Setting Marketing Objectives for Your Business
When it comes to creating a successful marketing strategy, setting clear objectives is essential to the plan's success. While the specific purpose of your marketing goals might change, all marketing objectives have identical principles i.e. they are specific, easy to measure, can be achieved, are not too ambitious, and designed for a specific period. Your marketing objectives must be formulated and written in a particular way to get the results you want.
An example of a specific and measurable marketing objective is, " increase market share by 15 percent." In addition, put your marketing objectives on a timeline to make them clear. In the earlier example, the objective "increase market share by 15 percent" can be "timed" by adding "within the next six months."
Types of Marketing Objectives
Considering your marketing plan or strategy from all angles is necessary when creating your objectives, as there are various distinct types of marketing objectives. There are four main types of marketing objectives:
- A profitability objective determines the amount of expected income based on your promotional strategy
- Market share objective determines how much of the market you wish to gain
- A promotional objective is the desired level of product or service awareness
- Growth objective determines your current business size and how much you wish it to grow
View your plan broken down into the four "P’s: product, price, promotion, and place. Develop objectives within each. For product, goals should focus on your products and services. For the price, examine your pricing plan and whether you will need to modify it and create objectives that accommodate those adjustments. The promotional element of your marketing strategy will probably yield objectives on raising awareness and brand recognition. Place requires setting goals explaining how you will get your product or service to clients.
There are four principal factors to consider when establishing marketing objectives. The first is your "publics," which involves describing and understanding the marketing strategy's targeted audience. Consumer perception is the second and proposes how your business and promotional plan should be perceived by the customers. The time frame in the SMART design means establishing a deadline for each objective. The fourth is to consider not only total returns but also profits from investments and at what cost meeting those income goals will come to the company.
Purpose of Marketing Objectives
- Target Markets: Many goods have the greatest chances for sales in highly specific markets and demographics. For example, video games are bought most often by males between the ages of 13 and 49. Although this does not imply that people outside of this demographic will never buy a video game, it suggests that spending money to put ads right in the hands of members of this demographic will result in more sales than money spent advertising to different demographics.
- Brand Recognition: One goal of a business's marketing objectives is to improve its brand recognition among a target demographic. A firm can also use its marketing objectives to lay the foundation for a cold call to that specific individual or business. Also, consider market saturation.
- Increase Revenue: The ultimate aim of marketing objectives is to boost company revenue. To reach this goal, you must employ all the marketing techniques that work with your audience.
- Marketing Objectives Versus Sales Objectives: A common confusion is getting marketing objectives confused with sales objectives. While marketing and sales are both aimed at increasing overall revenue, the marketing objective is the message and or tool that assists and equips the sales professional to sell the product and or service. The marketing objective is in the communication, while the sales objective is to close the deal utilizing the message.