In our first blog we looked at marketing philosophy as the first step to developing a strategic marketing plan. Marketing must be viewed as an investment and not an expense if a company is to be successful in building brand awareness, driving more leads and securing new business. Now we’ll take a look at goals and objectives.
Step Two – Determine Goals & Objectives
The second of Steven Covey’s 7 Habits of Highly Effective People is to begin with the end in mind, a principle that makes undeniable sense to apply when developing a strategic marketing plan. That’s why our second essential step is to determine and agree upon your company’s marketing goals and objectives.
Every company has goals and objectives. Determining them is simply a matter of deciding where you want to be and when you want to get there. Because the world and your business is constantly changing and evolving, it is best to focus on short-term, measurable marketing goals that focus on initiatives that will significantly move the business forward over the next 12 months.
To help you determine the right goals, sit down with your team and spend meaningful time evaluating your growth levels to date and current position in your market space. If you have been converting 10% of your web traffic into qualified leads through your blogs and e-books for the last 6 months, you know that a 12% – 15% increase in leads is a challenging but attainable goal. Shooting for a 30% – 35% increase is likely to be unrealistic without a major change to how you allocate your time, money and resources and will likely set you up to fail.
Curb your enthusiasm. While your passion, good intentions and eagerness to accomplish a great many things in the coming year is admirable, you realistically won’t have the bandwidth to attain 20+ goals over a 12-month period. After making your list of marketing goals, prioritize the list and then select the top 3 – 5, focusing on the ones that will most meaningfully move your business forward; anything more than that will distract you from what’s most important.
Lastly, make sure the goals you set are measurable. Vague goals, such as increase revenue, serve no purpose. If revenue last year was insufficient and you increase it by $100, you may have technically achieved your goal, but it is unlikely that you will be satisfied with having done so. Setting measurable goals also brings with it accountability, which is an essential part to making sure that your plan is actually executed. If your team is not held accountable for the commitments required of them to execute your plan, your likelihood of successfully executing it will be extremely low.
Sample Measurable Goals:
- Increase revenue 12% from your existing line of product/services over the next 12 months.
- Secure 50 qualified leads through the website
- Set 25 meetings from the 50 leads
- Issue 10 proposals/quotes from the 25 meetings
- Win five new customers worth $50,000 or more
- Cross Sell $100,000 to existing customers
Come back next week for the third essential step for developing a strategic marketing plan, Setting Marketing Strategies. Afraid you may forget? Subscribe to our blog to get the latest posts delivered right your in box.
If you’d like to learn more about how to develop a strategic marketing plan, feel free to send us a message or give us a call at 440-449-6800.