Now, being able to measure the effectiveness of any particular marketing campaign relies on you having set some objectives initially.
This is a missing component of many small business marketing campaigns… the setting of objectives. It happens all the time, taking your budget (say $1000) and carving it up into portions that will be outlaid on several different types of marketing. You might outlay a few hundred dollars to get some graphics created and another few hundred to have some flyers made up and printed.
Then there is that small $300 ad that’s going to go in the local newspaper. Another few hundred will go on Facebook ads or boosting your posts on Facebook. You sit back thinking to yourself, “there, I have spread that $1000 nicely over those marketing activities, that will surely stir up some business”. It very well may – stir up some business. How much business and what type is another matter. Setting objectives is mandatory as it forces you to define exactly what you expect to get, as a return on your $1000 invested.
Defining Your Marketing Objectives
So what do you want your $1,000 marketing spend to return to you? What do the results look like and how do you know you have achieved your objectives.
Your marketing objectives may include some, or all, of the following:
- I want to increase sales revenue
- We want to build our brand awareness
- Grow our market share percentage
- Target new customers
- Improve customer retention
- Boost profit
Developing Measurable Objectives
In a nutshell. You need to be able to define your objectives using specific language that allows you to check that you have achieved your aims. It is not effective or measurable to set an objective of “get more sales”. If you outlay your $1,000 and receive $450 in return, it is more sales. But is that what you really wanted as an outcome?
Better to make it clear, measurable and keep yourself accountable for the results by wording it like so: “Increase sales by 20 on last quarters results in 90 days”. Always have a dollar amount, units sold and a time frame to allow for comparison of the objective to the actual outcome.
Your marketing objectives will also influence your promotion strategy for any campaign. This link takes you to an article that outlines 10 promotional strategies you can consider.
Marketing Strategy Before Tactics
Setting marketing objectives impacts your overall marketing process, your marketing strategy, your distribution strategy, what marketing materials you use, and is a prerequisite for strategic marketing effectiveness. So, objectives and strategy lead us to the tactics required to achieve our aims.
Too many business owners spend money on tactics without a long term plan or objectives in mind. This is the “tail wagging the dog approach” to marketing and invariably costs more, and returns less, than was expected.