Choosing Your Marketing Objective
Updated: Sep 22, 2020
Gone are the days of jumping in feet first and hoping for the best outcome: planning is the most important part of developing a marketing campaign. Let’s be honest, as business owners, we have full control over whether or not our marketing campaigns succeed or fail.
After all, the cliche is true, failing to plan is planning to fail.
So what exactly are marketing objectives? In short, marketing objectives are specific goals relating to the marketing activities and performance of a business. How do you identify marketing objectives? Define the specific problem or pain point you want to address within your company. Think about it. Are you launching a new product? Looking to increase sales? How about building and maintain brand awareness? Start by determining the issue you want to attack within your business, then thoroughly define your goal and get SMART! Don't worry, we are going to break each of these down.
Identifying Your Pain Point
The first step in identifying the pain points or problems to solve within your business is to look around and analyze your environment. Collect all relevant information and identify the opportunities for your company by recognizing the potential threats you face. Did your last launch flop? Are you targeting new customers or clients? Are you experiencing a drop in online sales? Are you dealing with limited brand awareness? Determining your problem is the first step in planning your solutions.
Choosing a Goal
Once you have defined your pain point, it's time to choose a goal. Choosing a goal is basically providing an answer to your problem. For example, if your pain point is lack of brand awareness, then your goal is to build brand awareness. Determine your problem then define your solution. If you've noticed sales of a specific product are down, then your goal is to increase sales. Simple as that. There is no need to over complicate things during this part of the process.
After determining your problem and defining your solution, it’s time to get SMART. The SMART method is a fool-proof way to manage your objectives and determine how successful they will be. Your marketing objectives should be specific, measurable, achievable, relevant and time-bound. Let’s break this down a bit.
Your goals should be clearly defined, outlined, and communicated to your team. This is not the time for ambiguity. Choose a specific problem you want to solve and the overall goal you want to achieve.
Your goals have KPIs or key performance indicators. These are a measurable value which shows how effective you are at achieving your objectives. Your KPIs will let you know if you are on track to achieve your goals or if you have derailed and need to reevaluate things.
It’s easy to set goals that are sky-high, but what good does that do your business? Be realistic. Set goals that are achievable.
Your objectives should be relevant to the overall mission of your brand. Each objective should contribute to your company reaching its overall goals.
Set a beginning and an end date. This timeline will help you stay on track and easily identify milestones along the way.
Now that you have the basics for choosing your marketing objective, be on the lookout for more information on the next installment of our DIY Marketer series, “Facebook Advertising: Choosing Your Marketing Objective”. We’ll show you how to incorporate each of these tactics in order to get the most out of your Facebook ads!