As we're all faced with an ever-changing business landscape right now, these questions about how you work have surely been on your mind:
- Is my strategy innovative?
- How will I adjust with a reduced budget?
- Are my suppliers adding value and fresh thinking?
So, how do you know when it's time for a change?
Let’s start by agreeing that the world has sped up and the need to adjust your marketing and partnerships to meet a progressive market strategy is a requirement. Period.
There’s no textbook right answer on timing, but there are a number of instances that should trigger a review and possible adjustment.
Here are 5 Key Indicators It's Time For a Strategy Review:
1. Your supplier is not what they used to be
The coronavirus impacted many industries, yet perhaps none more than the trade show and event industry. Supplier selection is a huge opportunity to extend the capabilities of your internal event marketing team. It is safe to assume that your supplier network and their capabilities to support you and your program have changed. Now is a great time to check the status and stability of your exhibit partner. Don’t forget the success of any event is only as good as the team of suppliers you've assembled!
2. times have changed
The pandemic forced companies to do business in a way they were not accustomed to. Without tradeshows and events for a year and a half brings about questions as to why and how companies should use the power of live marketing moving forward.
3. Your budget has changed
It’s highly unlikely that your marketing budget will remain the same from one year to the next. Luckily, progressive and innovative solutions don’t always cost more! Typically factors such as sales, turnover and capital investment will likely affect the marketing spend. A commonly used budgeting technique, coming from the Small Business Administration, recommends spending 4-7% of gross revenue for marketing and advertising.
4. Marketing trends have changed
Marketing trends are ever evolving! What was trending 6 months ago, might not cut it anymore. If you don’t evolve your marketing strategy to consider or incorporate what’s new and effective now; you’ll likely get left behind.
5. strategy is over 2 years old
The first sign that it’s time to update your strategy is if you created over 2 years ago. My personal opinion is that 2 years is 1 year too long. Technology rapidly changes human behavior, and for a marketing strategy to work well, you have to understand how humans behave.
If you’re not using the latest marketing techniques or most progressive partnerships, your marketing result will surely suffer. Outside of providing the above recommendations, we’ve created a worksheet to help you evaluate the team of suppliers you lean on to ensure your success.
And as always if you have any questions, please don't hesitate to reach out.
- Rhiannon Andersen, CMO
This article was originally published May 28th, 2018 and has been revamped and updated for accuracy and comprehensiveness.