2020 is finally coming to a close and the new year is right around the corner. This past year may have been rocky for most with the pandemic placing many limitations on businesses, while others like e-commerce businesses, may have thrived during this time. Regardless of the performance and the outcome, it is important to look back and re-evaluate your marketing strategy to modify for the end of the year and prepare for the new year. Here are some of our top five tips for your end-of-year marketing strategy.
1. Do research on your industry
Staying up to date on your industry is crucial no matter the time of year, however doing a thorough analysis will be beneficial to have a strong foundation in the new year. Take a moment to do some research on the trends and drawbacks of the year. Learning about what did well and not so well can have a huge impact on the success of your business. For example, the restaurant industry’s take-out orders boomed this year in response to COVID-19. Delivery services also became highly popular with dine-in options not being available for some restaurants. Reflecting on trends like these and building your marketing strategy based on future predictions can help you cater your new marketing plan to fit the audience’s needs.
2. Learn more about your competitors
Similar to doing research on your industry, learning more about your competitors can give you significant insight into successful marketing strategies. What are their marketing messages? How are they advertising their products or services? What platforms are they using? How are they approaching their customers? These are just some of the valuable questions you should be asking when you examine your competitors’ methods. You may be able to learn the effective ways to position your own business in the marketing world from other businesses. Looking at previous strategies can help you create a more reliable guideline as you can refer to others’ successes and mistakes, and incorporate the positives into your own business strategy.
3. Evaluate your current marketing strategy
While paying attention to external factors is imperative, focusing on what is happening on the inside of your business is just as important. One whole year has passed and it is time to evaluate your marketing do’s and don’ts. Which marketing strategies did well this year and which did not meet your expectations? Is there specific content that performed better than others or are there certain social media platforms that spread your message more effectively? In marketing, content and platform are two extremely essential elements in getting your message heard. Take some time at the end of the year to look into the most successful and least successful marketing campaigns of the year and pinpoint the factors to consider for your next marketing campaign in the new year.
4. Refocus your brand
It is always a good idea to step back and look at the bigger picture every once in a while. In this case, refocusing your energy into viewing your brand on a larger scale is a helpful way to assess your business’ strengths and weaknesses. It is easy for business owners to get caught up on the day-to-day operations that they sometimes forget to spend time on their brand and determine whether it is still relevant in the industry today. Refocusing your brand includes your branding such as logo, colours, font, etc. Your current branding may be outdated and may be in need of rebranding. Refocusing your brand also includes your message. Is your business sending a consistent message out to the audience through marketing? You may need to review your current marketing message and make adjustments to create a more clear and consistent brand.
5. Get feedback
Sometimes the most efficient way to make improvements to your business is by simply asking for feedback. You can ask for feedback internally from your team or externally from your customers – both options are just as valuable. Your team can provide important feedback as they are aware of both your business’ brand as well as your marketing strategy and goals. Asking your team who has a sense of both these factors can be highly beneficial when re-analyzing your current marketing strategy. Furthermore, your customers know more than you think. Not only are these the people you want to win over, hence their feedback is crucial for business success, but many are just as conscious about your marketing tactics as your internal members.
The new year is a fresh start regardless of how your business performed this year. Rather than entering the new year with a simple and familiar approach, why not take a moment and re-establish your business in this competitive market? Utilizing the five tips mentioned above can help you prioritize the necessary factors to grow your business and strategize a more effective plan to advertise your brand. If you are looking for a fresh start in the new year, contact our team at Panta!