You’re spending more and more on marketing every month. Your Cost Per Lead (CPL) and Cost Per Acquisition (CPA) are going up, but lead generation and the number of conversions are dropping. These are all signs of a single issue: Your marketing strategy is failing!
The strategy you initially created may have worked when your company was new, but what got you here, is no longer working to get you to the next level. There are factors at play in newer companies that facilitate leads and closed sales that gradually decrease in value and disappear as your company grows. You need a marketing strategy to use as a driving force in the growth of your company at all phases of growth.
Creating a marketing strategy is an intentional effort. It’s not one you can leave up to an agency that is focused on creating and enhancing marketing and advertising solutions to attract new leads. Agencies are important, but their job is not to create an overall marketing strategy. You might need to work with a Fractional Chief Marketing Officer (CMO).
Here are the top five reasons your marketing strategy may not be not working, and ways to enhance it to restart successful growth:
- You don’t have a robust marketing strategy
Are you relying on tactics instead of strategy? Your website, message, elevator pitch slogan, advertising, and social media are examples of marketing tactics. They are not strategies. Your strategy needs to tie all the tactics you use together in a way that maximizes the results from each one to drive exponential growth.
- The marketing strategy is misaligned with business strategy
Your marketing strategy should include descriptions of your product development, pricing, market, advertising, promotion, and financial growth strategies. Advertising and Promotion alone are simply not enough to drive growth. Digital marketing and other advertising are necessary, but decisions about these should be driven by the marketing strategy, not the other way around.
- You have the same strategy as your competition
You may have very similar offerings to your competitor’s and be competing in the same market segment, but there is so much more to your company that makes it different. This difference needs to be reflected in your marketing strategy. It is why your customers are not your competitor’s customers. Failure to meet the explicit needs of your target market and create a unique experience will lead to lower revenue.
- You did not identify the correct media channels to communicate effectively
If you ask a digital marketing agency what media channels work, they will tell you that digital marketing channels work. That’s not a recommendation from them to ignore other channels. They don’t know which other channels you can use because they are experts in digital marketing, not those other channels. This is a crucial aspect of your strategy and we can help you with it! We’re focused on strategies for success, not tactics you can use.
- There is a lack of both budget and resources
Marketing is seen as a cost center by many businesses. It’s not. It’s an investment that generates revenue. In other words, it’s a profit center. You need to devote the budget that it needs and have the right people in place to oversee the program to ensure its success. You can bring in fractional professionals, but they should have expertise in the roles they are filling for you. Treat the investment in your business as the source of your growth, make sure you have the right people in the right roles, and set the budget accordingly.
When it comes to business growth, no other strategy will help you achieve your goals as much as a solid marketing strategy will. If you want to understand more about why I can confidently say that (and risk alienating my sales strategy friends), let’s talk! You can set up a meeting using my online calendar.