Don’t forget your mid-year checkup!
We all hoped 2022 would be the start of the “new normal” after two years of unprecedented challenges. During a typical year at this time, we would be reviewing the initial plans we made, perform an objective review of what we were able to accomplish to date, and make needed adjustments for the remaining six months of the year.
But 2022 has been far from typical. With the ongoing uncertainty about what’s next on the pandemic front, a volatile stock market, inflation at a near 40-year high, and conflict in eastern Europe, a mid-year checkup is not just advisable, it’s essential! Now more than ever you should be conducting a review of your business and financial goals for the year. Performing a mid-year review now allows enough time to adjust your plans so that you can still meet your annual goals. You’ll find out what’s working and what’s not and be able to adjust accordingly.
Review your plan.
Start by reviewing your strategic and/or marketing plan, analyze your progress so far, and calculate how well you’ve performed against those goals. Are you on track? Are there areas that are exceeding expectations or falling below where you would like them to be? What grade would you give yourself at this point?
At the core of every marketing review is evaluating progress to date against objectives. But it’s not enough to only consider where you are today. It’s equally important to closely chart progress throughout the previous six months.
This useful tactic can be enlightening. Were strong initial results not sustained throughout? Did early enthusiasm wane after a few weeks? Conversely, did a soft start evolve into overall success?
Charting your progress and aligning it to key milestones or initiatives will tell you not only where you’re at but also how you’re trending, and what specifically has gotten you to where you are.
What has changed in the market?
It’s likely it was at least six months ago when you set your objectives for this year. Many unforeseen variables have probably entered the picture and impacted outcomes in the time you set your goals and now. Changes in the marketplace, changes in the wider environment, new legislation, or even changes within your organization–any of these could be affecting the ability to achieve your original objectives. Looking at the big picture and identifying unforeseen changes provides essential context to your mid-year results.
Keep your strategy fluid.
Once you know what worked–and what didn’t–you can adjust your plan for the second half of the year. There’s no point in continuing with an initiative that is not working just because it’s part of the original plan.
Also, review your ideas from the beginning of the year to see what hasn’t yet been implemented and work them into your second-half plan. Planning for new opportunities will be key to your success.
Your plan should also evolve with the latest marketing trends. This doesn’t mean you should jump at the first bright idea that comes your way, but it does mean you should stay abreast of what other associations are doing successfully.
A marketing plan is never done.
Opportunities may exist now that will disappear later. By conducting a mid-year checkup today, you’ll be able to re-evaluate those products and services that not only could add value for your current customers, they could also attract new ones.
It’s not too late to make an impact on 2022 year-end results. If you have a plan, be sure to implement it. If you don’t, create one. The key is to monitor your efforts over the next few months to help ensure you finish the year on a high note and are positioned to do even better next year.
Want more information on what to look for when conducting a mid-year review of your annual plan? Contact Scott Seril, MGI Senior Account Director, at sseril@marketinggeneral.com or 703-706-0316.