The business world is never stagnant. Each and every day major changes are occurring and not just at the macro level. While things like audiences and markets change often, marketing strategies can literally shift in real-time. For that reason, many businesses rely on quarterly marketing business reviews to ensure their efforts are being utilized properly. Let’s discuss why these reviews are important and how they matter to short and long term growth.
The reason so many businesses conduct quarterly marketing business reviews is that critical review of marketing efforts leads to better results every time. Why? For starters, taking time to look at all strategies and campaigns after they’ve been completed gives you a good idea of what elements worked and which did not. There may be campaigns run for a new product that doesn’t end as intended, but scraping the entire plan altogether may eliminate a few elements that worked quite nicely. By taking the time to do a review each quarter, you can identify even the smallest successes, and brainstorm with your team to turn them into more favorable outcomes.
With proper documentation, it shouldn’t be difficult to note which efforts went poorly and which went well. As humans, we are naturally drawn to stories and narratives. By beginning a quarterly marketing business review with previous goals set before the quarter, you can craft an entire timeline surrounding these intended conclusions. For example, if customer satisfaction rates were a goal before the quarter, you know that even if profits or total products moved aren’t up, that the goal is not lost. By focusing everything around a story, there’s an explanation for each and every twist and turn.
Of course, the goal of a Quarterly Marketing Review is not to simply say what did and did not work. Learning from successes and failures is only achieved through meaningful use of results to dictate future goals and efforts. While looking into smaller details is important for analyzing a quarter, don’t simply tweak the smaller things and expect big results. Your takeaways need to result in larger initiatives that shareholders and other employees can easily identify, even if they’re not involved in the day-to-day marketing operations.
Plus, be sure to take negatives and focus them into positives. Brainstorming set around failures only results in tamer goals and more negative energy than is needed. It’s not some made-up connection: negativity in the workplace results in less creativity and worse work. Take what’s wrong and make it right by learning from mistakes. It’s the only way failures can be turned into learning experiences and stronger results.
If you’re not currently engaged in a quarterly review process, start now. Don’t wait until the next quarter begins. An abbreviated beginning now means you can work with something rather than starting from scratch in a month or two. The benefits of a quarterly marketing business review are substantial, so start utilizing this form of critical analysis now for immediate results.