Why should you create Marketing Goals?
Goals are critical to your success. A "wish" is a goal that hasn’t been written down. If you haven’t written your goals, you’re still just wishing for success. When creating your goals use the SMART formula. Ensure that your goals are, (1) Sensible, (2) Measurable, (3) Achievable, (4) Realistic, and (5) Time specific.
Your goals should include financial elements such as annual sales revenue, gross profit, sales per sales person etc. However, they should also include non-financial elements such as units sold, contracts signed, clients acquired, articles published etc. Once you’ve set your goals, implement processes to internalize them with all team members such as reviewing them in sales meetings, displaying thermometer posters, awarding achievement prizes etc
You should have two sets of goals: one for your business and one for yourself.. Your personal goals come first. You want to be sure you don't commit your business to a strategy that runs counter to your personal wishes. Do you want to sell your business in a few years and retire? Build the business to Fortune 1000 size, or keep it small? Be a technological trailblazer? These goals will be reached by attaining a series of short term objectives.
Personal Goals for the Business. Ask yourself these questions:
- How much money do you want, or need, to earn?
- What sort of lifestyle is desirable for you and your family?
- How big do you want your business to become?
- How will your business reflect you and your values?
- How much risk do you want to take? In what areas?
- What do you want to achieve over the next five years?
Marketing Goal Setting and Following Through
By Joy Gendusa
Your business can't go according to plan if you have no plan.
What do you want to achieve this year? More new customers per week? Higher average order amounts? Better customer service ratings? No matter what it is you are shooting for, goal setting is one of the most important things that you will do in the New Year. I’ve got a few tips to help you get there.
1. Keep it Challenging but Realistic.Any goal that you set for your company should be challenging but don’t over do it. For example, if you had an average order amount of $700 last year, you wouldn’t want to set your goal for this year at $3000 per order. Unless you make drastic changes in how your company runs or what you are selling, that goal is just not realistic. You know best what you may be able to achieve in your particular industry, so be honest with yourself and set your goals accordingly.
2. Write All Your Marketing Goals Down.You may say to yourself on January 1, "I want to get 20 more new customers per week this year." A few months later you will be saying "Did I say I wanted 20 or 30?" Or more realistically, you have forgotten that you even made that goal. If you have all of your goals written down you will be able to not only go back and check them, you will also be able to go down the list every few months and check to see how many of them you have completed.
3. Assess Your Current Situation.To set goals you have to know where you are at right now. In 2003 I wanted to assess our customer service rating so we sent out a survey to all of our customers on which they could rate us in each department of our operation. That helped us establish our base. Now we send the survey to every customer after every order. This way we can keep track of how we are doing and if there is ever a hiccup we can fix it quickly. Don’t assume anything. Always assess the current situation before setting a new goal.
It's Only Going to Hurt A Little...Now, in financial goal setting for your business, one invariably comes to the question: “How do I decide on a budget when starting a marketing plan?”
This is obviously the first question that you have to answer in order to get started on your new campaign. And in order to reach the income goals you have set for yourself.
So how do you figure out what your budget should be? Here is an easy method to help you find a number that is going to work for you and your business. Some might say that it is a good rule of thumb, but I personally judge things on whether or not they work and get results. That’s all.
Moving on... Start with the amount of income that your company generated last month and multiply it by .14 (or 14%). That means that if you had $50,000 in Gross Income last month you should budget to spend $7000 on marketing in the next month. Wait... I know, it sounds painful but it is just like a shot at the doctor. It might hurt for a minute (or in this case a month) but down the road you are going to be glad that you went through it. Putting that much toward the right marketing will bump up your income the next month and start you on a cycle of steady growth.
I know that some businesses run tighter than others and it is possible that you won't be comfortable with that amount in the beginning. Don't misunderstand me, any marketing is better than no marketing. Don't get discouraged if your budget is lower than 14%. But use 14% as the ideal to strive for because, for me as well as many other growing businesses, it has proven to give the best rate of growth possible. How do I know, you ask? My company has expanded 400% in the past 2 years. Now picture your business at 4 times its current size... There's that smile I was looking for!
The growth of your business is based on three factors; quality products, great customer service and the proper amount of marketing. If you know you have the first two taken care and you still aren't experiencing healthy growth then you need to take a serious look at your marketing budget.
So sharpen your pencils, start calculating and decide how rapidly you want your business to grow.
Please take a moment this week to sit down and decide on your goals for the New Year. Even if it is past the New Year and even well into the year, set your goals for the rest of the year.
Everything is easier when are working towards a goal. My goal is your success and I assume that is your goal as well.