How to refresh your marketing strategy for the months ahead
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Posted: Wed 26th Jun 2024
The small business world can move quickly, particularly in a fast-paced city like London. Technology advances, customer preferences change, new competitors emerge.
So, it makes sense to review your marketing strategy often. By recognising the signs that tell you when it's time to try something different, you can begin to adapt, stay relevant and remain competitive.
Read on to learn some simple steps to follow to revitalise your marketing efforts.
When to update your marketing strategy – and how to do it
If your campaigns aren't getting the same results as before, don't worry – it probably just means your marketing needs a refresh. Here are some of the most common reasons why this can happen.
Market trends evolve quickly
Consumer behaviour changes all the time and it doesn't take long for a marketing strategy to fall behind.
Recently, for example, the shift towards digital has accelerated, prompting small London businesses to strengthen their internet presence with online shops, better websites and social media.
Businesses are also more widely adopting digital tools that help them run more efficiently and reach more Londoners.
What to do
Follow the news in your industry by visiting relevant websites and reading business-specific magazines and newsletters.
Track industry influencers on social media and read blogs written by experts in your field.
Build and maintain a professional network of industry peers in London and beyond, so you can exchange information.
Gather and analyse feedback from your customers to understand their needs and preferences.
New competitors have emerged
If you see rival brands entering the local market, launching innovative campaigns and attracting customers, it's worth assessing whether your own marketing is as effective as it can be.
Competitor analysis, as it's known, is vital when updating a marketing strategy. Understanding what your competitors are doing can give you valuable insight and help you gain an advantage.
What to do
Identify your competitors' strengths and weaknesses and compare them to your own.
What marketing methods are working well for them? Where are they succeeding?
In which areas are they not so good? How can you capitalise on their shortcomings and look to outperform them?
Develop a new marketing strategy that sets your business apart from other brands competing for the same London customers.
Your target audience has shifted
As your business grows and evolves, your audience might also change. Over time, customers' preferences and needs may shift enough to warrant an adjustment to your marketing strategy.
By understanding who your customers are, what they want and how they like to be engaged, you can make sure your marketing campaigns have the best possible impact.
What to do
Carry out regular market research and gather feedback from customers, through surveys, interviews or reading social media and blog comments.
Use that information to adapt your messaging and choose the most suitable channels for your marketing (like your website or social media).
Look closely at the data from your social media analytics and website analytics to identify trends, preferences and shifts in behaviour among your London customers.
You've launched a new product or service
The success of your new product or service depends largely on how well you promote it, so it's really important to build it into your marketing strategy.
That way, you can make sure it receives the attention it deserves, reaches its intended audience and gets the results you're looking for.
What to do
Update your marketing strategy with the following information:
Clear goals that explain what you hope to achieve with your new product or service.
A core marketing message that tells Londoners why your product or service is unique, how it can solve their problem and why they should choose it over a competitor's.
Which marketing channels you'll use to reach your target audience.
How much budget you're allocating to promote the new product or service.
Your marketing content is outdated
Because markets and audiences can change so quickly, it's easy for marketing content to lose some of its original impact and relevance.
If it no longer reflects current trends or market conditions, resonates with the target audience or provides new information or perspectives, it's time to make some changes.
What to do
Repurposing content is a smart and efficient way to increase engagement with your customers. By finding opportunities to recycle your existing content, you can reach a wider audience and extend the lifespan of your valuable work.
Take snippets or key takeaways from blog posts and turn them into social media posts.
Update and refresh old blogs by adding new information, updating statistics or including more recent examples.
Compile your most popular blog posts into an e-book – choose your most well-received pieces, organise them into a cohesive structure and offer it as a download.
Look for ways to repurpose content from other sources, such as user-generated content.
Refreshing your marketing strategy is an ongoing process that can keep your business vibrant and competitive. By staying attuned to industry trends, understanding your audience and keeping an eye on your competitors, you can make sure your marketing efforts remain effective and impactful.
Read more:
Digital marketing for small businesses in London: a brief guide
Social media marketing for small businesses in London: a brief guide
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