Over the past several years, marketing strategies have expanded. They now include both traditional and digital marketing techniques and should remain competitive and effective. It’s important for business owners to set marketing goals that they can implement, monitor and test on an ongoing basis. But to do so effectively, it's important to have an understanding of what kind of marketing goals one needs and what each of the goals means. Below are some examples of different marketing goals that are beneficial to both large and small companies and the meaning of each of the marketing goals.
5 Key Examples of Marketing Goals
Marketing goals are not only associated with increasing sales. In addition, there's also a connection with making accomplishments in other areas as well. Here are a few key examples:
1. Sales Goals
Every business should set annual, monthly and even weekly goals to avoid aimlessly running their business. This will prevent them from settling for whatever sales the company may generate during a particular period of time. This is true even if they get lucky enough to see an increase in sales here and there. Mainly because it may be difficult to duplicate if in fact they merely stumbled upon a means to acquire additional sales. However, once sales goals are put into place, a sales plan can also be put into place.
Having a plan makes it easier to accomplish sales goals as opposed to just stumbling upon it based on a hit and miss type of sales scenario. With a sales goal, a business owner can aim for specific accomplishments and better control their overall outcome and sales growth. What this means is that developing a marketing strategy that results in high conversion rates (along with other strategies) can contribute to an increase in sales.
Increase Market Share Goals
Most businesses want others in the marketplace to recognize them as industry leaders. This not only includes their current customers and competitors but also potential customers as well. The use of the Internet makes it easier to transition from just acquiring local customers to acquiring customers on a global basis.
This means that when setting goals to increase the market share, a company would aim to capture a larger percentage of their market. However, in doing so, it would require a much greater responsibility to take on additional work and manage new clients. Therefore, when increasing the market share, companies should prepare to streamline the onboarding process and maintain quality.
2. Goals to Increase Brand Awareness
Companies that set goals to increase brand awareness are concerned about having a good image and reputation in the marketplace. Setting goals in this area requires that there is always a positive image on various social media platforms. It also requires the development and management of quality customer engagement programs, SEO, and content management.
3. Goals to Increase Customer Retention
Setting goals to increase customer retention is very critical. Mainly because, since businesses put forth immeasurable efforts to acquire new customers in the first place, they also need plans put in place to maintain them once they’ve been acquired.
What this means is that companies would need to develop programs to retain them for as long as possible. Including programs that involve building customer loyalty, increasing customer engagement and offering customer rewards.
4. Goals to Increase ROI
When setting goals to increase the ROI, it's important that the cost associated with each marketing activity is monitored for cost efficiencies and profitability. For example, if $10,000 was spent on advertising and promotional activities that resulted in an increase in sales by approximately 50%, then it's clear to see that this particular marketing strategy is profitable.
What this means is that it’s highly probable that if a company develops another advertising and promotional strategy within the next few months, it would likely result in a favorable ROI as well.
5. Setting Sub-Goals
In order to implement some of the goals indicated above, sub-goals may be necessary. When sub-goals are put into place, it will lend itself to the implementation of the other areas. These areas are explained in more detail below.
- Increase Website Traffic. Building a website is a way to obtain new customers and maintain the attention of site visitors. As a result, one must put into place strategies to get as many visitors to the site. This can take place through promotional videos, advertisements, having an active social media presence and other traffic building strategies.
- Increase Conversion Rates. When site visitors visit a website, in most all cases, the main goal is to convert them into paying customers. One can do this by incorporating different types of marketing techniques. For example, most new visitors can receive some form of incentive if they make a purchase today. When making online purchases, it increases the overall conversion rate.
- Increase Follower Counts. Having a lot of followers suggest that your comments and posts have more exposure on various social media platforms. It also suggests that it is likeable and shareable.
- Increase Engagement Rates. When companies leave comments, write articles or respond to what’s trending, it gives customers an opportunity to respond. They do this by liking, commenting or sharing the information. The rate or frequency that this occurs is an indicator that your content is relevant to the latest news and/or trends. It also indicates that customers (or potential customers) have taken an interest in your content and will likely continue interacting with you.
3 Reasons Businesses Should Set Marketing Goals
- Knowing What You’re Aiming For: No goal, no plan.
- To Get Beyond Just Surviving as a Business and Grow.
- For Measuring Your Outcomes.
To sum up, it's important for business owners to understand that setting goals are very critical components to achieving success. They should be carefully thought out and should include a means to measure the performance of each marketing strategy implemented. If you have previously set some marketing goals with successful outcomes, please feel free to share your experience by commenting on this post below.