Marketing is the optimal strategy that helps companies spread their products and services in the market and to consumers. Therefore, companies pay great attention to this strategy and also try to make the marketing department made up of creative and innovative people to help the company develop a marketing plan that helps companies grow and spread in the global or local market.
To reach a distinct strategy in the field of marketing, companies must set important goals that must be covered by the marketing process, and this is done by identifying the strengths and challenges facing the company in promoting and selling its products.
In this article, we present some of the marketing objectives that the marketing strategy should cover.
Marketing goals for companies
Marketing objectives are the objectives that the company wants to achieve within a certain period. It is often a fixed number or metric that represents a company's line of success. But setting marketing goals is not just about what the company wants to achieve but also about how you will reach your goals and why you want to reach them. Corporate marketing objectives include:
- Increase Sales.
- Increase consumer awareness of the brand.
- Increase the company's market share.
- An increase in the company's stock price.
- Launching new products or services.
- Target new customers.
- Entering new markets internationally or locally.
- Improving relationships with stakeholders.
- Strengthening relationships with clients.
- Improve internal communications.
- Increase profits.
How to set realistic marketing goals
The first thing to understand is the overall goal of the company and the marketing objective. The overall objective is the broader vision of the company while the marketing objective is to define the most realistic specifications of how to achieve this vision.
To formulate your marketing objective, you should start by identifying three main things:
- What is the driving force behind what you want to achieve? What was the problem that led you to this point, and why should it be solved?
- How does the final vision solve this problem?
- What steps must be taken to realize this ambition?
SMART Marketing Objectives
They are realistic, measurable, and focused goals. These objectives must have certain characteristics, namely:
to be specific
You must define each team member's job, the resources you will need, the business plan, the target market, and the leads.
measurability
To measure the progress of the marketing team and look for weaknesses, you need to define your goals, such as achieving a certain percentage increase in the number of potential customers or consumers.
The goal can be achieved
Ensure that the increase you expect is achievable in your specific situation. It's important to base your goals on your own analytics and standards that fit your company, not industry standards.
Link to the company's overall goal
The marketing objective should be related to the overall objective of the company and take into account current trends in the field of marketing. When you are aware of the factors affecting the company's industry, it helps you to set realistic, achievable, and beneficial goals for your company.
time limit
Setting deadlines for achieving company goals increases pressure on members of the marketing department. But it does help to make steady and significant long-term progress.
If a deadline is not set, it can easily fall into the trap of procrastinating on work items, resulting in a low success rate.
For example, what do you think is better: a 5% increase in leads each month, resulting in a 30-35% increase in half a year, or a 15% increase in leads without a deadline and achieving that goal within a year?
The two frameworks (Realistic Marketing Objectives, and SMART Objectives) can also be combined to define a realistic goal that meets the needs of consumers.
