# Revisiting Your Marketing Strategy in the New Year
In today’s competitive business landscape, marketing is more than just a set of tactics. It’s a holistic strategy that evolves with your business. As the new year begins, it’s crucial to reassess your marketing priorities to ensure your brand remains marketable, relevant, and competitive. In this beginner’s guide, we’ll walk you through six essential steps to revisit and refine your marketing strategy for the year ahead.
## Reflect on the Previous Year
1. **Look Back:** Take the time to reflect on the previous year’s initiatives. Ask yourself:
– What worked well and should be continued?
– What needs refinement?
– What should be discontinued?
This reflection will help you accurately prioritize your marketing efforts and set a new trajectory for the year ahead.
## Understand Your Customers
2. **Assess Customer Needs:** To stay ahead of your customers’ ever-changing needs, update your buyer personas and observe industry trends and competitor strategies.
– **Update Buyer Personas:** Talk to your sales team, survey your customer base, and run reports through your CRM to understand your customers’ defining characteristics and qualities.
– **Observe Competitors and Industry Trends:** Stay up-to-date with technological changes, political and economic factors, pricing in your industry, and the messaging utilized by your competitors.
## Refine Your Offer
3. **Refine Your Offer:** Roll out new products or announce updates while refining the way you present your offerings to different customer groups.
– **Tailor Messaging:** Customize your messaging for customers who have purchased from you, prospects who have heard from you but not made a purchase, and individuals who have never heard of your brand.
## Determine Your Marketing Channels
4. **Prioritize Channels:** Determine the best marketing channels to present your offer based on your target audience, return on investment, and overall goals. Map out a specific execution plan and schedule for each chosen channel.
## Establish Your Marketing Budget
5. **Set Your Budget:** Assess your projected revenue and goals to determine a budget that aligns with your short- and long-term objectives. Consider categories such as marketing tools, employees and contractors, and advertising spend.
## Set Goals to Stay on Track
6. **Establish Goals:** Set SMART goals and track your progress using the right KPIs and benchmarks. Align your KPIs with your overall business objectives and break down lofty goals into manageable benchmarks.
### Why Revisiting Your Marketing Strategy Matters
Revisiting your marketing strategy at the start of the year is essential for keeping your business growth on track. Industry trends, customer expectations, and marketing methods are constantly evolving, and the most innovative brands are willing to evolve with them. Establishing an annual marketing ritual will set your business up for long-term success and prepare your team for the year ahead.
### FAQs on Revisiting Your Marketing Strategy
– **How often should a marketing strategy be revisited?** A small business marketing strategy should be revisited annually to ensure your goals are still the same and your business is moving in the right direction.
– **How do you refresh a marketing strategy?** Look at trends within your industry and the changing needs of your customer base to refresh your marketing strategy and stand out from the competition.
– **Why are benchmarks important in marketing?** Benchmarks allow your brand to track progress toward a marketing goal and ensure that you are making measurable progress.
### About the Author
**Michael Campagna** is the founder of The Marketable Brand and Marketable Connections. Through his original Marketable Brand Framework, he teaches small business leaders how to create and execute long-term marketing plans.
– Company: The Marketable Brand
– Website: [www.themarketablebrand.com](https://www.themarketablebrand.com/)
– Connect with Michael on [LinkedIn](https://www.linkedin.com/in/michael-campagna/)
By following these six steps, you can set your brand up for long-term success and establish a solid foundation for your marketing strategy in the new year.
