Every business needs marketing objectives. They help businesses clearly understand where they are currently at, where they’d like to be, and what it’ll take to get there. Most importantly, by pursuing the right marketing objectives, businesses can achieve a competitive advantage in their field.
Of course, when it comes to setting objectives, it is possible to have ‘too much of a good thing.’ That’s why it’s better to have a small set of realistic, measurable, and achievable short and long-term objectives – as opposed to being bogged down by many, overly ambitious ones. This article will show you just how to do that.
SMART Objectives
First off, you need to understand the key characteristics that make for a ‘good’ marketing objective. Generally speaking, good marketing objectives achieve the following five criteria, popularly known as the SMART criteria:
Specific – SMART objectives are incredibly specific. They are not vague, general, or broad. They pertain to very specific objectives and outcomes and ways of achieving those objectives. An example of a specific objective would be, ‘Increase brand awareness by 35 percent via a Facebook marketing campaign by the end of 2022.’
Measurable – These are objectives that can be quantified with specific numbers. They are easy to measure, because it’s easy to track their progress and determine whether they are achieving a desirable outcome.
Achievable – Means an objective that is within your reach. These are objectives that are attainable based on where you are currently at now, and where you are most likely to be in the near future.
Relevant – Relevant objectives are closely aligned with your short and long-term business goals. For example, if you run a local mechanic shop, a good relevant objective would be to “Increase the number of essential services customers by 30 percent within 6 months.”
Timely – An objective that drags on for too long risks falling apart before it reaches the finish line. Set objectives that you can achieve in a timely manner. But remember to be realistic at the same time.
By having marketing objectives that meet all the above five criteria, you’re more likely to achieve a successful outcome. Make sure these objectives are easy to understand, though. This way, both you and your entire company – across all departments – will all be on the same page.
Alternatively, if you’re struggling to set the right objectives, an outside perspective from a marketing agency, like Apple Advertising, can help give you the clarity you need to give your campaign a sense of direction.
How Many Marketing Objectives Should You Set?
While there is no clear ‘set’ number of marketing objectives you should strive for; ideally, less is more.
Why? Because the less marketing objectives you have, the more time and resources you can devote to achieving them. Stretch yourself thin, though, and you risk falling short on all your objectives.
Therefore, it’s better to aim for as few objectives as possible. A good rough estimate would be between two to three marketing objectives. In rare cases, you may be able to get away with more. But only take this approach if you are confident that you can pull it off. Otherwise, stick to the motto: less is more.
8 Examples of Good Marketing Objectives
To help you better understand what a good marketing objective looks like, here are eight hypothetical examples for you.
1. Increase your SOV (Share of Voice)
SOV is a metric that measures the share of the market your brand owns compared to other brands in the same industry.
The concept of SOV predates digital marketing, where traditional marketers would calculate their SOV based on how big their media spending was compared to that of their competitors.
Why is increasing your SOV beneficial? Because there is a strong relationship between SOV and market share. Put simply, once your SOV exceeds your market share, you create excess SOV (eSOV). The result is your market share should follow in the same direction, too.
How do you measure your SOV? That depends on your choice of digital channel. For organic search, a good SOV objective would be to “Increase organic search visibility by 20 percent by the end of 2022.” From there, you would track your main keywords with a tool, or enlist the help of an online marketing agency like Apple Advertising – who can do it for you, quickly and easily.
2. Grow your sales
This type of objective is tied directly to profit and revenue. And it’s generally considered a type of short-term objective. Often, one may set a sales growth objective when launching a new product or service, or revamping an existing one.
Regardless of the reason behind setting this objective, you need to know which financial metrics to measure. They should be clear, simple, and easy to understand. They should also be realistic and achievable, based on what you feel is possible within the desired timeframe.
To measure sales growth, become familiar with your CRM (Customer Relationship Management system). You may also use a financial dashboard or checkout system. These will enable you to track a number of metrics, including sales, consumer behaviour, sales history, and projected forecasts. And you can do it all from one convenient platform, too.
3. Raise brand awareness
Brand awareness relates to how familiar your target audience is with your brand within your industry. For example, when you think of batteries, your first thought is likely Duracell or Energizer, as they both have high brand awareness. Being top of mind is essential to standing out in your industry.
How do you increase brand awareness? There are two factors you can focus on to achieve this outcome:
- Saliency – This refers to what percentage of the market knows who your brand is. In essence, it relates to how important your brand is, and how well you stand out from the competition.
