According to our experts, here are five typical mistakes to avoid and steps you should do right away to get the most out of your time and money next year before you declare your 2023 marketing plan and budget allocation definitive.
#1: Failing to establish precise, quantifiable goals and priorities:
One of the biggest mistakes that marketers do is not tying their campaign KPIs to company plans and setting defined objectives with quantifiable results. The C-Suite of today demands to see immediate and precise outcomes from marketing expenditures. Success may result in more funding and backing. Without definite objectives, it will be more difficult to declare success (or take lessons for next time). Set up a meeting with important departmental executives from throughout the organization before the holidays. Examine the marketing initiatives from this year, go through the outcomes, and request sincere feedback. You’ll receive it. Then, decide on the department’s expectations for the upcoming year.
Michael Lees, Chief Marketing Officer at EZLease
#2: Simply modifying the strategy from the previous year:
Although it may seem appealing to only make a few small adjustments, the economy, consumer confidence, interest rates, technology, and product demand will all be considerably different in 2023 from what they have been in 2022. Examine your priorities. Where can you reduce legacy spending, how can you concentrate on more measurable strategies, which area of your funnel is the leakiest and how can you seal it up? In a society that prioritizes digital technology, marketing plans, objectives, and tactics become more dynamic every year.
Reevaluate your team’s personnel requirements as well as the strategic partners you have who can help you expand your team’s capacity and capabilities. While you’re at it, assess the procedures and tools in place. Could they be improved to allow your team to be less constrained by manual tasks and more creative and strategic? How could your team work differently in 2023 to get results, given best-in-class insights and automation?
Adam Crossling, Head of Marketing at Zenzero
#3: Making judgments based on inaccurate or subpar data:
Your whole approach may be flawed if your marketing strategy is based on incomplete, incorrect, or obsolete data. Before making important decisions, be sure you’re using trustworthy data sources, research, trend insights, and competition tracking. Look for methods to strengthen and increase the relevancy, quality, and data insights related to the lifestyles, needs, and channel preferences of your members. It’s time to take buyer preferences and lifestyle segmentation based on transactional and behavioral data seriously.
Frederic Linfjärd, Director of Growth Marketing of Planday
#4: Concentrating solely on new members acquisition:
To achieve your development objectives, recruiting new people is essential, but it must come at the price of overall performance. Two things may go wrong in this situation: either failing to manage turnover (a surprising number of CUs don’t even measure this) or placing such a heavy emphasis on development that the new members being gained are not establishing meaningful ties. Keep in mind that essential retention initiatives are necessary to expand, provide for, and affect the financial well-being of your current members. The average cost to land a new member ranges from $200 to $1,200. By decreasing churn and strengthening current relationships, a well-focused retention strategy and clever reboarding initiatives may help keep marketing expenditures low.
Utilize marketing automation and sophisticated analytics to prioritize your new member onboarding initiatives and current member reboarding journeys to increase pertinent targeted messaging and measure daily outcomes.
Nely Mihaylova, the Content Editor at UNAGI Scooters
#5: Neglecting to assess and improve continuously:
The failure to routinely analyze their projects and letting “institutional knowledge” guide the internal marketing story are two other prevalent errors that marketers make. Not everything that worked well ten years ago is still the greatest approach to engaging with customers now. To maximize performance and react quickly to changes, the marketing environment of today needs constant, nuanced modifications.
Dean Lee, Head of eCommerce at 88Vape
The moment has come to set up the procedures and resources necessary to make 2023 your most sophisticated and fruitful marketing year yet.
