With the end of Q2 just around the corner, now is the perfect time to review your marketing strategy. If you’ve already developed a marketing plan, data from the first half of the year can help you evaluate progress toward your goals, examine the return on investment (ROI) from your current marketing platforms and make adjustments to take advantage of new opportunities. If you don’t already have a marketing plan, looking back on the first two quarters can be a great start.
At Mustang Marketing, our form of strategic planning has been named “the RoadMap” — a process described in our president Scott Harris’ book, “.” The RoadMap encompasses several key components that are vital to marketing success, including your Goals, Audiences, Messages, Vehicles, Sales Cycle and Budget. While your own marketing plan may not match up with our RoadMap process exactly, these components still provide an excellent foundation for reviewing your strategy.
As you reflect on the progress you’ve made in the first two quarters, here are a few questions and considerations to address within each area.
GOALS
If you have yet to develop a strategic plan, begin asking yourself what you hope to accomplish in the remainder of this year and the beginning of next year. These Goals should be realistic, measurable and move your company forward within a set timetable. If you’ve already outlined Goals, take the time to analyze your progress and make adjustments if your Goals seem either overly ambitious or not ambitious enough.
AUDIENCES
With your Goals in mind, consider the various groups that will have the greatest impact on your ability to succeed. This could be current customers, potential customers within your current market, prospects in new markets or industries, employees, business partners, the government and beyond. With Q2 coming to an end, it is useful to: (1) consider whether you have been reaching your Audiences effectively so far, (2) assess whether your current target Audiences still warrant the same level of attention, and (3) evaluate whether there are any additional groups that it would benefit your company to reach.
MESSAGES
Ask yourself what impressions and perceptions of your company you want your Audiences to develop. Based on the feedback and data you’ve collected from the first two quarters, consider whether your marketing campaigns have effectively conveyed your intended Messages as well as if those Messages resonate with your Audiences and effectively support your Goals.
VEHICLES
Reviewing metrics from the first two quarters can clarify how well your various marketing platforms are performing and provide valuable insight into whether you are using the most effective channels to communicate your Messages to your Audiences. Examples of metrics to analyze include email open and click-through rates, website traffic, social media interaction, press coverage gained, inbound sales calls from various tracking numbers, and beyond.
SALES CYCLE
Marketing and sales go hand in hand, and implementing the right marketing collateral at key points in your Sales Cycle can help expedite the sales process and bolster success. Consider sales roadblocks you’ve encountered during the past two quarters, as well as anything that has helped your sales team perform more effectively. Then, use that information as a foundation to brainstorm ideas for marketing collateral and/or campaigns that eliminate barriers and capitalize on opportunities.
BUDGET
Along with analyzing the general performance of your marketing Messages and Vehicles, it is also essential to set a Budget and ensure your efforts align with that Budget to accurately gauge success. For instance, a campaign that generated a significant number of leads still may not contribute positively toward your Goals if it required too large of an investment. Compare the results from your Q1 and Q2 marketing campaigns with the investments they required — in terms of both time and dollars — and make adjustments, if needed, to allocate your Budget more effectively.
Once you’ve considered these key components and updated your strategy accordingly, you’ll be positioned for success in the next two quarters and beyond. In the meantime, if you’d like additional strategic planning assistance — or would like to have an expert creative team put your marketing plan into action — we encourage you to contact Mustang!