Setting the RIGHT Marketing Goals: How to Identify the Exact Objectives that Lead to Success for your Small Business

As a business owner, you are probably no stranger to setting (and achieving) goals. It’s how you’ve experienced all of your success so far. So the importance of setting marketing goals is probably no surprise to you. But what might surprise you is that not all marketing goals are created equal. In fact, some marketing goals might not even be the right ones for you. 

Setting the right marketing goals to help you grow your business is a delicate balance. It requires you to think carefully about your aspirations, evaluate your business’s actual needs, and narrow your focus on fewer things to see greater success. 

Some of the Common Mistakes In Goal Setting

There are a few ways you can focus on the wrong goals in your marketing strategy. Here are just a few:

• Being too ambitious in the scope of your goals
• Focusing on things that are helpful, but don’t lead to growth. 
• Creating goals that are too vague or broad (i.e. “we want to increase online sales” compared to “we will add 75 email subscribers by the end of Q2”)
• Failing to create goals you can measure. 

Your goals must have a clear direction, with measurable outcomes that are actually possible to achieve. Without a clear path, even the most comprehensive marketing strategies can falter, leaving you wondering where it all went wrong.

The SMART Framework

One of the best ways to avoid making many of these common goal-setting mistakes is by implementing the SMART framework – a tried and tested method for goal-setting. SMART stands for:

• Specific
• Measurable
• Attainable
• Realistic
• Time-bound

Here’s a closer look at each of these components:

Specific:

Start by narrowing down the broad strokes. Instead of saying, "I want to grow my business," dive into the specifics: "I aim to grow my online sales by 10% in the next six months." The clearer and more specific your objective, the easier it is to formulate strategies that directly contribute to achieving it.

Measurable:

It's not enough to merely have a goal; you need to have a metric in place to measure progress and be certain of success. Let's take our earlier example of increasing online sales. The measurable element here is the "10% growth." Tools and analytics can provide insight into whether or not you are inching towards or achieving that figure.

Attainable:

While it's great to dream big, your goals should be rooted in reality. Set targets that stretch your capabilities but are still within reach. By setting and accomplishing these attainable goals, you'll experience forward momentum.

Realistic:

This component is closely tied to attainability. Understand the resources available to you, whether it's manpower, financial investments, or time. Setting a goal of doubling your website traffic in a week might not be realistic if you don't have the budget for a large-scale ad campaign.

Time-bound:

Every goal needs a deadline. Deadlines create a sense of urgency, acting as a catalyst for action. When you know you have six months to achieve a 10% growth in online sales, you'll plan and execute strategies accordingly. Without a timeframe, goals can remain unachieved and become perpetual aspirations.

Incorporating the SMART framework doesn't merely set you on the path to success; it offers a roadmap. Each step of this methodology ensures you're not wandering aimlessly but marching confidently toward well-defined milestones. By embracing the SMART approach in your marketing goals, you're taking the guesswork out of success and replacing it with strategic planning.

Setting Marketing Goals Based on Business Goals

Where you really begin to gain traction is when your marketing goals are tightly aligned with your overall business goals. When you combine this with very specific goals, you begin to see real results. Contrast a goal like "increase online engagement" with "boost website's monthly active users by 10%." The latter provides a clear, measurable target. By refining vague goals into clear, actionable objectives that align with our overall business goals, we set ourselves up for success.

1. Identify Revenue Targets from Inbound Marketing:

Begin with the end in mind. How much revenue do you intend to pull from your inbound marketing endeavors? This serves as your North Star, directing all your subsequent efforts.

2. Calculate the Sales Needed:

Once you've set a revenue target, break it down to understand how many sales or transactions are needed to meet this goal. For example, aiming for a revenue of $1M with an average sale value of $10,000 means you'd need 100 sales.

3. Determine Your Closing Rate:

How often do your leads convert into paying customers? If you have a closing rate of 5%, it means for every 100 potential leads, you secure 5 sales. By understanding this metric, you can determine the total number of opportunities required to hit your sales target.

4. Estimate SQLs and MQLs:

Sales Qualified Leads (SQLs) and Marketing Qualified Leads (MQLs) are two pivotal checkpoints in the buyer's journey. SQLs are ready for the sales pitch, while MQLs have shown interest but might need more nurturing. Based on your past data, estimate how many of each you'll need to keep the sales funnel flowing.

5. Calculate Total Leads Required:

Combine the number of SQLs and MQLs to get an idea of the total leads you'll need to generate. Remember, not every lead converts, so aim higher to accommodate for drop-offs.

6. Project the Necessary Website Traffic:

Your website acts as a magnet, attracting potential leads. Based on your conversion rates, how many visitors do you need to generate the required leads? Going by our earlier example, to generate 100 sales (considering a 5% closing rate), you'd need to attract around 20,000 website visitors.

For instance, to achieve a revenue of $1M, if each sale is worth $10,000 and the closing rate is 5%, you'd need 20,000 website visitors. This breakdown provides clarity and actionable steps.

By refining and specifying your marketing objectives to mirror your overall business goals, you’re not only setting yourself on a path to success but ensuring every step you take is a stride toward achieving that success.

The Imperfect Nature of Goals

Today we’re talking about a critical way to avoid making mistakes in the marketing goals you set. But it’s just as important to talk about one of the reasons that we all sometimes make mistakes in our goal-setting. Goals, just like our businesses, are dynamic. They demand regular tracking, evaluation, and adjustment. And sometimes, as your business evolves and grows, you will realize that the goal you set is no longer the right one. 

By setting benchmarks every quarter, you're allowing your strategy the breathing room to adapt and evolve. It's akin to checking your GPS regularly during a road trip, making sure you're on track.

Setting the right marketing goals starts with clear data and the right understanding of where you want your business to end up and what it would take to get there. It's a continual process of learning, adapting, and growing. In the words of Stephen Covey, "Begin with the end in mind," but always be ready to take a detour if it leads to a better destination.

Want a partner to help you make sure you’re setting the right goals that will generate leads and grow your business? We’d love to walk with you on the journey. Let’s connect.