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How to Set Marketing Goals for Your Business
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You might have a great marketing plan in your mind, however, have you set any goals, or have you decided how you can measure the success of each effort that you and your team put in?
Creating this can be very difficult sometimes, however, it's important to align the right marketing goals with the business goals to get the buy-in from the team as well as to know what metrics are required to track it. By setting the right goals that are measurable, specific, realistic, attainable, and time-bound, you & your team may know what you’re working towards – without any questions. Firstly, to know what a good goal looks like, we must start with the poorly defined aims.
Some Examples of the Poorly Made Marketing Goals
Here’re a few examples of the goals that require more work:
· I like to generate a larger email list.
· I like to rank number one in the Google Page Rank.
· I like to have more site visitors, sales, and leads.
It is very simple to say you would like to get more leads, however, how many leads you want to attain your goal? How many contacts would you like on the mailing list or what you wish to rank at number one in the Google Rank for?
Examples of the Well Defined Goals:
Here are goals turned into well-defined business marketing goals. (The marketing goals are totally based on the overall goals of a business.)
· We want to generate two customers from the current client list by using email marketing. We also want to add all the qualified leads to the mailing list. And allowing us to keep the leads warm for future sales.
· We also want to rank at number one for keyword term named "widget consultant," as we estimate it may generate over 300 visitors to our website every month.
· We require 20,000 visitors, 12 customers, and 500 leads within the next 12 months from the inbound marketing efforts to achieve the revenue goal of over $600,000 from the inbound marketing.
Effective marketing begins with a considered and well-informed marketing technique. Then you can plan your business goals, vision, and mission.
You can outlines these steps you want to take in order to achieve the goals. The marketing strategy affects in a way you want to run the entire business, thus it must be developed and planned in consultation with the team.
It’s the wide-reaching & comprehensive strategic planning option that:
· Explains role and position of the products or services in the market
· Describes the business and products or services
· Allows you to build the marketing plan as well as to measure the effectiveness.
· identifies marketing tactics you may use
· Profiles customers and competition
The marketing strategy sets an overall direction as well as goals for the marketing. Therefore is different from the marketing plan that outlines specific actions you may take to implement the marketing strategy.
If you have the right goals it will make things much easier for you. There are lots of people who know this and keep this in mind.
Write a successful marketing strategy
The well-developed strategy can help you to realize the business's goals as well as build the strong reputation for all your products. The good marketing strategy also helps you to target the products or services to people likely to buy it. This generally involves you making one and two powerful ideas that will raise awareness and sell the products. This is a very important thing and you should keep this in mind in all cases. Once you do that then things will be very simple.
Knowing your business goals
In order, to develop the marketing strategy, you need to identify the overarching business goals, and then you can define the set of marketing goals that will support them.
The business goals may include:
· Reaching a new customer segment.
· Selling more of your products from a certain supplier
· Increasing the awareness of products or services
While setting the goals it is very important to be targeted so you may effectively measure all outcomes at what you are setting out to accomplish.
The simple criteria for the goal-setting is a SMART method:
1. Specific - state what you wish to achieve
2. Measurable – You can set the tangible measures and measure your results
3. Achievable - set the objectives that are within your budget and capacity
4. Relevant - set your objectives that can help you to improve aspects of the business
5. Time-bound - set goals you may achieve within the time you want them.
State the marketing goals
Define the set of specific marketing goals that are based on the business goals that you have listed. The goals can motivate you and your team as well as help you benchmark success.
The examples of the marketing goals include higher market penetration (selling existing products to the existing customers) and market development (selling current products to the new target markets). The marketing goals can be long-term and may take some years to achieve. But, they must be measurable and clear and have the time frames for the achievement. Ensure your strategies are measurable and practical. A good marketing strategy won’t get changed each year, however, revised when the strategies are achieved and your marketing goals are met. You might have to amend the strategy if the external market changes because of a new competitor and new technology, or suppose your products change.
Research on your market
Research is an important part of the marketing strategy. You have to collect information about the market, like the size, growth, and social trends as well as demographics (the population statistics like gender, age, and family type). This is very important to keep eye on the market so that you’re totally aware of any kind of changes with time, thus your strategy stays targeted and relevant.
Profile the potential customers
You can use the market research for developing the profile of customers that you’re targeting or identify the needs. The profile may reveal the buying patterns and include how they purchase or where they buy or what they buy. Once again, review the trends so you do not miss out on the new opportunities and become irrelevant with the marketing message. Whereas you can try to find some new customers, ensure your marketing goals allows you to maintain the relationships with the existing customers.
Profile all your competitors
In the same way, as a part of the marketing strategy, you must develop the profile of all your competitors just by identifying the products, pricing, supply chains, as well as marketing tactics. Use it to identify the competitive benefit - what will set your business far more apart from all your competitors. You also might have to identify weaknesses and strengths of your internal processes in order to help to improve the performance when compared to your competition.
Develop the right strategies to support the marketing goals
List down the target markets as well as a device set of the strategies that will attract & retain them. The example goal can be to increase the young people's awareness about your products. The corresponding strategies can be to increase the social media presence online just by posting regular updates regarding your product on Facebook, Instagram, Youtube, and Twitter; advertising in the local magazines that are targeted to young people; as well as offering discounts to students.
Use '7 Ps of marketing'
You need to identify the tactical marketing mix by using the 7 Ps of marketing. Suppose you may choose the right combination of the marketing across product, promotion, price, people, place, process as well as physical evidence, the marketing strategy is likely to be a great success.
Check your ideas
When deciding your tactics, you need to do research online, test new ideas as well as approaches on the customers and staff, as well as review what will work out. You will have to choose many tactics to meet the customers' needs, reach to your customers within the target market as well as improve the sales results.
Setting Right Marketing Goals
Here are some steps to set the well-defined goals, which are in sync with the business goals:
Know-How Much Of Revenue You Want to Generate
It is simple. Suppose your business has done over $2,000,000 of sales last year. And your CEO said he wishes to grow the business by over 30%. You know you have over $1,800,000 on books for the next year & expect other $200,000 from any other marketing efforts, like trade shows. This leaves you with a gap of over $600,000, which you want to close within the next 12 months.
Understand How Many Sales That You Want to Hit Revenue Goals
Take the revenue gap & divide this by the value of an average sale. For instance, if the revenue required is over $600,000 and the average sale is over $50,000, you require 12 new customers.
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