Read this article to learn about smart goals and how to create them. This basic marketing know-how is a must for every marketer who runs a project or business. Go on reading!
Summary: 5 Minutes read, Level: Beginner
Marketing is incredibly important if you want to make your own brand a success. This is an area where a lot of people fail, but with the right strategy you can definitely succeed. Your brand might be amazing, but market it wrong and it will be pretty worthless. Here we’ll look at how you can set SMART goals, which means they are specific, measureable, attainable, relevant and time based. This way you and your team will know exactly how everything is going, marketing wise.
You need clear and definite goals to make your marketing plan a success. For this reason marketers stick to the smart goals formular. If you say simply you want more people to visit your site or you want to generate more sales you’re on the right track, but the goals are a little vague. Think about how much you want to generate in sales. Be specific. Why do you want more sales? Is your goal to expand your business in some way or to invest money in part of your brand? Perhaps a better goal o set in this instance would be to say that you want 100 more people to visit your site each week and you want your sales to increase by $1,000 a week as a result.
The more specific you can be with your goal, the easier it will be for you to implement a SMART marketing strategy and the easier it will be to achieve the goals you have set.
It might not be as simple as you think to identify your goals, but there are ways to help you do this. Using our tips you can set your goals and move towards achieving greatness through marketing.
It’s not all about the money, although it’s a lot about the money. Greed and capitalism aren’t necessarily the overriding factors when it comes to your brand or business, but without money you won’t exist. If you are looking at increasing revenue you first need to identify by how much you wish to do this, whether as a percentage or actual amount. Perhaps running costs have increased or you want to expand. You need to crunch the numbers so you have a good idea exactly what your financial targets are.
As well as a sales figure, it would be helpful to know the number of sales that you require to achieve this. Depending on your brand and the good and services you offer this could be variable, but you need to know on average how many more people you need to attract to your site or how much more you need customers or clients to spend.
A financial goal is one thing, but you need to also determine a time frame in which you wish to achieve this. Saying “I want to increase sales by 20% a week” is one thing, but when do you want to achieve it by? In a month? Two months? A year? Make sure you set an achievable goal in this respect – next week might not be an option, but don’t leave the time frame open ended.
Leads equal business. A lead is a visitor which has converted on one of your offers. There are two kinds of lead – SQLs and MQLs.
An SQL is a sales qualified lead. This kind of lead is passed to the sales team. It’s a good idea to know how many of these leads you need and what the conversion rate from SQLs is in order to calculate how many new leads you require.
MQLs are marketing qualified leads. These leads are qualified, but they aren’t sales ready. They require a little gentle pushing to become sales. Again you will need to be aware of the conversion rate and how many more of this type of lead you hope to generate.
Sales and leads will not increase if you don’t increase the traffic to your website. You will need a clear idea of how much you need to increase your traffic by in order to make everything else happen too.
It might turn out you need thousands more visitors to your site, but a carefully planned marketing strategy makes this easily achievable.
In order to achieve your main goal you may find that there are other goals you need to set to help you out. If you want to increase revenue, you need to increase sales, if you want to increase sales you might look at expanding your business, and if you want to expand you might need to recruit new team members. These factors might sound obvious, but they can be forgotten and it’s important to think of everything before you start. Time and money come into the picture once more and it’s important that you plan and budget for every eventuality.
Results won’t be immediate, but you can monitor progress with the help of achievable goals. If your target to achieve a set amount of leads, visitors or sales is so much for a year, set quarterly targets. These should be lower at first and become gradually higher as each quarter progresses. This will help you keep an eye on how things are going and will allow you to make any necessary adjustments as time goes by.
Tools are essential for monitoring your marketing campaigns. There are a number of great analytical tools available which can help you track your progress and you should use those which are best suited to your campaign.
Setting smart goals and tailoring your marketing campaign are not necessarily easy, but perseverance and trial and error are both keys to making it successful. Don’t be afraid to adjust your goals or change them entirely based on experience. Remember that success will not happen for you or your brand overnight and there is a lot of work ahead of you, but stick at it and it’ll be worth it in the end.