It’s a smart question to ask – when does your marketing need a check-up? Too often, businesses set and forget, and that’s a recipe for diminishing returns. We see many Australian SMEs missing opportunities simply because their approach isn’t adapting to changes in customer behaviour and the competitive landscape. There isn’t a fixed date, but there are key triggers that should prompt a serious review. Think of it less as a yearly overhaul and more as continuous optimisation, with focused reviews at specific points.
Firstly, look at your key performance indicators (KPIs) quarterly. These aren’t just vanity metrics like social media followers; we’re talking about things directly tied to revenue – cost per acquisition, customer lifetime value, conversion rates. If you see consistent declines in these areas over two consecutive quarters, that’s a clear signal something isn’t working. Don’t wait for a full year of poor performance to react.
Secondly, major platform updates from the likes of Google, Facebook, or even changes to Apple’s privacy settings can significantly impact your results. These updates aren’t always announced with fanfare, so staying informed through industry news and professional development is crucial. When a significant change occurs, allocate time to analyse how it affects your current strategies and adjust accordingly. We’re anticipating further shifts in search algorithms and social media advertising policies, so vigilance is key.
Thirdly, keep a close eye on your competitors. What are they doing differently? Are they launching new campaigns, targeting new audiences, or utilising new channels? Competitive analysis isn’t about copying, it’s about identifying gaps and opportunities. A noticeable shift in a competitor’s strategy should prompt you to re-evaluate your own positioning and messaging.
- New Product/Service Launch: Any time you introduce something new, your marketing needs to adapt to highlight its benefits and reach the right audience.
- Significant Budget Shift: If you’re increasing or decreasing your marketing spend, you need to reassess your allocation across channels to maximise return.
Finally, remember that customer preferences evolve. What worked last year might not resonate this year. Regularly review your customer data, conduct surveys, and engage with your audience to understand their changing needs and expectations. A proactive approach to understanding your customer is the most valuable investment you can make.
The outcome? Don’t schedule a review, trigger one. By consistently monitoring your KPIs, staying informed about platform changes, analysing your competition, and understanding your customers, you’ll ensure your marketing remains effective and drives sustainable growth. Your next step should be to identify your core KPIs and set up a system for tracking them quarterly.
