As marketing professionals, our work doesn’t end with the launch of a marketing campaign. We must continuously monitor, analyze, and tweak our approach for better performance. And yet, sometimes our campaigns still need a little more oomph. If your campaigns have been falling short of expectations, it may be time to conduct a marketing review.
This is something we frequently help our customers with at U.Group. Marketing reviews provide a clear picture of how your marketing strategies help you achieve your short- and long-term business goals. These insights will give you a clearer view of the right path forward to achieving success. So, how can you structure your own marketing review? There are four key elements to an effective review. In this article, learn what they are, how they interact with one another, and how to put them into action.
The 4 Elements of a Marketing Review
Although the details of a marketing review can and should be unique to your organization’s needs, they should always include the four elements detailed below. Each of these elements are intricately intertwined—they serve as building blocks for the others. Examined together, you will gain the insights and understanding needed to build a strategy that will reach the right people at the right moment with the right message.
Past and present campaign audit
The old saying, “those who don’t know their history are doomed to repeat it” holds true in marketing as well. One of the first steps in a marketing review process is to understand past and present situations. This process helps inform an effective, forward-facing plan. During this initial audit phase, you should look at:
- Past and current plans
- Financial trackers
- Communications activities
- Past and current media, including social media and public relations efforts
These will help you identify the common elements in some of your strongest and most successful campaigns. Be sure to look at the targeting, messaging, and creative impact, assess the efficiency and efficacy of your campaigns, and use your analysis to form recommendations on the strength of your assets.
Another driver of campaign success is ensuring you have a firm understanding of the product you are marketing. To accomplish this, you should conduct a product analysis. This process can vary widely depending on the product but typically explores some basic questions:
- Is it a service or a physical product?
- What is the purchasing path?
- How does it drive revenue (single purchase, license, freemium, etc.)?
- What are the key segments for each product?
You can conduct a product analysis by examining current purchase patterns, past campaign performance, and customer research (such as psychographic profiles). Another key input is basket analysis: what are customers buying individually or together? How often do they make a purchase? What does a high-value customer/purchase look like? What does a repeat buyer look like?
Customer analysis is an essential part of the marketing review process. As marketers, we strive to uncover the inherent differences and similarities of our audiences. What are the things that move them to action? What key messages will cause them to change their behaviors, perceptions, or intentions?
Taking a human-centered approach is integral to developing strategies and tactics that will resonate with both existing and potential customers. Leverage user research and customer interviews to understand the customer journey and identify key moments during which to engage customers.
It’s critical to partner with your customer experience and user experience colleagues during this stage since all three practices converge on a common goal—to understand the customer. Once you do a deep dive with your team, you can then partner to integrate insights into your respective practice areas.
A campaign’s success depends on multiple components—and channel analysis is one of the most important. Channel analysis determines the key channels (where you’ll be), channel mix (how much presence and budget you’ll have for each channel), and messaging (what you’ll say).
To do this, consider doing a performance analysis across each of your channels. This will allow you to better understand which channels to start, stop, or continue working with. You can also look at channel intersections—how consumers interact with channels, which ones, and in what order.
This analysis unlocks insights into the customer journey, sequential targeting, and channel optimizations. You’ll be left with an understanding of what can be enhanced to provide customers with a seamless and consistent experience. Your end goal should be to identify gaps and opportunities to deliver a strong return on investment.
Marketing strategists have a tall order to fill when crafting marketing reviews. Although we’ve distilled the process down to four key elements, each element requires a good deal of leg work. These reviews must accurately capture an organization’s marketing efforts so that future-forward strategies will be rooted in the learnings of the past. Conducting a review is completely worth it, however. By rigorously analyzing historical trends, product strategies, customer profiles and behaviors, and channel intersections, you’ll be able to paint a picture that drives successful strategies to market.
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