- Positioning – How receptive is your target audience to your brand positioning? Does your marketing communications elicit the ideal response from your customers?
In order to measure brand awareness, you need to perform market research.
Prepare an online survey, and distribute it to people who match your target audience. By asking the right questions, you’ll gain a deeper insight into what customers think of you, and how you can raise brand awareness.
4. Create product demand
No matter how much you promote a product, if people don’t want it – you won’t generate sales.
But how do you increase product demand? One way is to demonstrate how your product or service can solve a particular problem. Perform market research to better understand the needs, wants, and concerns of your target audience. Then, pitch a marketing angle, one that positions your product or service as a solution.
Another way to increase product demand is to see what people are saying of your brand. Use a tool like the Google Search Console to check for search trends. Are people searching for your brand? If not, there may not be room to grow demand. But if so, then an opportunity awaits.
5. Give your customer lifetime value a boost
Customer Lifetime Value (CLV) refers to the average amount of generated revenue received from a customer over their entire relationship with the business.
Your CLV reveals a lot of invaluable insight. It tells you how much money the average customer spends, how long they stay with you, and what is and what isn’t working well for you.
Keep in mind, increasing your CLV isn’t just about squeezing more money from your customers. It’s about identifying ways in which you can add more value to your customer’s lives. In doing so, you can reveal opportunities where you can improve customer satisfaction, drive repeat sales, and even encourage higher-value sales.
How do you measure your CLV? Fortunately, there is a simple formula to use. First, calculate your Average Order Value (AOV). This could be the upfront cost of a product or service. Let’s say, $100.
Then, multiply your AOV by the Annual Purchase Frequency (APF) and Average Customer Lifespan (ACL). So, if your customer makes a $100 purchase three times per year for four years, the APF is three followed by an ACL of four.
As a result, your calculation would be:
100 (AOV) x 3 (APF) x 4 (ACL) = $1,200 (CLV)
6. Acquire more users and customers
Does your business run a subscription model? If so, this could be a good objective to set.
The purpose of this objective is to better understand why customers choose you over the rest. Do you have a better price, better customer service, higher quality products? It’s your job to find out.
Once there, you can use this information to fine-tune your marketing communications, honing in on the unique selling points that will – hopefully – attract more users and customers.
7. Increase the amount and quality of leads
Are you generating lots of leads but minimal sales? You could try to increase the quality and quantity of leads. This will increase your odds of generating interest from people who are more likely to buy from you.
There are a number of ways you can achieve this outcome. Use an automated system to track all your lead generation methods.
You could track the number of sales you generate from a specific landing page … the number of new email listing subscribers … the number of online inquiries that prospects fill out … or the number of phone calls you receive.
From there, you can separate the successful from the unsuccessful lead generation tactics. Is your landing page generating few sales? Consider revising your sales copy and call-to-action. Take the necessary steps to improve any weak spots in your lead generation campaigns.
8. Improve your marketing funnel flow
Your marketing funnel outlines the individual steps a customer may take to make a purchase from you.
For a typical online business, their marketing funnel might look like this:
- Generate leads through a paid Facebook marketing campaign.
- Direct leads to a landing page (i.e. they click on the ad).
- They read the landing page, and respond to the call-to-action (i.e. sign up for newsletter).
- The subscriber makes a purchase after reading the newsletter advertisement.
- The subscriber becomes a repeat customer.
Naturally speaking, not every lead will follow through on all five steps. One might not click on the Facebook ad at all. Another might subscribe to the newsletter, but never make a purchase.
In order to improve your marketing funnel flow, you need to identify the weak points. Where are customers most likely to drop off? For example, if you’re getting email subscribers, but few sales, you may need to improve the ad sales copy in the newsletter or revise the offer.
Once you figure this out, you can take the necessary steps to improve the marketing funnel experience. This way, you will help increase the odds of generating more leads and sales.
Nicole Fitzpatrick
CEO & Author
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Summary
Establishing the right marketing objectives can yield tremendous results for your business. Of course, choosing the right ones are incredibly important.
Remember, as long as your objectives follow the SMART criteria, and there are relatively few of them – then you’re on the right track. Just make sure your marketing objectives align with both your short and long-term goals.
Apple Advertising is an online marketing agency that specialises in implementing tailor-made marketing strategies that blow your competition away.
To request a full analysis on your website to find out what can be improved to gain better conversions and rankings, contact us today.
