Marketing

Tips For Defining Marketing Goals and Objectives

Marketing Goals and Objectives

What are Marketing Goals and Objectives?

It goes without saying, advertising or promoting is the only way to expose your brand. In today’s market you must actively promote marketing messages to drive traffic to your business. However, to achieve this you must set marketing goals and objectives. That way you can increase the possibilities to reach your marketing efforts.

What is the difference between marketing goals and marketing objectives?

For starters, marketing goals are usually long term targets you plan to achieve. Whereas, objectives are short-term, and a bit more detail orientated. Objectives are measurable actions that must be taken to accomplish the goal.

So what are marketing goals and objectives? In short, marketing goals are clearly defined objectives of a market plan. Or performance-based indicators that measure marketing success. Whereas, objectives are measurable actions that are taken to achieve the goal.

Below is an example of the difference between marketing goals and marketing objectives;

Goal – Our company needs to rank over our competitors on all platforms, therefore we will create a digital campaign to rank on the first page of YouTube.

Objective – We will utilize search engine optimization techniques. Consequently, we will rank for the top keyword phrases in our marketplace.

Examples

It is advised to set short, mid-term and long term goals. This provides you with a target to achieve throughout each phrase of your business. The goals you set should be attainable, precise and durable. By the same token, your goals should be futuristic and realistic.

Here are a few examples of marketing goals;

  • Drive traffic to website or blog
  • Gain more followers on social media
  • Increasing conversation rate on website
  • Get a social video to go viral

Above all else, when you create your goals, it’s important to create goals that make sense to you. Even if others can’t understand how your gonna get there.

How to Set SMART Marketing Goals and Objectives

Typically, marketing goals are established during the strategic thinking phase of strategic marketing. The input is then used for strategic planning.

When it comes to the strategic management process, marketing goals refer to a target or an aim a business reaches for.

It’s important to establish SMART marketing goals to achieve your marketing efforts. Setting SMART goals sets your foundation for your marketing plan. SMART is an acronym that stands for specific, measurable, achievable, realistic and time-sensitive.

Define Marketing Metrics

To begin with, you must decide a marketing metric you plan on accomplishing. Next, provide yourself with a realistic launch and finishing date with a marketing metric that you plan on accomplishing.

For example, by November 13, {year}, {your company name} will reach 10,000 YouTube subscriptions. Another goal could be increasing your current client base by 40 over the next three weeks. Creating a sustainable competitive advantage should be attached to every goal you develop.

Establish SMART Objectives

Every marketer including myself will advise you to establish SMART objectives. Setting SMART objectives is a process that enables your organization to establish a solid foundation.

Specific — Your aim must be defined, specific and strategic. You must create a detailed description of your vision. Moreover, your vision should be strategic in which creates opportunity.

Measurable — Make sure your goals are measurable. You must have the ability to detect your performance. In other words, are your objectives quantified? Can you estimate the value of units including the market share or sales volume?

Achievable — Many individuals see the word achievable and instantly assume it refers to reachable. Nonetheless, many experts will tell you to set the bar high, but not too high. However, in all actuality you can set the bar as high as you’d like, as long as you have the tools, resources or skills to back it up.

Relevant — Does your goals and objectives line up with your vision and mission? Do your goals put your organization in a position to gain a competitive advantage?

Time-sensitive — Time sensitive or time bound refers to a time frame. Every goal and objective must have a deadline. Setting goals without deadlines defeats the purpose of setting goals.

Define Your Marketing Objectives

Marketing objectives are goals that carry out your strategy. Another definition is where an organization plans to be at a specific time in the future.

Objectives are measurable activities taken to accomplish a goal. When it comes to developing a marketing plan, objectives are established to measure the organization’s performance.

The 8 P’s are the foundation for setting marketing objectives. In other words, the 8 P’s specify how your marketing objectives will be achieved.

  1. Price — Exact cost of the product(s)
  2. Product — The physical product that is promoted or advertised
  3. Promotion — Marketing techniques used to expose goods or services
  4. Place — Where the products are sold, e.g., online, offline
  5. People —The employees or representatives of a business
  6. Physical environment — Mood or tone of the a business environment
  7. Process — The process consists of adding elements to distinguish brand, products and services from competition, e.g. warranties, discounts
  8. Packaging — The equipment used to protect the product

How can you set objectives for your organization? First you need to define your objectives. List every step that’s needed to accomplish your end goal. Develop a detailed blueprint that illustrates how you plan to reach your goals and objectives.

Measure Your Marketing Goals

Measuring your goals is just as important as creating your goals. You should evaluate your goals weekly or monthly. There are several measurement tools you can use, including Google’s analytics. This analytical tool allows you to track several metrics including age, region, country, visitors, bounce rate and much more.

In summary, you can develop a dazzling marketing plan if you know where you’re going. Setting SMART goals and objectives enables you to systematically carry out your vision. It also enables you to carry out your corporate mission. Given this information, it’s vital to develop marketing goals with marketing objectives on a continuous basis.

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