5 signs your business is lacking a marketing strategy
A marketing strategy plan is an essential starting point for any B2B business, no matter their sector. That’s why it’s important for businesses to recognise the signs when their current marketing activities aren’t producing results, and our marketing strategists at Code Milk are here to help. In fact, 62% of B2B marketers say their role has become more strategic over the last 12 months according to Marketing Week.
In this blog, we’ll help you identify the five signs that your current strategy isn’t performing and provide you with details on what to do next.
1.LOW ENGAGEMENT RATE
Businesses that have a social media engagement rate lower than 1% are in need of a strategy revamp. To encourage people to engage with a business post on social media, companies need to be providing value. The source of this value can either be educational (‘how-to’ reels), emotion-led (UCG case study), or entertainment (memes). Understanding what and where to post comes from having a well-defined content marketing strategy.
2.YOU HAVE NO IDEA WHAT IS WORKING
Without doing too much digging, marketing teams and CEOs should understand which function of their marketing is performing the best. A solid marketing strategy plan clearly outlines the review stage so that teams know when and what data to look at. This will help teams understand what content audiences resonate with.
3.ZERO INBOUND LEADS
Without a consistent stream of inbound leads, it can be a stressful time for founders and marketing teams. This is one of the top signs that you need to take a serious look at your marketing strategy. An effective strategy is built from detailed research of the target customer, this then feeds into the type of content, what platforms to use and the messaging. Without a solid strategy, it’s almost impossible for inbound leads to occur.
4.YOU'RE EVERYWHERE AND NOWHERE
If you’re trying to be on every social channel, send emails two times a week and write four blogs a month, but still not seeing any conversion – you’re doing too much. An effective strategy will guide your marketing activities so that you can utilise your time and resources to get the most ROI.
5.BIG SPEND WITH NO RETURN
The industry standard for every paid ad campaign differs. However, if your click-through rate (CTR) is lower than the industry average on Meta or Google your strategy needs a rethink. According to WordStream, the average CTR for Facebook ads across all industries is 0.90%. For example, legal advertisers may struggle with low CTR on the search engine results pages (SERP), but do have the highest CTRs on Facebook. Retail, apparel, beauty and fitness advertisers also have high CTRs.
Every campaign should have a positive net effect, whether that be brand awareness, leads, or direct revenue. If all you’re doing is haemorrhaging money, you’re lacking the right strategy.
Do any of these five signs ring true to your business? It might be time to reach out to digital marketing experts who can help you find a more strategic path.
For more insight on the benefits of outsourcing your digital marketing, check out our blog, ‘Could your business benefit from outsourcing digital marketing?’, or get in touch with us at Code Milk to find out how we can help you.
