No Aim, No Gain! Do or Die Marketing : Setting Objectives is Vital to Success
It’s a fact that if specific objectives are not set out before any marketing activity takes place, the success of the activity will be less than it could be and it will be much harder to measure it (you might be better off not knowing!).
A lot of the time, the only marketing objective quoted to me is: “We want to increase sales!” Hey, we all want to get rich but we need to do a little bit of work first!
The sales function in any organisation is very much part of the marketing process and marketing objectives should ultimately feed into sales goals.
All of your objectives are based on your own organisation’s needs and each in turn becomes a strategy to achieve the goals.
Let’s say they make, as I am enjoying a cup of tea now, teapots. Let’s call the brand Pot-On!
Before setting marketing objectives, the guys at Pot-On! carry out analysis on their current performance – rates of sale, market share, brand recognition and awareness, customer and consumer satisfaction. It is a good idea to carry out a SWOT analysis, looking at the Strengths, Weaknesses, Opportunities and Threats of and to the business. Being thorough, the Pot On! marketing team also find out the size of the potential market for teapots and take a good look at what the competition are up to.
The Pot On! team know from a corporate level that they need to increase sales.
From talking to consumers they know that people love their teapots because they’re so beautiful but are not aware of the brand. They find that those that buy their teapots are tea fanatics – they love leaf tea of all sorts.
From talking to customers (retailers) they know that the teapots take up a lot of space on shelf so will only ever get one facing. Retailers also believe that the market for teapots is in decline (which it is, according to your research).
The marketing objectives decided on for Pot On! are:
1. To increase purchase frequency by current customers (a strategy for this could be to produce more collectible designs, perhaps a series)
2. To increase distribution and the incidence of display in retail outlets (the strategy for which could be to increase the recommended retail price, based on more collectible designs, therefore making the product more profitable for the retailers)
3. To improve brand awareness (perhaps through developing promotional partnerships with specialist leaf tea brands as well as improving branding on pack and on shelf)
Hopefully you can see that, if all of these objectives are achieved, the result will be a healthy increase in sales and a very happy board of directors!
Do you set objectives for your marketing? How do you do it?