Business coach Liz McKeon shares how to best reassess your marketing
Marketing is not just the tactics you use to grow your brand, but an overall strategy that grows your business. The definition of marketing is ‘helping people buy your products and services’. The philosophy behind marketing is to satisfy the needs of every client as best you can while making a profit. The whole idea is that if you make your clients happy they will buy from you, not just once but again and again.
Spring is a great time to reassess your priorities and re-align your marketing strategy for the months ahead. What is your process to keep your brand marketable, relevant and competitive?
Start going forward by looking back! Many businesses make the mistake of forging ahead with new goals and not taking time to reflect on the previous year’s initiatives. Pausing to reflect will allow you to accurately prioritise what is important to your salon business.
What to do next
Ask yourself the following questions; taking time to do this exercise will enable you to set a new trajectory for the next timeline.
What did you do well that you want to continue?
What didn’t work as well as we had hoped, but could be refined or improved?
What did not work at all and must be discontinued?
Assess your client needs
Salons that have the most impact are the businesses that know their clients best. Clients are constantly changing and you need to make sure that you stay ahead of their ever changing needs and wants. Don’t let them get bored and don’t fall into the habit of treating them the way you always have. To ensure you have the most current understanding of your client base, take these steps:
Talk to your team, as they are on the front lines and are most attuned to the clients you serve.
Survey your client base regularly – what do clients say they want and need from you?
Run reports and take time to study your findings, as you can then build your marketing strategy based on facts about client demographics.
Observe competitors and industry trends
To stay relevant, you must keep up with industry trends and technical changes. What industry changes are happening, as being aware and ready for market changes gives you an advantage over companies that are slower to change.
Changes in pricing throughout the industry – to stay competitive keep an eye on how your competitors price their services.
Marketing utilised by your competitors – have your competitors updated their messaging to better reach the customer base you are both trying to reach?
Refine your offer
Spring is a great time to roll out new products or announce service updates. Even if you aren’t making major changes, it is a good idea to continually refine how you present your business to your target audience. Marketing communications should be compelling, set you apart from your competitors and convince clients to purchase from your salon.
Choose the channels to prioritise
Once you understand who your customer is and have refined your offer, you need to determine the best way to present your salon. Figure out which types of marketing channels will benefit your salon brand the most. Choose channels that will best:
Reach your target audience
Yield the highest return on your time/money investment
Help you meet your salon goals
Once you have chosen your preferred online and offline channels, map out a specific execution plan and schedule for each one.
Set a marketing budget
The amount of money you spend on marketing depends on several variables, including the total projected revenue of your salon and what your growth plans are. Assess your projected profit margins and settle on a budget what makes sense for both your short-term and long-term goals. Then stick to the budget.
Set goals to stay on track
Set clear, achievable, realistic goals for your marketing activities. Then establish the processes for tracking the success of all campaigns. Include metrics such as client acquisition rate, conversion rates, average docket spend and retail success. The numbers must also translate to your salon’s overall objectives.
Break your long-terms goals into manageable benchmarks to achieve periodically. For example, where do you hope to be at the end of the next quarter and so on. This will ensure you stay on track.
Revisiting your marketing strategy matters as it is a highly effective way to keep your business growth on track. Industry trends, client expectations and marketing methods are constantly evolving and the most innovative salons must be willing to evolve with them. This marketing reviewing ritual will set your business up for success and will prepare to team to meet salon goals.