Marketing is one of the most important parts of any successful business, but what does it take to do the job well?
We’ve compiled 15 questions that will help you figure out how your current marketing strategy stacks up.
Answering them truthfully will help you identify areas of improvement, and ultimately, help you excel in your business.
Typically, when we talk about marketing we’re talking about the promotion of a brand or product to customers via channels like advertising, PR or social media.
At first glance that may seem simple enough.
However, many business owners underrate the importance of marketing relative to other aspects of running a successful business, namely sales and customer service.
While these are hugely important factors for any business, they are often less tangible than the results of good marketing.
Without seeing something or someone selling something for you, it can be hard to determine what’s working well and what isn’t.
Your News Reporter has some more questions about marketing you should answer truthfully.
Here are 15 Questions about marketing you should answer truthfully:-
1. What’s your current marketing budget?
It’s important to know what you’re working with, and this question will tell you that. And while it might be a scary question, having a solid answer for it is even more important. If you don’t have a marketing budget, how can you create one?
2. Who is in control of your marketing communications?
What channels are they using to reach your customers, advertising, social media, PR, direct mail, and how much time and effort do they put toward each channel? This question will help identify who makes decisions about what gets promoted and when.
3. Are you using your marketing team to make decisions on what to promote?
If the person in charge of your marketing team has no say in the promotion of what they’re working on, is that person any good or is that role too important to be handed over to just anyone?
4. How many sales are you generating per month?
By tracking both the number of sales you generate and how high those numbers are growing, you can gauge which channels are succeeding and which ones aren’t.
5. Do you understand your customers?
Knowing your customers is important, not only to make decisions on what to promote and when but because it helps you be a more effective salesperson and tailor each sale to the needs of that customer.
This will help build customer loyalty by building the relationship with your customer, letting them know they are valued.
6. What’s your production cost per item?
This one can be tricky, but it’s critical to understanding what you have to work with when it comes to marketing expenses. It’s an estimate of how much you have for spending on advertising or other promotions, not necessarily the amount of money that will actually be spent on marketing efforts.
Some things to consider: production cost, shipping and delivery costs, and whether the cost includes promotion expenses or not.
7. How much do you pay per customer acquired?
It’s important to know how much it costs to bring in a customer as well as how many customers you’re getting from each channel.
For example, if it costs $2,000 for a customer but your customer base is growing by 200 people a month, then that may be a good investment.
However, if it costs $10,000 for a customer and that number isn’t growing much because the same amount of people are coming in every month instead of bringing in more because of your marketing efforts, then your marketing isn’t doing its job well enough.
8. How many of your customers are new?
In addition to customer acquisition costs, this will help you figure out how much you’re spending to keep your current customer base happy.
Knowing how many customers have been with you for a long time versus newer ones is essential in keeping the right balance between growing and serving your current clientele.
Keeping too low a number of long-time customers while bringing in new ones all the time can
hurt sales and cash flow.
9. What’s the value of a customer for your business?
This isn’t a question you need to have answered in detail, but it should give you an idea of how important keeping each customer is to your business’ success while also telling you how much the right marketing tool could benefit your business.
10. Do your customers think they’re getting a good deal?
Are they happy with the price versus the perceived value of their purchase? If not, why? And if so, what are they getting for that price that makes them think that way?
The more information that’s available about your products or services, pricing, descriptions of benefits or features that are appealing, can help answer this question.
11. What do your prospects need from you?
Understanding what your prospects really need from you is essential. For example, the same marketing efforts might not work for a financial adviser to retirees as they might for a university student.
This question will help guide decisions about what kind of content to create, whether that’s blog posts, videos or other types of content and who should see it.
12. What are your prospects looking for when they search for your product or service?
13. Are you making decisions based on fact or opinion?
14. Which marketing channels perform best to drive traffic?
15. Which marketing channels provide the highest return on investment?