Smart Marketing Goals: A Guide To Its Elements, Benefits, and Examples
“Make more profits”, “Have a bigger market share”, and “Increase brand awareness”. These were the goals that Mark, the VP of Marketing at Ecks-Why-Zee Retail Stores outlined as the company’s goals for the new year. The company’s leadership was expecting Mark and his team to deliver on these goals. But as Mark began to think about how he was going to achieve these goals, he realized that they weren’t very specific. They didn’t take into account what the company’s customers wanted or what would be realistic to achieve or when they would be achieved. It was at this point that he realized that he needed to make his goals more “smart”. The only problem is, he doesn’t know how. Your mission, Agent X, should you choose to accept it, is to help Mark and his team understand and set some smart marketing goals for Ecks-Why-Zee Retail Stores. The rest of this guide is to help you understand what SMART goals are, the benefits of setting them, and how to set and measure SMART marketing goals. It’ll also provide some examples of common smart marketing goals that you can use as inspiration for helping Mark’s team. But first, let’s start with the basics. What are SMART Goals? SMART is an acronym that represents the words, Specific, Measurable, Achievable, Relevant, and Time-bound. A SMART goal is a goal that meets those values,in other words, a well-defined goal that you can track and measure progress towards. Specific A specific goal is clear and concise and provides detailed information about what needs to be done. For example, rather than setting a goal to “increase sales,” Ecks-Why-Zee might set a goal to “increase sales by 10%” This specific goal is more likely to lead to concrete action and results in sales. Similarly, rather than setting a goal to “improve customer service,” it might set a goal to “reduce customer wait times by 30%” Once again, this specific goal is more likely to lead to tangible improvement in customer relations. Measurable When setting goals, it is important to make sure that they can be effectively measured. A goal is measurable if it can be expressed in a quantifiable value. To create a measurable goal, businesses need to have specific criteria that can be used to track progress. For example, a business might set a goal to increase sales by 10% over one year. To measure this goal, they would track sales figures regularly and compare them to the previous year or timeframe. To ensure that a goal is truly measurable, it’s important to ask questions such as how will we know if we’ve achieved this goal? What metrics will we use? How often will we track progress? Achievable For a goal to be achievable, it must be realistic. This means that businesses need to set attainable goals that they can work towards given their resources and timeframes. It’s important to note that an achievable goal should still challenge businesses to push themselves to see results. Relevant When setting SMART goals, businesses need to make sure that they are relevant to their overall mission and vision. A goal is relevant if it furthers the business’s objectives and helps it move closer to its long-term goals. For example, a goal to increase sales by 10% would be relevant for a business whose objective is to increase profits. However, a goal to increase social media followers by 10% would not be relevant for a business whose objective is to reduce costs. Time-bound SMART goals need to have a timeframe associated with them to keep businesses on track and accountable. A time-bound goal has a specific deadline associated with it. This deadline provides a sense of urgency and encourages businesses to take action to achieve their goals. For example, rather than setting a goal to “increase sales,” Ecks-Why-Zee might set a goal to “increase sales by 10% within the next year.” This time-bound goal gives the business a clear timeline to work towards and ensures that they take action promptly. The Benefits of Setting SMART Goals For a Marketing Team There are numerous benefits associated with setting SMART goals. Some of the most notable benefits include: Improved Clarity And Focus Setting SMART goals for a sales team helps its team members have improved clarity and focus. When businesses set SMART marketing goals, the team has a clear roadmap to follow. This helps them to focus their efforts on the things that matter most and achieve their desired results. More Effective Decision-Making SMART marketing goals lead to more effective decision-making because by having a clear understanding of what task needs to be achieved teams can make better decisions about how to allocate their resources. This helps them use their time, money, and energy in the most efficient way possible. Increased Motivation And Productivity Another benefit of setting SMART goals is that they can increase motivation and productivity. When team members have a clear goal to work towards, they are more likely to be motivated to take action and see results. This can lead to increased productivity as businesses can get more done in a shorter timeframe. For example, if a team’s goal is to increase lead generation by 15% within two months, they are likely to be more focused and driven to achieve this goal than if they simply had a goal to “increase lead generation. Enhanced Team Communication SMART goals also help to enhance team communication. By having a clear goal to work towards, team members can easily communicate their progress and identify any areas where they may need help. This open communication can help to improve the overall efficiency of the team. Improved Time Management Another benefit of setting SMART goals is that they can help with time management. By having a clear understanding of what needs to be done and when it needs to be done, businesses can better manage their time. This helps businesses to avoid wasting time on things that don’t matter and ensures that
