Albert Einstein said the definition of insanity is doing the same thing over and over again while expecting different results. We may not like to admit it, but we're all guilty of doing this occasionally in our personal or professional life.
In business, today's reality is that budgets are stagnant or, worse, being cut. We're asked to do more with less and struggle to make an impact with limited resources. It's common for a business leader to simply make slight changes to this year's budget plans in an effort to ensure it's approved for next year. Hey, it was approved before -- why rock the boat and risk it this year?
This is a prime example of companies doing the same thing year after year while expecting different results.
Some things might well be the same from one year to the next, but digital communications and the way people receive information has changed dramatically.
So companies' marketing strategies must change as well, or risk being left in the dust heap of old encyclopedias.
A marketing revolution is underway, as experts preach the value and effectiveness of social media, on-demand content and customer participation. Engagement is where it's at, yet so few companies truly understand it, let alone have a clue whether they are using the right mix of tools and messages in their marketing plans.
As we finish out 2013, now is the time to do a strategic review (or audit) of your marketing strategy to avoid the merry-go-round of insanity in 2014. Take stock of all you have done in 2013, and be sure to look hard look at metrics: If an ad campaign didn't produce results, why do it again?
The New Year is just around the corner. Spend time now delving into your marketing plan and find out what's working and what's lagging. Doing so will allow you to freshen up your 2014 strategy with tactics that will produce actual results.
-- Paul Furiga
Business workshop is a weekly feature from local experts offering tidbits on matters affecting business. To contribute, contact Business Editor Brian Hyslop at email@example.com.