Marketing tips and tricks: Why should you set marketing objectives?
I hope you have had a great week.
So last week we talked about where to start with marketing and this lead us nicely into understanding the ‘Why’ behind your plans in other words setting objectives. Why is this so important? Well it’s a bit like driving a car; the tank is full of fuel, the engine’s running and your ready to go but where are you heading and why are you going there? Now imagine the car is a product, you know the sale price and the customers you are targeting but what is the end result you are looking to achieve? It might be a quick sale like a chocolate bar for immediate consumption or it might be a printer where you want to build loyalty so they buy the ink cartridges from you for the lifetime of the printer.
When setting your objectives use the acronym: SMART
S = Specific
M = Measurable
A = Achieveable
R = Realistic
T = Time related
For example an objective let’s use the example of marketing the printer:
To increase sales of the Inket Printer EX43 by 20% in the accounting period 2013-14 by using third party resellers.
This objective is Specific as it talks about the product by name, it’s Measurable as we’ve specified that we want to increase sales by 20%, it’s Achievable as we already have an established network of resellers to approach, it’s Realistic as typical growth for this type of printer is around 12-15% and it’s Time-related as we want to achieve all this in the accounting period 2013-14.
This means that all of your marketing efforts can be measured for their effectiveness. So if your resellers don’t achieve the target, you can investigate further – did they have sufficient information? Were they sufficiently trained to make the sale? What incentive were they offered?
It’s important to measure so you can make refinements along the way.
Why not try setting some marketing objectives for a product or service you work with? Ok so now we’ve looked at the ‘Why’ the objective setting, next week we’ll take a look at how to formulate your strategy.
In the meantime have a great weekend!