Part Three: Identifying Your Business Goals
Welcome to our blog series: Building a Successful Strategic Marketing Plan! If you haven’t been following along, we’re walking you through the importance of having a marketing plan and how to best create, implement and measure marketing success through a strategic plan.
Check out our first few posts to catch up!
On to part three! You’ve completed your research and data analysis. Now you get to start building your strategic marketing plan.
Before getting too excited about what tactics you’re going to use, you need to identify your business goals. There could be one overarching goal, or many, smaller goals. Regardless of whether you have one or many, they need to be outlined in your marketing plan.
Some of these business goals you may have already known before you even conducted your research. Maybe you wanted to increase revenue (who doesn’t!) or enter a new market.
Other goals you may have been unaware of and were gleaned from your research and data analysis, such as improving a specific product/service or building a better sense of community for employee recruitment purposes.
Ask yourself (or your team) the following questions when reviewing and determining your business goals:
- Are these short-term or long-term goals?
- What metrics are we going to use to determine if we succeed at these goals?
- Are these goals tangible (selling actual products) or perception-based (increasing brand awareness or feelings toward a product or your company)?
Below are a few examples of some different types of business goals:
- Increase number of registrants from 10 to 20 for class or event.
- Increase brand awareness of product XYZ in X market by end of year.
- Become top 3 in market for XYZ product.
- Increase annual sales revenue by XX%.
Once finalized, write these business goals into your marketing plan along with the metrics that will be used to track them.
Make sure to stop back next week for the next part in our series: defining your target audience!