In session 3 of A Marketing Podcast I discuss how to establish marketing goals and objectives as part of your marketing strategy. I review the reasoning behind having both goals and objectives and how they differ from each other. I also provide some insight into how to build your goals and objectives to make them achievable and to achieve your business goals as well.
Session 3 Show Notes:
- Brief review of session two and the process of marketing strategy development
- Discussion on the difference between goals and objectives
- A GOAL is measurable only by personal impression/gut feeling, or the completion of your objectives if you’ve created the right objectives.
- An OBJECTIVE is measurable by numbers, and multiple objectives build the checklist you need to achieve your goals
- Always create your goals before your objectives
- Shoot for 5 goals – but 3 will work
- Make sure your goals a big and push your marketing, but are also achievable within the time period of your strategy
- I mentioned that I like to divide goals up to relate to particular business areas, and used the following as examples:
- Examples of goals for each business area:
- Brand: Establish our brand as a premium brand in the industry of X
- Product/Service: establish product X as the primary revenue generator for my business
- Customers: Increase resale value to current and future customers, increase up sells
- Culture: Develop an event participation program for marketing opportunities
- Revenue: Increase revenues in South East Asia
- Make sure that your goals are big! But give yourself a chance to achieve them in the strategies period.
- Remember to make your goals read like a story. They are not measurable by numbers.
- Now that you have 5 goals (or maybe 3), let’s create objectives for each goal.
- Depending on the size of the goal you will require at least two, and most likely more objectives to achieve each goal.
- If your goal can be achieved by achieving one objective, guess what? It’s not a goal, it’s an objective, so go back and change it.
- Make sure that your objectives align with your goals, and that achieving every objective within the goals group will achieve the goal.
- If you start to produce objectives that do not fit within a current goals grouping, you may need to add a new goal or decide to push that objective into the next periods strategy.
- Examples of some objectives:
- let’s use our previous example: “Establish our brand as a premium brand in the industry of X”
- Objectives would potentially include:
- Achieve 1,000,000 impressions in online advertising without our core markets (New York city, Los Angeles)
- Work with 5 influencers to post brand imagery and recommend our brand to their followers
- attend/speak at 3 industry related events
- Complete setup of all social channels currently in use to use new brand visual elements
Recap – Establishing goals and objectives
- produce 3-5 goals
- make them big, but attainable
- make sure they align with business goals
- produce objectives for each goal (make sure there is more than one)
- make sure objectives a measurable by numbers
- group objectives with each goal
Links & Resources:
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