Last Updated on November 5, 2023 by asifa
Marketing is one of the most important tools used by organizations to reach their marketing objectives. Marketing strategy is a method that will help an organization to focus its limited resources on the best possible ways to improve sales and reach a sustainable competitive edge. Marketing is often regarded as one of the most challenging aspects of the business cycle, where the ability to create new products, motivate people to buy and advertise to the right audience at the right time and in the right way is vital. While marketing is about communicating with customers and positioning products or services for resale, it is also an art form, where the art and science of marketing are applied in the right manner to yield the best results for any given company or brand.
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Objectives and Goals
As part of the marketing strategy, it is important to set clear marketing objectives and timelines to achieve them. For example, the objective of a car wash is to turn over as many cars and make sure that the car wash cost is profitable for the business. The objectives and timelines should be defined according to the nature and size of the company and consistent with the resources available. For large organizations, who have a wide range of products and/or services to promote, clear marketing objectives and timelines are important to set for each department to ensure consistent performance and quality of service. For small companies with restricted budgets, establishing a set of marketing objectives and timelines can be a time-consuming exercise requiring a great deal of effort.
The marketing strategy must include the marketing goals to be achieved and the time frame in which these goals must be attained. While some marketing goals can be achieved sooner than others, the overall objective is to drive sales to the targeted audience, which is crucial for the growth of any business. Target audience refers to the customers who can benefit from the products and/or services you are marketing and the reason why they should purchase from you. The marketing goals for the year ahead should be geared to meet the projected sales; this can be done by looking at your current customer base and identifying the groups that have been targeted over the past year and the likely purchasing patterns for those groups next year.
The next component of the marketing goals is the number of leads you need to generate per month to achieve the goal. Leads are simply people who have visited your website or called to obtain more information about your services. Typically, marketing goals will be significantly more specific if they are to be met on an annual basis. These goals will also reflect the level of marketing you will commit to do each year in order to meet these goals. For instance, if you want to double your lead generation each year, you would set a goal for that goal.
Customer Lifetime Value (CQL)
What is CQL? CQL is the process or model that you will use to evaluate your customer’s experience after being exposed to your product or service through online or offline advertising and marketing. This evaluation can take the form of a survey, a focus group or an online activity. If you want to achieve your goal of increasing sales, having an awareness of customer lifetime value will provide you with the data you need to make smarter business decisions.
Once you have established the primary and secondary objectives to your marketing plan, you can then set goals to reach those objectives. You may also want to include a key performance indicator (KPI’s) in your plan. Typically, a key performance indicator will provide you with another way of measuring your progress – quantifiable data. Key performance indicators should set the benchmark you use to compare your progress against. You can then use that information to determine what changes are necessary to better reach your goals.
Finally, you need to make smart business decisions. Marketing goals are really just pointers to help you achieve your objectives. The choices you make along the way to that goal are what will drive your success. Make sure you look at all aspects of your marketing efforts and consider how they contribute to your overall objectives. Doing so will ensure that your marketing goal example is both realistic and meaningful.
Marketing goals can be simple or complex. Your marketing objectives should focus on meeting your short-term goals, improving your process and operations, achieving long-term goals, and more. A smart business decision-making process coupled with effective planning and action will help you achieve your goals over the long term.
Read more: Three Marketing Components Essential To Success