Running a business successfully isn’t something that happens overnight.Establish Marketing Objectives and Get More Sales..
It takes time and effort to structure all your next moves and deal with every company’s problem.
So why am I saying this?
With such grave responsibility, as a business owner or manager, the role of marketing objectives become dispensable. Doing something without a vision or a proper plan is like building a product that no one wants.
The results you receive are only the waste of time and resources and end up disappointed at its impending failure.
Well, I believe we all get wise to the essence of marketing objectives; however, do you know exactly how to establish it to drive more sales? This post will answer all your questions about marketing objectives and so on.
Marketing objectives & marketing goals: What is the difference?
The edge between marketing goals and objectives can be quite blurred if you don’t have an accurate understanding of those definitions.
It’s quite common to see someone use them interchangeably, though they have major differences and essential implications for businesses.
To make it clear, let’s look at the difference between goals and objectives
- Focus on specific, achievable targets within a small time frame
- Mostly temporary, short-term plan (2 years or less)
- Describe the involved actions or activities
- Set for the accomplishment of goals
- For exp: Raise the company’s market share to 10% by the end of next year
- Be somewhat abstract and focus on the big pictures
- Define the general intentions and ambitions of the business
- Often incapable of being measured
- Not describe the methods used to get the wanted outcome
- For exp: We want to capture the biggest market share and provide the best service to your guests
Understanding this will make your life easier in going up your marketing objectives. Now, I believe that you already have an exact look at both goals and objectives.
Let’s get through some primary reasons why marketing objectives are crucial?
Why do marketing objectives matter?
Apparently, without defined objectives, your marketing goals will lack clarity and follow-through. Unless marketers care about outline detailed objectives beforehand, they can never know whether their efforts are impacted.
An effective marketing objective can:
- Make sure functional activities consistent with corporate objectives
- Allow focusing on marketing decision-making and effort
- Provide incentives for the marketing team
- Establish standards to evaluate marketing performance
- Establish priorities for marketing resources and effort
How to establish marketing objectives to get more sales?
The truth is practical marketing objectives lead to successful goals.
However, where do those marketing objectives come from? And how to start?
There’re numerous elements you need to concern when setting up an objective. It’s easy to make one, but a useful objective needs more than “what you want to achieve”.
Without further ado, let’s dive in!
The golden rule – SMART approach
To be effective, any objective should be SMART, and a SMART goal includes:
- Specific: Well defined, clear and understandable
- Measurable: Include specific KPI and benchmarks that allow you to measure your progress toward the accomplishment of the goal
- Achievable: Attainable and within the ability of your company
- Relevant: Realistic and pertinent to your brand mission and business’s direction
- Timely: Have a timeline that demonstrates starting and target dates
Marketing objective examples
I hope these below examples can be used as inspiration when creating your objectives:
- Increase sales: Increase sales by 10% in the next year by driving new signups by 5% and average customer orders by 15%
- Increase leads: Gain more clients by boosting the number of leads by 30% in the next 6 month
- Reduce churn: Decrease customer churn by 3% in the next quarter by reducing customer service wait times by 10%, and nurturing customers through email automation
- Increase market share: Increase market share by the end of the year by reducing customer churn by 15%
6 steps planning up marketing objectives
Step 1: Consider your business’s goals
You may have great ideas for a marketing strategy, but unless it contributes in some way to achieving an overall business goal, it’s not worth pursuing.
You don’t want the strategy and objectives you’ve just made going in the wrong direction with your goals. Therefore, it needs to support your business’ long-term goals for growth.
Below is a list of questions that can help you find out what you want your business to achieve. They are:
- Customer retention?
- Provide better customer service?
- Create sustainable growth?
- Boots sales of a particular product or service?
Step 2: Choose and outline your primary marketing objectives
Before setting up a specific and detailed objective, it will be more practical to define:
- Where is your business?
- How much money and manpower available to reach your upcoming objectives?
- What are your company’s current and unsolved problems?
After answering three questions above, you can draw out exactly your company’s weaknesses and set up the objectives that fit perfectly with those problems. Decide the most urgent one to work with.
An attainable and useful objective needs to go from reality.
What’s more, knowing your company’s actual power and resources will make the objectives more realistic, which meets the 3rd element of SMART – Achievable.
Whatever it is, put that business goal and your company’s ability at the front of your mind. Once it’s there, you’re ready to identify marketing objectives that make a genuine impact on your business
Your objectives should be specific and measurable, not just a generic declaration.
Step 3: Put specific numbers for your objectives
A detailed and specific objective is always better than a huge but unclear one.
One common problem businesses face when setting marketing objectives is that they’re too vague. So why’s it a problem?
Only, without a specific number for each objective, it will be challenging to measure and determine how much effort should be put in to reach that objective.
The more specific your objectives are, the easier they are to interpret and achieve.
Avoid vague, unclear descriptions of your needs, and replace them with something implementable.
For example, instead of Boots sales’ consider ‘Increase sales figures by X% via Facebook’
Step 4: Give the KPIs for each marketing objective
So you know your marketing objectives and goals, your next job is to figure out how to measure them.
By assigning numbers, deadlines, and metrics to each of your marketing objectives, you can evaluate progress along the way and measure results at the end of your campaign.
Without KPIs, you’ll have no way of knowing if you’re on track to gaining your marketing objectives.
Some recommendation of the big buckets that matter most in tracking:
Step 5: Determine tools to measure and track results
It’s great that now you have exact awareness of marketing objectives, how to set them, and are able to build KPIs to track each progress toward your goal.
However, that’s not enough.
The final step in this setting’s objective process is to track these objectives you made. It is a place where you can update all the data day-by-day of the process. That’s how you can measure whether your plan is doing well and know how close your team and you get to the final objectives.
Through that, you, as an owner or manager, can have in-time solutions for every problem.
The ways companies choose to track the progress toward the objectives are different. It can be as simple as monitoring them in an Excel spreadsheet. It depends on the complexity of the tracking methods you need.
Some methods you can use:
- Best Marketing Tools (HubSpot, Infusionsoft, or ActiveCampaign)
- Web analytics service (Google Analytics, KISSmetrics, etc)
- Social analytics (Facebook Insights, Twitter analytics, Instagram insights, etc)
- Excel spreadsheet
Final thoughts on Marketing Objectives
Once you can illustrate how your marketing objective will be, it’s time to write it down. Objectives are the most important milestones to guide you and your teams to achieve the final goals.
Small steps are the way forward to great things, and make sure your effort is worth it.
Bio: As a content executive at Avada Commerce, Binh understands the value of content marketing lies in the engagement between the customers and companies. Her wish is to bring a unique voice, different perspectives, and new light for every audience. She’s also a cat-lover and a person who cares about the environment.