Join Drew Boyd for an in-depth discussion in this video Setting goals, part of Marketing Foundations.
- Marketing is about changing customers' beliefs so they prefer your products and services versus the competition. Ultimately, though, we're working towards a financial or other result to support your business. The final step of the strategy phase then is to set goals. Setting goals helps you in two important ways. First, goals help you decide how much marketing resource you'll need to devote to your tactical programs. The more aggressive goal you set, the more resources you'll need.
And second, goals help you measure your progress during the marketing campaign, to see if you need to make adjustments. Later in the course, I'll show you how to set up key performance indicators or KPIs and how they connect to the goals you set here. A marketing goal can be anything that's relevant to the success of the business. Most companies set a sales revenue goal, but it doesn't have to be dollars of revenue. You could set goals for number of units sold or perhaps market share or even number of new clients acquired.
If your cross-functional team includes a colleague from your finance department, consult with him or her on this. For a marketing goal to be the most useful, it should meet the following criteria. First, it should be specific. If you simply say your goal is to increase market share, that would not be specific enough. Increasing market share from 15% to 17% is much better, because it's specific.
Second, the goal should be measurable. Setting a goal that can't be measured will become frustrating for you and the team, especially when you try to gauge your progress in reaching it. Next, the goal must be attainable. Setting an unrealistically high goal won't do you any good. In fact, it could hurt your campaign by causing you to spend more marketing dollars than is warranted. The fourth criteria is relevant. That means the goal is directly related to your marketing strategy.
For example, let's look at our example from the wallet industry. Your targeting and five box positioning statement will tell you what types of customers you're trying to convert. Let's say that it's men with wallets from other manufacturers who will be buying a wallet within one year. Then the goal we set should specifically relate to capturing sales or units or market share related to those specific customers. That makes it most relevant.
And finally, the goal must be time-bound, meaning that the goal will be achieved during a specific period of time. That could be any time frame you want, but most likely, you'll set the same time frame for the same periods of time that your company measures financial results, a year, or perhaps a quarter, or even monthly. Taken together, these criteria spell the word, smart, and that's an easy and smart way to remember these important goal-setting criteria.
You'll also learn to address tactical challenges and present the plan to get buy-in throughout an organization, from the C-suite to the sales team, as well as use the marketing plan to guide outside agencies and vendors. Finally, you'll learn how to launch the campaign and measure its performance.
- Marketing in an organization
- Assembling the team
- Creating the marketing plan
- Analyzing your products, customers, and market
- Segmenting customers
- Creating a value proposition
- Developing a strategy
- Setting goals
- Setting prices
- Using social media
- Presenting your plan to leadership
- Budgeting your plan
- Measuring success