The great management consultant Peter F. Drucker
crystallized the importance of businesses setting
objectives: "Objectives are not fate; they are
direction. They are not commands; they are
commitments. They do not determine the future; they
are means to mobilize the resources and energies of the
business for the making of the future."
Objectives and goals represent the foundation of your
company's business plan. Marketing objectives develop
out of your business objectives. And they should be
driving your marketing strategy. Meeting marketing
objectives should lead to sales - if they don't, then you
probably have established the wrong objectives, or you
aren't executing them effectively.
Your marketing objectives should be:
clear
measurable
achievable
have a stated time frame for achievement
Setting your objectives
Establishing your business and marketing objectives is a
process, one which you will want to revisit frequently
to be sure you're on track and achieving what you've
set out to do.
In previous issues of Insightful Marketing, we have
discussed the importance of researching your
market and conducting a SWOT analysis.
Use the output of these to establish your initial
objectives. For example, let's say that your SWOT
revealed an opportunity to sell widgets to a new
customer segment, preteen boys. Your objective might
read: "Develop direct mail program targeting preteen
(ages 9-12) boys by August 31, 2003, to achieve a
20% response."
Ask yourself if the objective meets the key criteria:
Is it clear? - Yes, it specifies what is planned and
what customer group is targeted.
Is it measurable? - Yes, success will be measured
by response rate.
Is it achievable? - Yes. If you don't think the
measure is achievable, you may want to rethink your
objective or your measurement.
Does it have a stated timeframe? - Yes, the
objective contains a date for completion.
Using your objectives
So you have your objectives clearly defined (clear,
measurable, achievable and timely).
Now what?
Now, you can establish project plan and calendar. You
can make the most of your time and resources to
develop the marketing tactics that will help you achieve
sales. Before you add a tactic to your plan, ask
yourself if and how it will help you achieve your
objectives. If you are trying to choose between
several ideas, pick the one that you think will bring you
closer to your goals. You can begin to make those sales!
Next month: What's your score? Measuring the
impact
of what you do.
Need help defining your marketing objectives?
