Mid-Year Marketing Planning Tips – Review, Refresh & Re-energize
Each year organizations dedicate considerable time and resources in the fourth quarter to develop a marketing plan for the coming year. Usually, this exercise coincides with the budgeting process.
Marketing plans are intended to drive brand and market awareness necessary to fuel growth and a competitive edge. There are oftentimes numerous market variables that lead you to become more reactive than proactive. However, this does not always have to be the case.
With the first half of 2014 behind us, HCK2 Partners recommends using the following checklist to ensure that your marketing plan and results are optimized year round.
- Strategy checkup – Is the strategy originally put in place for 2014 still valid? Remember that success begins and ends with the right approach and complementary tactics. Now is the time to make any adjustments to hit year-end goals.
- Market assessment – How has the market changed since you developed your plan more than six months ago? Create your own matrix to track internal and external market variables.
- Competition – Has the competitive landscape changed? True threats often come from new entrants, consolidation and other major events driven by your competitors.
- Value proposition – Could your key messaging use a refresh? The goal is to remain relevant and differentiated in the marketplace. Often, a few tweaks will enable greater impact.
- Budget versus ROI – Where have you spent most of your time and resources in the first half of the year? Have the tactics and milestones in your plan been successful? Don’t hesitate to recalibrate.
- Measurement – Did your plan have benchmarks to measure success? Are you on track to achieve and exceed goals? If not, there is still plenty of time.
If the list seems simple, it is by design. Self-awareness and analysis will help you achieve more with less. If you don’t have the time to conduct this analysis internally, your friends at HCK2 Partners are happy to assist.