indicates a need to reassess your approach. Don’t be afraid to experiment with new platforms or tactics.
- Competitive Activity: Are competitors launching new products, campaigns, or entering new markets? A significant shift in the competitive landscape demands a response.
- Economic Conditions: Changes in consumer spending habits, interest rates, or overall economic confidence will impact your marketing effectiveness.
- Technological Advancements: New marketing technologies and platforms emerge constantly. Staying informed and adopting relevant innovations can give you a competitive edge.
Finally, consider internal changes. Have you launched new products or services? Have your business goals evolved? Your marketing needs to align with these internal shifts. A marketing strategy designed for one set of objectives won’t be effective if your business has moved in a different direction. Regularly reviewing your marketing plan – at least twice a year – ensures it remains relevant and supports your overall business strategy.
The outcome of these reviews should be a clear action plan. This might involve refining your target audience, updating your messaging, reallocating your budget, or exploring new channels. Don’t view a marketing refresh as a daunting task, but as an opportunity to optimise your efforts and drive sustainable growth.
