Building a list of marketing goals can be difficult. In fact, only 5% of small businesses have achieved all of their goals in the past 12 months, according to a survey by Clutch. The same survey found that 65% of companies achieved half of their goals within 12 months.
It is important to clearly define the marketing goals and objectives. But where to start?
In this article, I’ve put together a list of marketing goals you can use when creating your marketing plan.
What are the marketing objectives?
Your marketing goals outline what needs to be done to meet your marketing goals.
A marketing objective should have the following attributes:
- Specific: Concentrate on one goal.
- Measurable: Your results can be measured by your customer’s behavior and the resulting sales.
- Relate to a specific period of time: It can be a week, a month, a year or more.
- Affect Your Ideal Customer’s Behavior: This would be what you want to see from your ideal customer as: retaining customers, testing a product, increasing purchases, higher value purchases, upselling, more frequent purchases, etc.
Like all objectives, they are “SMART”. But what makes marketing goals unique is the emphasis on the behavior of your customers. Are they actually doing what you wanted them to do and to what extent.
And this is how you determine if a marketing campaign has had a good return on investment.
Where do the marketing goals come from?
Your marketing goals will come from two places; your sales goals (how much money you want to earn) and the results of your SWOT analysis. In this order.
How much money do you want to earn?
As a small business owner or solopreneur, it all starts with how much money you want to put in your pocket at the end of the day.
Rather than pulling out a number of them, pull out your credit card statements, your expense reports and start adding things up. This will give you the minimum income you need to cover your expenses.
Then you need to add the desired profit at the end of the period.
This is your goal.
How much do you need to sell?
Now you can start playing multiplication games with your bids.
- What can you sell?
- How are you the price?
- Do you need to create one or more new offers?
Where do you see new opportunities?
The other source of your marketing goals is your SWOT analysis. Here is a simple SWOT analysis you can do.
Rather than just listing strengths, weaknesses, opportunities, and threats, use these questions as a starting point to further explore new opportunities.
What are your strong points
- What new clients have you gained this year?
- Where have you gained the most customers?
- Which communication channels have been the most effective for you?
- Did you beat other competitors? Why did these clients choose you?
What are your weaknesses?
- What clients or projects have you lost this year?
- Why did these customers choose another alternative?
- What are the missing products or services that your ideal customers would appreciate?
- How are your competitors stronger than you?
- List your biggest failures this year. What was missing that made you miss?
Explore opportunities for the future?
- Are there trends in your industry that others are ignoring?
- What alternatives are your customers considering to what you have to offer?
- Are there technologies available that could create new opportunities?
- What does your industry think will “never” happen?
Explore the threats to your business?
- Are there technological factors creating threats?
- In what ways are your competitors threatening you?
- What are you most afraid of in the future of (YOUR COMPANY)?
- Are major changes taking place in the industry?
- Is the government increasing the burden of past regulations?
List of marketing objectives
For each of these marketing goals, you will need to add specific units or percentages as well as a timeline.
Here’s a great infographic that I found with some more real-life examples:
Marketing objectives for existing customers
- Retain existing customers
- Increase customer loyalty
- Increase sales to existing customers
- Increase the frequency of customer purchases
- Increase the value of the sales order
- Increase customer lifetime value
- Increase the number of products purchased by customers
- Decrease the rate of customer returns
Marketing goals for new customers and lead generation
- Target new customers from new markets
- Generate new leads from the website
- Generate new leads from Facebook
- Increase lead conversions to customers
Marketing goals for your brand
- Generate brand awareness
- Build brand confidence
- Increase brand engagement on social media
Marketing objectives for the website
- Increase new traffic to the website
- Increase returning visitors to the website
- Increase conversion rates from the website
- Increase impressions of specific product / service pages
- Increase click-through rates on specific product / service pages
Marketing objectives for products and services
- Increase the profits of specific products
- Increase market share from specific products
- Increase market share in specific industries
Marketing goals for email marketing
- Expand mailing list
- Increase email open rates
- Increase email conversion rates
- Increase email click-through rate
- Increase upselling and cross-selling from email campaigns
- Decrease the unsubscribe rate
- Choose and implement a marketing automation tool
Marketing objectives for customer engagement
- Increase the number of positive reviews (on Google, Yelp, Facebook, etc.)
- Develop engagement of social media channels (Facebook, Twitter, Instagram, etc.)
- Increase the number of video views
- Increase video shares
- Increase video viewing time
Marketing goals for social media
- Increase social media tracking
- Increase social media engagement and conversations
- Increase the sharing of publications on social networks
- Increase content sharing (articles, infographics, etc.)
Final thoughts on marketing goals
The key to setting powerful marketing goals that move your business forward is focus. Focus on your revenue goals first, then focus on choosing your marketing strategy, and finally, focus on a few marketing goals.
My recommendations are to choose an income goal. Choose a marketing strategy and choose no more than three marketing goals. This will limit spillovers and help you save time and money on your marketing.
Originally posted 2020-08-29 20:28:34.