Marketing objectives must be specific and carefully formulated to ensure a plan's success.
When it comes to developing a successful marketing plan, establishing clear objectives is vital to the plan's success. While the exact aim of your marketing objectives will vary depending on your particular project, all marketing objectives share the same principles and must be formulated and written in a specific way to get the results you want.
SMART
According to the website Marketing Teacher, all marketing objectives must be "SMART" -- specific, measurable, achievable, realistic and timed. Writing a specific and measurable objective means expressing that objective numerically, such as "increase sales by 15 percent." To ensure a goal is achievable and realistic, research similar past marketing projects and decide whether you have the personnel and resources necessary to meet the goal. Place your marketing objectives on a timeline to make them clear. In the previous example, the objective "increase sales by 15 percent" can be "timed" with the addition "within the next six months."
Types
Considering your marketing project or strategy from all angles is essential when developing your objectives, as there are several different types of marketing objectives. A profitability objective states how much you want to earn based on a marketing plan, while a market share objective states how much of the market you wish to gain. A promotional objective states how much awareness of a product or service you wish to raise, and an objective for growth references the size of your business and by how much you wish it to grow.
Considerations
When creating your marketing objectives, it is important to be thorough and focus on all aspects of your marketing plan. Consider your plan broken down into the four "P's": product, price, promotion and place. Develop objectives within each. For product, objectives should focus on your products and services. For price, consider your pricing strategy and whether you will need to adjust it and create objectives that include those adjustments. The promotional part of your marketing strategy will likely yield objectives on increasing awareness and brand recognition. Place (or distribution) requires setting objectives explaining how you will get your product or service to customers.
Expert Insight
According to The Marcus Letter website, there are four key elements to consider when setting marketing objectives. The first is your "publics," which refers to clearly defining and understanding the marketing plan's targeted audience. Client perception is the second and asks how you want your business and promotional plan to be perceived by clientele. The time frame, as with the SMART plan, means setting a deadline for every objective. The fourth is to consider not only overall revenues, but returns on investments and at what cost meeting those revenue goals will come to the company.
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