Marketing is a little bit like alchemy, with some craft and some art involved in equal measure. But as with most things in this world, even something with a lot of planning and effort can still not work out. When that happens, as the American country singer Kenny Rogers once said, in his song, “The Gambler,” you’ve got to “know when to walk away, and know when to run.”
Here are a few big signs that it’s time to move on.
Other Strategies Are Working Out
If you’ve been trying many other types of tactics and strategies and those are bearing more results, that’s definitely a sign that you should abandon a particular method. Don’t hold onto a failing method when you’re already enjoying success with others. If your email marketing, for example is getting you a lot of new business, divert more resources into that.
You’ve Done Everything You Can
If your strategy needs work, that’s one thing. If you’ve been diligent, analyzed your problems and addressed all of them and your marketing strategy still fails to produce results, it’s time to move on. You should always try to execute a strategy to the best of your ability and improve it where you see areas that can be worked on. If, however, you’ve got everything going as well as it can be and there’s still no good result, it’s time to learn a lesson.
Your ROI Is Always Poor
This should be your most powerful indicator. If your return on investment is consistently negative, then the cold, hard, mathematical facts are against this particular strategy. Marketing should be gaining you new business for increased profits, not eating into your expenses to no effect. If a marketing strategy is consistently losing you money, you need to put that money to better use.