Marketing Objectives
Source: USChamber.com
MKT 432 - Strategic Marketing Planning - Module 4
Why and How Companies Use Marketing Objectives
The most prominent purpose of a business is to make profits; everyone knows that! However, passion, purpose, and profits can also coexist in a positive way with the right amount of marketing. Without the use of marketing objectives, companies can become lost, unorganized, and lose motivation. Writing down your goals and having them down on paper is a sure way of visualizing “the big picture” which helps to break down goals into actionable items. Without these marketing objectives, it will be very difficult to test and make comparisons if your marketing campaigns worked. They also help decision-makers reassess and “guide the direction of future campaigns” which can include “increasing brand awareness, increasing sales, driving website traffic, and improving customer loyalty” (Shopify, 2022).
You’ve probably heard of the term “SMART Goals” which stands for Specific, Measurable, Achievable, Relevant, and Time-bound. This is an easy way to ensure that your marketing goals are not too far-fetched and unattainable. They have to be very specific; the more specific the better! It’s not enough to just say “I want to run a successful business,” without any type of details, metrics, relevancy, and due date as to when these should all be completed. Once the marketing objectives have been set, you can track KPIs (Key Performance Indicators) to see the immediate results and for long-term planning. Even if it’s not successful right away, you can use these KPIs as benchmarks and to improve. Think of it as your own project manager who helps to keep you on track and make adjustments as changes and unforeseeable circumstances pop up. For example, if your company wants a 10% increase in the next quarter, this is a specific goal that will help you in figuring out the how part. By planning ahead, companies have a better chance of reaching their company goals rather than just winging it with a plan.
Company Mission, Objectives, and Goals
To align marketing activities with a company’s overall mission, objectives, and goals should not be segregated from their values and their “why”. It should also align with the legal and ethical issues in the development of objectives so that many problems can be avoided. The management and leadership team need to come together to set the standards of what they want this company to be all about. These “codes” can always be revisited and reflected upon every year to ensure that everyone is living by the company’s code of conduct, mission, and overall vision. For example, if sustainability is a company priority, this will also transfer to how you do business with vendors, suppliers, staff, and customers. How you do business as a company reflects not just what you say you do in the public eye, but what you do behind closed doors when you think no one is watching and reporting the news. If you that people are the “heart of your company” this cannot be taken lightly and just translate to your employees; it should be every one that your company interacts with. It should also translate to the suppliers that you choose to work with overseas that they are being paid fairly, treated with respect, and are working in a safe environment that is not harmful to them. If you do the opposite, it shows that your company is willing to cut corners, lie, or mislead customers, thus reflecting badly on your whole company brand and public image.
References
Shopify. (2022, April 12). Marketing Objectives: How To Set Good Marketing Objectives. Shopify. https://www.shopify.com/blog/marketing-objectives#:~:text=Marketing%20objectives%20are%20specific%20goals,the%20direction%20of%20future%20campaigns.
