New Year’s resolutions are something individuals take upon themselves to accomplish year in and out. As we strive to do better in our personal lives, businesses should also be looking ahead and making improvements. Are you short on easily achievable declarations? We’ve got you covered with our five simple resolutions that your business should make this year.
1. Take a Holistic Approach
First up to the plate is taking a holistic approach to strategy and analysis for your business and/or account. We often have a better view of things when we look at the sum of its parts. You should understand how taking a full-funnel approach will grow your business faster than being exclusively focused on a singular tactic. The success (or failure) of your marketing initiatives cannot be determined in isolation. Any data should be de-siloed.
2. Test, Test, and More Testing
As the saying goes, don’t throw darts on a board, bet on a sure thing. The only way to accomplish and understand how your performance is doing is to analyze and scrutinize through testing. What kind of testing are we suggesting? Below are several testing variations to run on most channels:
- Ad copy testing – Change headlines or descriptions. One call-to-action, word, or sentence may get more traction in a different location of the ad than another.
- Offer testing – Your customer may respond better to a ‘free shipping’ than a ‘10% off’ offer.
- Test new images or videos – People absorb images and videos at a higher rate than ever before. Test different content to understand what your customer prefers most.
- Audience testing – Each audience segment can prove to have wildly different performance. Audience A may be more interested in your product than Audiences B, C & D. But you would only know if you analyzed the segments.
3. Question the Status Quo
Do not be complacent with what your agency or in-house team has been doing – there is always room to figure out what you can be doing better.
How on earth are you ever going to continue to grow your digital presence if you’re always sticking to the same method? The same formula you had in 2019 certainly would not work in 2020 and in an ever-changing industry where technology and consumer behavior are shifting faster and faster each passing year, advertisers need to similarly adapt or be left behind.
4. Venture into Emerging Opportunities
Dipping your toes into new territory can be a little scary. Thankfully, if you’re partnering with the right agency, they’ll be able to successfully present new channels or opportunities that could showcase your brand to new audiences. A few channels that have seen promising success is Walmart Marketplace, Waze, LinkedIn and TikTok. Recently, one of our clients tasked Chacka to expand its core audience. After careful analysis and leveraging a native video for TikTok, we successfully delivered more conversions substantially lower CPI than their other largest social channel. Sometimes the roads less traveled can take you on roads you never knew could be so great. This also ties into questioning the status quo – you cannot get anywhere if you’re not willing to try.
5. Be Flexible
Finally, is to remain flexible with everything. Given what happened in 2020 (COVID), we should all expect the unexpected. Advertisers that are flexible and easily pivot to meet the changing circumstances will be the ones that succeed. Even if you make plans for the next fiscal year or quarter, you must be willing to shift early, even if it is after a single month. Shifting budgets between tactics, adjusting offers, ramping-up to meet new demand, or pulling back due to unforeseen circumstances can make the world of difference between a very profitable year than one that merely breaks even.
Now that you are equipped with our five simple resolutions for your business you should be on your way to more flexible, data-driven decision-making in 2021. We hope that this information is valuable and if you are looking for additional help in accomplishing your goals, our team would love to discuss it further. Fill out the contact form below so we can grow together.
