If you want to successfully build your business’s brand and ensure that your company grows and develops to its fullest extent, it is important to set realistic marketing objectives. But the method of just throwing something at the wall and hoping that it sticks could end up being a massive waste of time and money in the long run.
You need to have a thorough and detailed marketing plan that is composed of workable objectives. Here, we will look at just a few of the methods you can employ for crafting the most effective marketing objectives possible.
What Are Marketing Objectives?
The marketing objectives of a company are basically just what that company hopes to achieve with its marketing. Whether they target product distribution, sales numbers, consumer trends, or competitors’ practices, good objectives need to reflect the overall framework of the company. They need to be focusing on the business’s organizational facets as well as the industry that business is a part of. And, above all, they need to be SMART.
Crafting SMART Marketing Objectives
A successful marketing objective follows the SMART outline: Specific, Measurable, Achievable, Realistic, and Timely. First, a marketing objective needs to be specific. Detail is key. If an objective is not specific enough, then it can ultimately be confusing to those who are working to implement it.
For a marketing objective to be measurable, it needs to have some sort of quantifiable value attached to it, otherwise, you can never truly determine if you have reached your goal. Either you met the measurable goals that you set for yourself or you didn’t. It is as clear as that.
It is good to set high standards for yourself, but there is no point in setting a marketing objective for your company if it is not actually achievable. You need to have the right means and tools available to attain your objective or else it is not worth making in the first place.
A realistic marketing objective should specifically take both your business and the current economic climate into account. Do you have the right number of employees to set the objective into motion? Do you have enough money? Do you have the right materials? Can the current market support your objective? These are all questions you need to ask yourself when determining whether or not your proposed objective is actionable.
Consider for a moment that you are the owner of an arts and crafts store. If one of your marketing objectives is to increase the sale of paint brushes by 20% in the next five months, then this objective has successfully met all of the criteria of the SMART outline.
Consider These Example Marketing Objectives
While a company’s marketing objective can vary wildly depending on the specific makeup of the business, there are several realistic marketing objectives that are typically applicable to most businesses.
One of them is brand re-positioning or changing the way that customers view your effect on the market, whether that be accomplished by changing your logo or slogan or how your business interacts with customers on social media.
Another objective is introducing new products or services. When coming up with new product or service ideas, there is an extensive new product development process the companies need to undergo. This process consists of coming up with a product idea, evaluating that idea, consumer testing the idea, then market testing it, and finally, launching the product.
Fending off competitors is another potential marketing objective. This can be done through competitor research as well as data-driven consumer analysis. In other words, look at what the competition is doing compared to what you are doing and monitor how customers are responding. Is there a gap in your competition’s strategies? A smart objective would work on taking advantage of that.
Yet another marketing objective is developing new channels of distribution. Creating a new website would be a good place to start with this objective. You could also grow your social media channels or strengthen your sales team.
Putting Time And Effort Into Your Marketing Objectives
Before forming an effective marketing plan, you need to come up with realistic marketing objectives. The idea is that, when implemented, these objectives will help your business grow and develop. With that in mind, you need to put the requisite time and effort into your marketing objectives. Conduct the proper research. Find the need in the current market. Is there something glaringly missing from your business model?
It is unlikely that you nailed every single important facet of your business the first or the second or the third time around. There is always room for development. And by consistently coming up with the right marketing objectives, you will hopefully find that your business is moving closer and closer to increased success and sustained profitability.