Setting Marketing Objectives
Your marketing strategy should begin with a clear set of marketing objectives. These goals will unify your efforts around a singular purpose. By defining your marketing objectives, you can determine whether your efforts are working and if they’re generating the desired results. If your marketing objectives are not met, you’ll need to think of alternatives. Listed below are some steps to follow in establishing a solid marketing strategy. Listed below are a few tips to help you reach your marketing goals.
The first step in creating a marketing objective is to determine how much each customer is willing to spend. As a general rule, an average customer spends around $200. Then, determine what percentage of that $200 you’d like to see your average customer spend on your product. If you want to increase sales, you should aim to increase the average spend per customer. Having a specific target price for each item helps you determine how much to charge. Remember that the cost of attracting a new customer is much higher than the cost of keeping the existing one.
Marketing objectives should be SMART. They should be specific, measurable, achievable, realistic, and time-bound. This way, you can measure your progress and determine whether or not your marketing efforts are effective. When you set SMART objectives, you can focus on achieving them, and keep your marketing budget on track. When you have an overall SMART goal for your marketing plan, you can determine which marketing items need attention and which ones need to be prioritized.
Marketing objectives are a vital component of every marketing strategy. They provide a benchmark for measuring progress and focus on the most important aspects of a marketing campaign. For example, the number of followers on Instagram might not align with your business objectives, but increasing sales of product XYZ in the enterprise market in the US by 2021 is an example of a marketing objective. By setting the bar high, you’re setting yourself a target for success and ensuring you can meet that goal.
If you’d like to reach a wider market, gaining brand authority is a good strategy. While building brand authority contributes to brand dominance and market share, it is also a separate goal. Brand authority establishes your business as the go-to company in a particular niche or industry use-case. At the end of the day, marketing is profit-driven. That’s why your marketing objectives should focus on profit-driven actions.
Another example of KPIs in marketing is improving sales team close rates. In other words, the more quality leads you generate, the happier your sales team will be. So define what a quality lead is and how you will measure your success. Then, set specific marketing KPIs and measure the results accordingly. If you want to boost the close rate of leads generated by marketing efforts, make sure to set up a sales funnel or a metric to measure the success of your marketing efforts.