Businesses and brands that reach out to consumers and shoppers in a variety of ways should be tasked with recording how each strategy performs. Often – with the assistance of a marketing firm or agency – these results can be recorded, assessed, and then double-downed upon if they prove to be effective. Unfortunately, many brands and even some marketing firms use an all-or-nothing approach with respect to how they evaluate marketing strategies, leaving very little up for debate outside of the “black and white” way of viewing strategies. Prosure Acquisitions reviewed recently how more brands and firms must assess marketing strategies from the perspective of strengths and weaknesses, in order to extract more value from each approach.
The most important element of strength and weakness evaluation in a marketing strategy assessment revolves around input from consumers, according to the Director of Prosure
Acquisitions, James Wilson. “Our research shows us that we gain more valuable insight – from successful and failed marketing strategies alike – by contacting consumers in a number of ways, and inquiring about why they decided to choose or not choose us”, he said. Commonly referred to as win/loss analysis, this process allows businesses and marketing firms to directly determine which aspects of the process led to consumers either rejecting or embracing a particular product, service or idea.
Through the use of win/loss analysis, an otherwise black and white picture becomes much more nuanced, allowing experienced marketing firms like Prosure Acquisitions to determine which particular sub-strategies still retain value. A broader marketing effort may deliver less than stellar results, but particular/finer points of the effort possibly helped ease the extent of the failure; these strategies can then be combined with better tactics in different marketing campaigns for increased results. Above all else, communication with audiences will provide insight as to why select efforts are being rejected or embraced.
As more and more marketing firms begin to unlock the secrets of consumer decisions in the 21st centuries, it will become incumbent for all firms – and all brands, for that matter – to embrace the concept of assessing each campaign’s strengths and weaknesses. Simply discarding a failed strategy as an entirely negative concept automatically will result in loss insight, something that established marketing firms like Prosure Acquisitions understand cannot occur. Inside every under-performing campaign is a strength, a silver lining, and an opportunity to learn more about success for future endeavours.