Why a January Sales & Marketing Review is So Important
You have hopefully just had some of your busiest sales months, and like many of my foodie clients, I bet you’ve hardly had time to breathe, let alone review how your business is going.
This is why – unlike many people – I quite like January – controversial I know! It’s a great time to review the successes of the last few manic months and year in general – and also the things that could have gone better!
And why is this so important? Because now is often the time when you start putting Sales and Marketing Plans in place for the next year – but how do you know what your plans should be if you don’t give yourself chance to review what has worked for you in the preceding year?
You may think you know where it’s best to focus your sales and marketing efforts but until you review everything thoroughly you will never be sure. And even if turnover is greater in one sector than another – the profit may be vastly different depending on whether you are selling direct, via a distributor etc. Before your Sales review you may think that delis and farm shops are your main focus, but afterwards you may realise that actually sales from your own website are growing much quicker and more profitably and that is where in 2017 you are going to invest your time and marketing support. It may not be – but unless you take time to review you will never be sure!
Same for all your marketing activities. Before you book the same show again – “because you did it last year” – make sure you review thoroughly and do a cost benefit analysis – don’t forget to account for your time too. If it was a Trade Show, yes calculate all the turnover from new customers, but it’s always good to see if these customers were repeat customers or just one off customers as it’s the repeat customers that will grow your business.
Review all social media competitions too and any partnership marketing initiatives undertaken. Each time check what the aim was, what the cost was and what the outcomes were. You will quickly see a pattern of what sort of promos/comps work best for you. Once you’ve established that you can be more focussed on doing the right sort of ones the following year.
So, whilst I understand it’s much more exciting to enter into the forward planning stage, I cannot recommend highly enough how important the reviewing stage is first!
If you want any help on Sales & Marketing Reviews or Sales & Marketing Planning just drop us a line at [email protected] or call Jo on 0772 335 1884.