Marketing is an extremely integral part of a business’ growth. It is a process that turns people into your customers, make people aware of your products, and reduce their resistance of buying your product through advertising, branding, sample distribution and so on. Marketing objectives are the goals set by the business while promoting their products. There are many marketing objectives examples that we can find in the business world.
Setting marketing objectives through KPIs
These objectives can be to spread awareness of the product in people, to cover a particular number of areas while marketing the products and so on. These objectives are in line with the firm’s overall objectives. They are the stepping stones to the achievement of the firm’s vision. Just like all other objectives, good marketing objectives are also set with the SMART criteria under consideration. The marketing objectives set must be specific, measurable, attainable, realistic and time-bound.
Setting marketing objectives can be extremely helpful because objectives can let you check on your progress from time to time. Moreover, with clear objectives set, employees know what they are working towards. They can take timely decisions and have a clear direction to work towards. Moreover, marketing objectives can also help businesses set measurable key performance indicators.
Marketing objectives examples to set measurable KPIs (Key performance Indicators)
A key performance indicator is a value that helps you measure your performance against the objectives. Key performance indicators evaluate the performance of either the entire business operations or a particular business activity.
Marketing objectives are of many types and vary from business to business and product to product. Some products are doing so well that they don’t even need marketing. These products are those which are in the market for a long time. They have made a brand name that is irresistible by the customers. However, here we will be discussing marketing objectives examples for those brands which need marketing.
Sales revenue refers to the proceeds of sales of a business during a time frame. A business can have an objective of generating a certain amount of money in sales revenue. Now, no business would want to invest in the marketing of a product that is not generating revenues. So, a key performance indicator can be set on sales revenue. If the sales revenue is up to a certain amount, the business is performing well otherwise, not. However, it is compulsory to note here that the key performance measuring will be done by the sales revenue generation. Any sales that has not be the result of marketing activitied will not be a part of teh consideration.
Lifetime value of a customer (LTV)
Lifetime value of a customer is the amount of revenue generation from a particular customer throughout their relationship with the business. It is important to know how much your customer will be willing to buy from you in the future. Big companies do not target the customers to sell the product once, they do it to sell it again and again. The loyalty of a customer means a lot in this competitive business environment. This is one of the greatest marketing objectives examples in relation to setting key performance indicator. If you know whether the customer will be willing to buy from you again and how much will the sales be to him/her, it will become easy to plan for the future. The formula to calculate lifetime value of a customer (LTV) is:
Revenue * Gross Margin * Average number of repeated purchases
Where revenue is the amount generated from sales and gross margin is the percentage of sales which the company keeps as profit after deducting the cost of goods sold. The value is just an estimatation value to aid in decision making and evaluating the performance of the business operations.
Another one of the marketing objectives is to gain a certain number of website traffic. This is also a key performance indicator to evaluate the business performance as a whole or the effectiveness of the marketing team. Website traffic helps advertise the product portfolio of the company and also leads to making successful sales. When people visit your website, they see what your company has to offer to them. They either make purchases or tell other people about the products who further tell more people, or both. In any case, your products’ popularity is increasing and so is the company’s sales. Adding an option of ‘suggestions & complains’ to your webpage can also help wonders because you can know what the customers want and are there any problems with your products, services and website.
Social Media impact
Moreover, social media reach is also of great importance these days as the internet and smartphones are getting more and more common. People interact with their favorite brands on social media and also lodge complaints regarding them on social media. The good and bad remarks both are visible to the entire public on the social media, and the reach is dynamic. A way to track your social media performance is through the checking of twitter followers and Facebook likes. The more the followers and the likes, the wider is your reach and the more your posts are seen by people.
Taking into account the marketing objectives examples, another one of the marketing objectives is to maximize your blog posts’ reach. It is also a measurable key performance indicator. Blog posts are a modern way to market your products. Blogs contain details about your products, customer reviews, ratings, tips to use the product and so on. Moreover, blog posts are a major source of your website traffic. People visit your website to read blogs about the products through which they get to know more about the product, its reviews and whether its worth their money or not. So, blog posts not only increase website traffic for you, but it is also a key reason of your products’ sales.
All these marketing objective examples come under measurable key performance indicators and can help measure the performance of the entire business or a part of it.