The Executive Suite: How to Set Marketing Goals

Wednesday, November 13, 2013

How to Set Marketing Goals

Marketing is simply the methods you use to attract customers to your business. It's directed towards your target market, and aims to drum up new business, as well as maintain existing accounts. The development of marketing goals requires you to brainstorm your general business goals, as well as research current trends in your particular market. Armed with this information, you can then set marketing goals that will carry your business to even greater success.

Suggestions

Determine your overall business goals. Before you can start marketing, you need to have a clear idea of where you want to take your business. For example, you might want more customers for the upcoming fiscal year, or better retention of the ones you have. You might want to move more of a certain type of product, or increase your presence in your local market. Whatever your business goals, establish them before you set marketing goals.
Match your marketing goals to your business goals. For example, if your business strategy is to increase your presence in your local market, then your marketing plan should include three new ways to accomplish that goal. Those three ways might include more advertising on radio and local news affiliates, increased presence at local events, or more community outreach in the form of charity events and giving. Whatever you do to enhance your business should be done through your marketing efforts.
Set realistic goals. Your marketing goals should match your current business status. For example, you can't plan to engage in event marketing if your budget's already stretched thin. If you're a struggling business, start small with your marketing goals. An example of a simple marketing goal might be to do a booth at one local event per year, or to send out a promotional postcard to a new customer demographic.
Conduct new research as part of your new marketing plan. A key goal for any business is to collect updated information on your target market, so you know who your customer base is, and what they want. You can do this by surveying current customers, or contracting with a survey company, to gain a wider audience. The more demographic research you can get, the better you can plan.