How to Set Marketing Objectives Easily

January 21, 2009 at 5:00 pm Leave a comment

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Remember the last time you achieved something that was important to you? You probably felt great, maybe relieved, happy or some other positive emotion.

You would also remember that one of the first steps after imaging or dreaming of achieving the end result was actually setting a goal or in marketing speak setting an objective. By setting objectives, the end result can be visualised more clearly.

The marketing objectives in your marketing plan should be linked to your financial and sales objectives and revolve around your current and prospective customers. In simple terms you want customers to be aware of your business (products/services), buy your products/services and keep on buying them from you and not from your competitors.

The key words usually associated with setting marketing objectives are words like:

  • Gain – you want to obtain
  • Increase – you want more
  • Maintain – you want more of the same

A key to setting marketing objectives, especially if you have not done so before is to keep it simple and make sure you can measure the result. Here are some steps that you can follow to set your marketing objectives:

  1. Open up a worksheet, or even use sheets of paper.
  2. Write down what are the results you want to achieve, such as:
  3. Gain more customers
  4. Keep the same number of customers
  5. Get more potential customers to be aware of your business/brand
  6. Increase the number of times customers buy your product or service
  7. Get more people to try your product or service
  8. Increase the amount customers spend with you each time
  9. Then you need to cut the list down to those that are the most important. To make it simple, 3 or 4 at the most should be selected.
  10. Look and see that the marketing objectives are compatible with each other so you can stay on the same path
  11. Now put numbers or percentages against your marketing objectives so that they can be measured
  12. If you want put these objectives up on a wall to help you stay focused and also a picture of a reward or celebration eg. a holiday so the objectives can have more emotional meaning to you

Let’s look at an example:

This business currently has 10 customers who bought their services on average 5 times last year. The 10 customers were a mix of 8 current customers who have been with them for 3 years and they attracted 2 new customers last year. They have retained their customers since they have been in business.

This year they have decided that to grow their business, they want to keep their current customers, but they would also like to gain more customers. They also want to maintain the rate the customers use their services but they also want their customers to buy more of their services at the same time.

The marketing objectives the business decided on were:

  • Gain 4 new customers by December 30 2009
  • Maintain the purchase frequency current customers at 5 times a year for the 2009 financial year
  • Increase the average transaction value (purchase more of their services each time) by 5% ($500) by December 30 2009 

Marketing objectives are important because by setting them it keeps you focused, gives concrete targets to strive for and it makes choosing where you will spend your time and money easier.

How do you develop your marketing obectives?

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Susan

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