Mid-Year Marketing Review
In order to ensure your marketing plan is effective, it’s important to conduct reviews periodically to evaluate success. Here are a few steps to guide you through your next marketing plan review:
Step 1: Collect & Analyze Data
The first step in successful marketing lies heavily in the creation of a marketing plan. The plan should be structured with annual goals broken down for each quarter referencing the SMART (specific, measurable, attainable, realistic, and time-bound) method. This allows you to utilize different analytical platforms to examine and weigh the data to your set objectives. At the six-month mark, it is important to do a mid-year review of all the analytics and compare your statistics with your proposed goals from your plan. This information can be collected from various project management and analysis platforms such as Hootsuite, Facebook Business, and Google Analytics. Understanding your target market reach, consumer engagements, and marketing direction all come from assessing these numbers.
Step 2: Comparing Data
It is vital to compare your numbers with current analytics as well as your future goals for the remainder of the year.
Comparing with current results:
Once you have collected and analyzed the necessary data, you want to compare the numbers with your Q1 and Q2 proposed goals in the marketing plan. This will give you an understanding of where (ahead, behind, or on point) you are with your expected outcomes. Furthermore, it will allow your team to distinguish what is successful and what requires modifications in your marketing techniques.
Comparing with future goals:
Marketing plans are created to have a strong core but are structured to be molded to the given situation. As miscalculations could occur from a number of things such as economic factors, technological advancements, and even competitive growth, it is just as important to compare your real-time data to your proposed goals for Q3 and Q4. Your plan will show an expected rate of progression, which should be compared to the actual rate acquired from the Q1 and Q2 data. By comparing real-time rates from the first half of the year to the foreseen rate of progression for the second half, you and your team will gain an understanding of the necessary adjustments needed within the plan going forward.
Step 3: Adjusting the Marketing Plan
Now that you can physically see all the strengths and weaknesses from your analytics, your team can mold the marketing plan to fit the new expected outcomes. Most of the time, changes from the mid-year review are anticipated. These alterations can be necessary either from not meeting the proposed goals or, completely surpassing them. Receiving remarkable data which exceeds your expectations is always phenomenal, though it is imperative to raise your goals to maintain consistency and drive for growth and success.