Setting marketing objectives or goals is an important aspect of any marketing or business plan. The goals must be realistic, achievable, specific and measurable. Objectives are statements of what you want to accomplish through your marketing efforts. Examples of marketing objectives are attracting new customers, retaining existing customers, increasing sales to existing customers and increasing awareness of your products or services. Each of these objectives may require different marketing methods.
State measurable goals
When setting marketing objectives they must be specific and measurable. Simply stating that you want to attract new customers is not specific and measurable. A specific and measurable marketing objective could be stated as ‘Add 10 new customers next year.’ Or it might be stated in dollars such as ‘Obtain $10,000 in new business this year.’ If a specific goal is stated it can be measured to see if the desired result was realized.
Determine the Methods and Costs of Reaching the Stated Goals
Once the goals to be accomplished have been identified the methods by which they will be achieved should be defined. There may be more than one possible way to accomplish a specific objective. If so, all possible alternatives and their associated costs should be included. Knowing all means available will allow the best possible mix of solutions to be identified.
Evaluate the Possible Alternatives for Compatibility and Synergy
When the possible alternatives for each objective have been identified they should be evaluated for compatibility. In any given time period the most effective approach is to employ marketing methods that support each other. A situation in which the achievement of multiple objectives can be supported by sharing resources is better yet. The key point is to identify the best mix of marketing alternatives to achieve the stated goals as efficiently as possible.
Match the Best Mix of Alternatives to Available Resources
The final step in determining marketing objectives and the methods by which they’ll be achieved is to match the costs with available resources. The goals must be achievable and finance is a big part of determining what can be accomplished. Without the required resources the proper methods cannot be employed and results will be less than originally sought. The idea is to find the best possible mix of marketing objectives and the methods by which to achieve them based on the level of investment required and results delivered.
