Marketing strategy – how do you compare?

I recently presented a marketing session at the ICAEW South West Practice Management Update. During the morning I conducted a survey to get feedback on what firms are doing when it comes to their marketing strategy. How does your firm compare when it comes to having a marketing strategy?

The questions and responses were as follows:

Does your firm have a written marketing plan to help you target new clients and implement regular communications with existing clients?

  • 13% said ‘Yes’
  • 39% said ‘Sort of’
  • 48% said ‘No’


How often do you review your marketing plan? Or if you don’t have a plan, how often to review your marketing activities?

  • 4% said ‘Monthly’
  • 23% said ‘Quarterly’
  • 8% said ‘Six Monthly’
  • 26% said ‘Annually’
  • 39% said ‘Hardly Ever’


Are you satisfied that your marketing and client communication activities are working effectively?

  • 13% said ‘Yes’
  • 52% said ‘Sort of’
  • 35% said ‘No’


What, if anything, would you like to change about your current marketing activities?

The responses to this question were grouped under the following areas:

  • Having a marketing plan and structure for monitoring
  • Improving the website and online presence and having more personal content
  • Keeping in touch with clients
  • Attracting better quality clients
  • Using marketing to help with staff recruitment

 

Interesting points from the survey

Of the 13% of respondents who said they had a written marketing plan in place, all of them said their marketing was working effectively for them and it was reviewed at least quarterly.

However, over half of the firms who said they didn’t have a marketing plan, said they were not satisfied with their marketing activities and they hardly ever reviewed their activities.

Whilst a quarter of respondents said they reviewed their marketing activities at least quarterly, nearly 40% said they hardly ever monitored them.


No marketing plan = little or no return on investment

There is a strong theme that comes out of this survey. In order for your marketing activities to be effective, you need to have a structured marketing plan in place and to review it at least quarterly.

Our blog, ‘Why a marketing plan generates success explains in more detail what your marketing plan should cover and how it can help you achieve a better return on your marketing investment.

If you’re not happy with the responses to your marketing activities, or perhaps you don’t know how effective they are, I’d be happy to have a chat. Call me on 01822 833300 or email vicki@momentumforprofessionals.co.uk.

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