As we reach the halfway point of the year, it’s an opportune time to conduct a comprehensive mid-year marketing review. Taking stock of your marketing efforts, evaluating performance, and adjusting strategies can set the stage for a successful second half of the year. Let’s explore the importance of a mid-year marketing review and look for some practical steps to conduct an effective assessment of your marketing initiatives.
Reflect on Goals and Objectives
Begin your mid-year marketing review by revisiting the goals and objectives you set at the beginning of the year. Assess whether these goals are still aligned with your business objectives and if any adjustments need to be made. Reflecting on your goals provides clarity and ensures that your marketing efforts remain focused and purposeful.
Evaluate Key Performance Indicators (KPIs)
Analyze your KPIs to measure the effectiveness of your marketing campaigns. Consider metrics such as website traffic, conversion rates, lead generation, customer acquisition costs, and return on investment (ROI). Identify which marketing channels and tactics are delivering the best results and areas that may require improvement. Use this data-driven evaluation to make informed decisions about allocating resources and optimizing your marketing strategies.
Review ICP and Customer Journey
Examine how well you’ve connected with your ICP thus far. Review engagement metrics such as social media interactions, email open and click-through rates, and content consumption patterns. Assess the effectiveness of your messaging, content relevance, and audience targeting. Identify opportunities to improve engagement and better tailor your marketing efforts to meet your audience’s needs.
Review Marketing Channels and Tactics
Evaluate the performance of your marketing channels and tactics. Assess the effectiveness of your website, search engine optimization (SEO), content marketing, social media, paid advertising, and other initiatives. Identify high-performing channels and tactics that deserve increased investment and explore areas where adjustments or new approaches may be necessary.
Analyze Competitor Landscape
Conduct a competitive analysis to gain insights into your industry landscape. Assess your competitors’ marketing strategies, messaging, and positioning. Identify opportunities to differentiate your brand and capitalize on gaps in the market. By understanding your competitors’ strengths and weaknesses, you can refine your own marketing strategies and stay ahead of the curve.
Check emerging Tech Trends
Stay updated on the latest technology trends and advancements in your industry. Assess whether your current marketing strategies align with these trends and make necessary adjustments to capitalize on emerging opportunities. Leverage new technologies like artificial intelligence, machine learning, and automation to enhance your marketing efforts.
Adjust Strategies and Set Actionable Goals
Based on the insights gathered from your mid-year review, adjust your marketing strategies and set actionable goals for the remainder of the year. Identify areas that need improvement and develop specific action plans to address them. Establish measurable objectives and key milestones to track progress and hold your team accountable.
Communicate and Align
Ensure that your marketing team, as well as other relevant stakeholders, are aware of the revised strategies and goals. Foster open communication and collaboration to align efforts and maximize the impact of your marketing initiatives. Regularly communicate progress updates and share learnings to facilitate a culture of continuous improvement.
Mid-Year Review: A case study
Let’s try to implement these suggestions with a real client that 42DM is working with. Our client is a supply chain visibility software company. They had clear goals for the first half of 2023: to generate 140+ contact and demo forms submitted in 6 months.
By June 2023, our team managed to generate that amount of contact, raise website traffic by 9% and see 140+ clicks on the demo form. However, we see that there is a low conversion rate from the demo form: a lot of users click on it, but not a lot of them submit the form. At the same time, the website contact form submission has a 1% conversion rate, which is pretty low too.
So, by mid-year 2023 we reached the goal of new contacts but we see a decline in traffic conversion in direct and low conversion on traffic from social media. We need to review our approach to social media, review competition, and ICP, and create a new approach to SMM.
We analyzed linkedin publication of our Client’s main competitors and found hashtag cluster that represent the most trendy topics. Then, we are going to expand into though-leadership building for the Client’s President. Here is our plan based on the gaps determined in mid-year marketing review:
Your mid-year strategies for adjustment
By paying attention to these considerations and adjusting your strategies accordingly, you can position your tech company for success in the second half of the year. Remember, a mid-year marketing review is not only about assessing past performance but also about proactively shaping your future success.
When doing B2B marketing at 42DM, we specialize in guiding tech companies through effective mid-year marketing reviews and helping them navigate the unique challenges of the industry. Contact us today to learn how our expertise and data-driven strategies can propel your tech business forward in the ever-evolving digital landscape.
Schedule a consultation with our team to discuss your mid-year marketing review and explore strategies tailored to your tech company’s goals. Let’s maximize your success in the remaining year together!
