As the financial year draws to a close, a lot of companies have plans set to make the most of an End of Financial Year sale. At the same time, companies that want to get a head start are also forming plans about what to do once the new financial year begins.
That said, we’ve put together a couple of ideas and tips that you can consider when planning out how to start the new financial year right.
1. Review & Realign Your Brand Messaging
Every new beginning is a good time to revisit your business’ mission and purpose. The start of a new financial year is as good a time as any. Because you get to review your company’s performance throughout the previous financial year, you can recap whether there are areas in your branding, messaging, or marketing that have fallen short.
Is your messaging still clear and consistent? Does it need some tweaking or updating? Now would be a good time to ask questions like:
- Are we communicating our message enough across our marketing platforms?
- Does our messaging put the customer’s needs first?
- Are we communicating to our customers the problem that we’re trying to solve for them?
- Is that message clear enough that our customers understand our products and services?
Everything starts with messaging. Communicating the right message to the right people can sometimes make all the difference.
2. Expand Your Presence Onto Multiple Platforms, But Focus On A Few
Having an omnichannel approach to marketing has its advantages. You get to leverage off of every platform and audience. However, being on multiple channels all at once can also hamper your marketing efforts, especially if your content doesn’t seem to work on certain platforms.
It’s good to have a review of what worked and what didn’t work in the past financial year and focus on the things that made an impact. This is where the Pareto Principle comes into play.
Simply put, the Pareto Principle states that 80% of consequences come from 20% of the causes. Translated, this means that 80% of your revenue comes from 20% of your marketing efforts. The inverse is also sometimes true wherein 80% of your marketing only produces 20% of your revenue.
This is why it’s good to identify the specific tasks and campaigns that are getting you the best results and focus your efforts on those tasks.
3. Revisit Your Customer Journey
Did you know that on average it takes 5 times more to attract a new customer than to nurture an existing one? The end of the financial year would be the perfect time to revisit your customer journey and experience, and ask the following questions:
- How many new customers are you bringing in?
- What efforts are you making to nurture these new customers?
- How many of your customers are repeat customers?
- How can you turn more new customers into repeat customers?
Do you have a marketing funnel set in place for turning cold traffic into warm traffic? Do you have systems and processes in place that help keep you in touch with your existing customers? Do you have a means of communicating with your customers regularly?
Whenever a new beginning takes place, it’s always a good idea to go back to the essentials, to the basics. This way, you’re reminded of what your business stands for in the first place, and how you can continue to fulfil your vision and your mission for your company.
Not Ready For The New Financial Year? Don’t Stress; The Team At SponsoredLinX Is Here To Help
The marketing experts at SponsoredLinX are passionate about seeing our clients succeed. We’ll do everything we can to help you wrap your head around planning your digital marketing strategy so you can work on boosting your traffic, conversions, and sales. So, what are you waiting for? Contact the team at SponsoredLinX to get started!