Many businesses ignore the basics and jump right into action on their marketing plan. This can at times be harmful as these actions may not be aligned with the company goals. In order to get the most out of your marketing efforts, it is absolutely essential for companies to set the right goals for their business. Doing that will help them identify a relevant plan to achieve these goals and also provide a tangible way to ensure the effectiveness of their marketing efforts.
When it comes to marketing goals, companies need to set SMART goals i.e. they need to be Specific, Measurable, Achievable, Relevant and Timely. Let’s take a look at why your business needs SMART goals:
Importance of Setting SMART Marketing Goals
Brands that are looking at building a community and engaging their audience online may not always see the results in an obvious manner immediately. Proving the return on investment for these marketing efforts can be challenging. And while marketers are well aware of these challenges, they will also be more successful if they start by setting the right goals and KPIs for their campaign. This is why the concept of SMART goals has been adopted in the industry to help them set the right goals.
What Are SMART Goals?
The framework for setting successful goals in marketing is called the SMART framework. It stands for Specific, Measurable, Attainable, Realistic and Timely. Following this framework allows you to define the purpose of your campaign and decide on goals that are achievable and measurable so that you can prove the success of your campaign.
By carefully understanding each part of the SMART framework, you will be able to determine if your goals are possible and also by when you can expect to accomplish them. Here is how you can use the SMART goal framework for integrated marketing efforts:
Goals are important to measure the success of your company and your marketing efforts and the first step for setting your goals is to be as specific as possible. Make sure your goals address what the priorities are, what they aim to accomplish and who is accountable for achieving these goals.
Make Sure Your Goals Are Measurable
Unless your goals are measurable, it will be impossible for you to know what is working and what isn’t. So, it is absolutely essential to determine the key performance indicators (KPIs) for each goal you set. Ask yourself, what criteria or KPI will help you determine whether you have achieved success with your campaign?
You could measure an increase in conversations, social shares, increase in website traffic, decrease in bounce rate, newsletter signups, revenue, new leads, etc. This will measure the success of your campaign, based on what you set out to achieve.
Set Attainable Goals
One thing you need to keep in mind while setting your goals is that they need to be attainable. You need to make sure that your goals are not so high that you are not able to achieve them. A great way to start is by studying previous data and setting your goals based on the previous growth trends in your business. By setting extremely steep goals, you are setting yourself up for failure.
Make Sure Your Goals Are Realistic
What’s realistic for one company may not be realistic for another. So it is very important that you take a practical look at your goals and consider whether your team will be able to achieve them. Check in with your team and see if they think the goals are achievable. Again, unrealistic goals only set your team up for failure as they can be demotivating in the long run.
Set the Right Time Frame
Take a closer look at your goals and understand which ones are short-term goals and which ones are long-term goals. Dedicate time frames for each goal and even a timely system to check up on your goals to ensure you are on the right track.