It’s a common scenario: Australian SMEs invest time and money into a marketing strategy, but aren’t always sure if it’s actually working. Often, businesses get caught up in *doing* marketing – social media posts, email sends, ads – without pausing to evaluate the *results*. We see this all the time. A regular review process is essential to ensure your efforts translate into genuine business growth.

So, how do you evaluate whether your current strategy is on track? It’s not about vanity metrics like likes or followers. It’s about connecting marketing activity to tangible business outcomes. Here are a few key areas we focus on with our clients:

• Return on Ad Spend (ROAS): This is fundamental. For every dollar you spend on advertising – whether that’s Google Ads, Facebook, or other platforms – how much revenue are you generating? A healthy ROAS demonstrates efficient ad investment.
• Customer Acquisition Cost (CAC): How much does it cost you, on average, to win a new customer? This includes all marketing and sales expenses. Tracking CAC helps you understand if your marketing is sustainable and profitable.
• Lead Quality & Conversion Rates: Are you attracting the *right* leads? A high volume of leads is useless if they aren’t converting into paying customers. Analyse your conversion rates at each stage of the funnel – from lead to qualified lead, to opportunity, to customer.
• Website Traffic & Behaviour: Your website is often the centre of your marketing universe. Are you seeing an increase in relevant traffic? Are visitors engaging with your content and moving towards conversion? Tools like Google Analytics provide valuable insights here.

Don’t fall into the trap of looking at these metrics in isolation. Consider them together. For example, a low CAC is great, but not if your conversion rates are poor. We recommend setting up a simple marketing dashboard to track these key performance indicators (KPIs) monthly. This allows you to identify trends, spot problems early, and make data-driven adjustments to your strategy.

If your evaluation reveals your strategy isn’t delivering, don’t panic. It’s a signal to refine your approach. Start by revisiting your target audience and value proposition. Are you reaching the right people with the right message? A small course correction now can prevent wasted investment and set you up for success in the coming months.