The past few months have been tumultuous times for businesses across the globe. Some businesses are busier than usual, some are much quieter than they normally would be, and some have had to close completely. No matter which category your business falls into, it’s important to ensure you are in the best position to succeed when we start to go back to ‘business as usual’ after the COVID-19 pandemic.
If you have a bit of extra time on your hands at the moment, (or even if you don’t!) one of the most important marketing tasks you can do is to set goals and objectives for the year ahead. Why? Because if you don’t know what you’re trying to achieve, you’re not going to get the most out of any marketing campaign, or for that matter, any other business initiative.
Why Make Business And Marketing Goals Now?
By planning out your goals and the steps you will take to achieve them, your business will save time, money and resources. As you are more focused on what you are trying to achieve, your business can allocate resources in the most efficient and economical way. In addition, with a well thought out and defined marketing strategy, your business is less likely to spend money on unsuccessful programs or campaigns that are not doing their part in meeting your objectives. Strategic planning will also affect the results of your campaigns. With specific goals and objectives in place, you can more easily measure the success of your campaign.
How to Start Planning Business & Marketing Goals
SMART goal setting is one of the most effective tools that your business can use for ensuring it is achieving its goals. The SMART principles help businesses set goals that are clear and attainable.
In applying the SMART goal setting principles, you can add structure and track-ability to your goals and objectives, which in turn, make them more achievable. With the SMART principles, you can also evaluate your objectives, and define how and why your goals have been set, as well as what you are hoping to achieve from them.
The following are the SMART principles that you should follow when identifying the goals and objectives that make up your strategic marketing plan.
S – Specific
Each marketing objective should have its own detailed plan and clear end goal. This maximises both effectiveness and efficiency in achieving the goal.
M – Measurable
Your marketing plan should have set out milestones and goals. These milestones and goals should be measurable. The measurable aspects of your marketing plan can be things like the number of units sold, total revenue or number of enquiries.
A – Achievable
When you are creating your marketing plan, it’s important to set goals that are achievable. Having realistic expectations increases the motivation to achieve the desired outcome.
R – Realistic
Ensure your goal is realistic in that you have the resources available to make it happen such as manpower, budget and time.
T – Timed
Your marketing plan should have a scheduled beginning and end. This creates a structure to it and allows for analysis of how each method contributed to producing results.
What Kind of Goals Should Your Business Set?
The goals that your business sets will be specific to your organisation and what you are trying to achieve. Identifying your SMART goals can help you to stay focused and move your business forward towards success.
The following are some examples of goals that your business may set.
Goal 1: Increase Sales
Most business marketing goals will aim to increase sales. However, don’t just set the goal to ‘increase sales’. You should know how much you want to increase your revenue by, and where you want this revenue to come from. This can be used to create your goal. For example, rather than stating the goal of ‘increase sales by 25%’, be more specific by saying ‘increase sales from SME retail businesses based in Albury by 40%’.
Goal 2: Increase Awareness of Your Services
While most businesses want to increase sales, your marketing objective doesn’t necessarily have to be sales-based. Instead, you may want to focus on reviving or establishing interest in the products or services that your business provides. You can then base your marketing goals on raising awareness about what your business does, and how it can be of benefit to your target demographic. If this is the route that you want to take, the success of your goals will be measured on things like impressions and brand recall with your target audience as opposed to sales.
We’ll be talking more about this blog in our live ‘Staying INsights’ webinar on Thursday at 10 am. If you want to find out more or have any questions – make sure you check it out!
The Lead Agency is a specialist B2B Marketing Agency with significant experience in developing and implementing campaigns across industries. We’ve worked on a number of B2B Digital Marketing campaigns. Get in touch with us for more information on how we can help boost your business.