Today I’m happy to feature a guest post from Ellie Saunders, a young mother and professional marketer who has a passion for digital businesses.

Ellie is a wealth of knowledge whenever it comes to formulating a marketing strategy, and I know you'll gain a ton of value from this post. Take it away Ellie!

Marketing is very important for any kind of business, big or small. With the many tactics getting used today by marketers, it is possible to lose sight of your marketing goals. You should ask yourself different questions like whether the tactics align with your company’s goals. Also, are those goals still suitable? It is important to determine whether your strategy has stopped being effective and interesting to consumers. There are different ways you can tell whether your marketing strategy needs an update.

It is Overdue

If you have been using the same strategy for more than two years, it is time you did an upgrade. Things keep changing at an alarming speed nowadays and any marketing strategy older than two years cannot bring any new market developments. Consider doing content marketing, analysing customers and doing programmatic buying if you want your strategy to work. It is recommended for any business person to review their marketing strategy every 18 months to make sure it is still in line with your goals. This will help you capitalise on new opportunities in the market.

Tastes have Become Different

If your clients are looking for the new version of the smartphone, yet you are still stocking old mobile phones, it is time to change your strategy. People always have limitless options, and if you cannot meet their expectations, they will end up going somewhere else. There are many ways to determine whether your customer's needs have changed, including listening. Whether you decide to take a research initiative, surveys or via social listening programs, there are many ways to determine your customers’ stand. A good approach is to set up a virtual number, through a service like eVoice, and let customers easily give you feedback by calling.

It is possible for a marketer to forgo the listening part as they are used to speaking. However, listening is a great way of evaluating your strategy.

How Often Should you Upgrade?

After determining whether your strategy needs to be updated, the next step is to decide how often you should do it. Below are some pointers that can help you with that.

Your Industry

It depends on what your business is all about. If you are in the technology business, you need to regularly update your strategy. This is because technology keeps evolving with each passing day. However, if your business industry is stagnant, it might not be necessary to update your marketing strategy so often.

Important Changes to your Company

It is very likely that you will have changes within your business that call for a fresh marketing plan. For example, losing a big chunk of your capital will force you to come up with a tighter marketing budget and, therefore, adjust your plan. Another good example is where you have based your strength on your employees. If an important marketing employee were to quit, this would definitely be a game changer for your business. Perhaps an agency may have to step in, or someone in a different area of marketing expertise could take the reins.

Effectiveness

Look at your strategy keenly and determine whether it is effective. If it cannot yield the benefits that it was set out to capture, there is no point in continuing with such a strategy. A slump in your sales should prompt you to upgrade your marketing strategy. Always keep your strategy current for maximum benefits.

Important Trends in your Client Base

If you notice that your clients are behaving differently towards a specific promotional type, it is important that you change your marketing strategy accordingly. The reactions of your customers are always the first things that will show you that your strategy needs updating. Listen to their woes and watch their behaviour towards the products at all times.

How to Develop your Marketing Strategy

There are different ways you can develop a strategy for maximum benefits, including:

Budget for Success

Ensure that you have enough resources, which includes people and money to accomplish the goal you have set for the year. Your budget for a marketing strategy will depend on the available capital and how fast you want results. If you don’t have enough cash, you and the team will only become discouraged when you fail to meet your set goals.

Review and Organise your Collateral for Marketing

Ensure that all your digital and printed marketing tools have been properly documented in writing. They should try to attract more clients and also communicate the qualities your company possesses. Update all your copyright dates and make certain that your staff follows all the set guidelines.

One big mistake that businesses make is creating a huge plan in advance and believing that it will work forever. However, as a businessperson, it is important to view your marketing strategy as an ever-changing development that requires regular upgrades.