The end of the financial year is the perfect time for business owners to commence their review of the past year and start to set some solid new financial year resolutions. The new financial year is also the perfect time to start reviewing your marketing goals and strategies for the year ahead!
The first question to ask yourself though is, has your marketing effort during the past year generated enough sales and new customers and has it helped your business to meet its goals?
Here’s how you can begin to review your past marketing strategies and start off the new financial year with a clear strategy in place. You need to remember that part of the process is to ensure you refine your marketing strategies in line with your results from the year that has passed, and refocus your energy on making the new financial year even better than the last.
Here are some simple steps to help your business on the road to success in the new financial year.
Review your marketing activities and performance from the past year
To help lay a strong foundation for marketing success in the new financial year, it is important to reassess what marketing efforts have really helped your business in the past year by answering the following questions:
- What marketing initiatives have worked well and why?
- What hasn’t worked as well?
- What would I like to do better in the new financial year?
- What was the ROI for each marketing strategy I put in place?
- Did I achieve the results I wanted or was expecting to achieve?
- Do you need to undertake any further research of your market such as research on your competitors and what they are doing, or further analysis on your industry?
Refresh and re-energise your business with new goals and objectives
Before you move on to making changes for the new financial year, make sure you and your team are on the same page when it comes to the vision of the business and re-energise and refocus your team to think about the goals for the new financial year and how you will achieve them together.
Here are some important questions to ask yourself:
- What is the ‘Why’ for my business? Why do I do what I do as a business?
- Who is my ideal customer and where do they spend most of their time?
- Have I found any new opportunities in the market that I can focus on in the new financial year?
- What are some of the key marketing strategies I would like to implement in the new financial year? You have a wide selection of strategies available to your business and selecting those ones that will best suit your business is critical for success.
- How will the strategies I have selected help my business meet its future business objectives?
- This leads us to the importance of having clear measurement and reporting mechanisms in place to help you measure the success of your marketing activities.
Consider how will you measure success in the new financial year
One of the key must-have ingredients to help improve your marketing efforts going forward is to measure the success of your past marketing initiatives. That’s why, as part of your end-of-financial-year review, it’s a good idea to set up a formal review process that you can come back to over the course of the year (if you haven’t already set one in place). More importantly, setting time aside to review and assess each specific marketing activity will ensure you can measure success.
- What has been done so far that has helped you to achieve your marketing objectives?
- Has the business met its sales targets set out at the beginning of the last financial year? If not, why not?
- What has been changing in the market?
- It is important that you ensure you carry out regular market research to make sure you’re not making decisions based on out of date information.
- Are there any political, social, technological or economic changes that could be affecting the business? How should the business respond?
So with all of this in mind, how does your new financial year marketing plan measure up for success?
Contact GDR Group today on 1800 876 673 to arrange a convenient time to chat about your new financial year marketing approach and strategy.