With so many marketing practices choosing from, business owners are often spoilt for choice. Marketing can be done through email campaigns, social media, guest posting, or blogging.
Before settling on any marketing campaign, businesses should have clear marketing objectives. By laying down marketing objectives, you can concentrate on campaigns that bring a higher return on investment (ROI) for your business.
This article further explains:
- What are the Marketing objectives
- The best practices for objective marketing examples
- The best KPI’s to put in place and industry best practice.
What are the Marketing Objectives?
Marketing objectives are a company’s defined goal related to a promotional campaign, tactic or tool. Any great marketing plan has defined objectives without which a brand will struggle to achieve its plan.
A strategic plan provides a clear direction for team members on what they should do and how they plan to do it. The objectives should be clear, simple and easy to communicate to the team members so that the company can move together at the same pace.
Best Practice for Marketing Objective Examples
The end goal of every marketing campaign is to boost sales of products and services. But then, as we have seen earlier, there are many ways in which you can market your business.
So how do you know which practices are the best fit for your business marketing? Have a read as you plan to upgrade your plans.
1. Set Attainable/ Achievable Goals: Begin by setting attainable goals. You cannot have plans without a goal. What will motivate you? And how do you intend to measure your achievements if not through set goals?
Firstly, ascertain the current position of your business in the market. Then put down what you want to achieve.
2. Define your Target Market: Understanding your target market is key to successful marketing. It allows you to know where your target audience is and direct campaigns that will reach them.
In this case, consider the age, location, gender, customer habits, and other factors related to your target market.
3. Look at the World Through Your Customers Eyes to Maximize Leads: Looking at the world through your customer’s eyes is a priceless marketing practice. You can consider practical insights that make products better and come up with imaginative marketing campaigns that stand out.
Two ways you can present a product or service to the world:
- Show how it solves the customer’s problems.
- Highlight the features and what makes it different from similar products from your competitors.
4. Use More Than One Channel: As cliché as it may sound avoid ‘putting all your eggs in one basket.’ Despite Facebook being the most popular and high-yielding marketing platform, you can consider other channels, both online and offline.
Remember, the main goal is to reach as many customers and establish the most effective marketing strategy for your business.
5. Launch a Clear Brand Identity: Be ready to communicate what your business offers and perform demonstrations. You can establish a clear brand identity through a logo, right business name, and colors. All this should come before starting a marketing campaign.
6. Create a Website: Websites help small businesses attract new customers, revenues and handle their brand’s reputation. Globally, over two-thirds of small businesses rely on websites to connect with their customers. If you have not designed a website for your business, now it’s high time you create one and boost your revenues.
The Best KPI’s to Put in Place and Industry Best Practice
Key Performance Indicators (KPI’s) help to track the company’s performance as you work towards the set marketing goals. Most of KPI’s will be:
- Actionable: Can be changed anytime to improve business performance.
- Directional: Help to determine if the company’s results are upgrading.
- Practical: Should blend well with the existing company processes.
- Quantitative: Can be represented in the form of percentages or numbers.
However, most business owners today are unsure of the best KPI’s in the marketing world, which is what we are going to look review.
1.Sales Growth: An increase in revenue determines sales growth, number of units sold, or both. Both metrics help you determine whether your sales are growing or not.
2.Customer Lifetime Value: To ensure your business is growing, have a glimpse of how much your customers are worth. You can calculate customer lifetime value through these metrics:
- The number of repeat customers: how many customers keep returning?
- Customer Retention Rate: What is the percentage of returning customers?
- Lifetime Spend: average amount spent by customers in a company over their lifetime.
3.Conversion Rates: When running result-oriented campaigns, monitor the marketing strategies which are bringing in the desired action. Conversion rates increase when more customers take actions. An action could be in the form of making a purchase, visitors signing up for free trials or a newsletter. You can then track the conversion rate for all your marketing campaigns.
4.Changes in Profit: Profit is what you are left with after the expense and costs. An increase in revenue or sales does not define a change in profit margin.
5.Lead Generation: When you increase leads, this translates to increased brand awareness, and customers are more interested in your products. You can use the cost per lead calculator to determine how much the business is spending to generate leads. It is important in determining the most effective marketing campaign for getting you more leads.
Spare some quality time and come up with clear objectives to keep your business’s big-picture goals in order. If you feel that one or more of these best marketing practices could earn you the success of your business, don’t let the process whelm you.