When we talk to a new client about their marketing strategy, the most common comment is “We’re actually doing a lot of marketing, but we have no idea whether it’s working or not.”
In simple terms, it’s a strategic framework, organising brands, products, and services within a company.
These issues often come down to lack of focus, lack of strategy and lack of goal setting. Now, we are all very busy people. The ‘on the business, in the business’ struggle is real. Sitting down a couple of times a year to review business goals, and how marketing can help achieve them, needs to be a priority. If you would like help to do this, The Marketing Associates can support you. If you would like to understand more about goals and how to use them to grow your business, read on.
Why setting marketing goals is essential
Just as you may already do with your business plan, setting achievable marketing goals is essential for guiding your efforts and measuring success. Setting clear, attainable objectives helps you align your team, allocate resources effectively, and evaluate the impact of your activities.
Here are the steps we go through with our clients:
- Understand your business and marketing objectives
Your marketing goals should align with your overall business objectives. Whether you aim to double your business turnover, or sell it within the next few years, the goals you set (such as producing content for brand awareness and generating leads for new business opportunities), are all achieved through your marketing goals supporting your broader business aims. Begin by ensuring you have your business objectives clearly defined; then be specific about what your marketing efforts need to achieve to support them.
- Conduct a market analysis
Market analysis is key to understanding the business’ current position and identifying areas for improvement. Evaluate your competitors (who are they, how are you similar/different, what are they doing marketing-wise?), target audience (who/where are they, what needs do you meet for them, are their needs changing?), and market trends (what’s going on in your sector, are there any changes, what impact might external factors like new technology/changes in law etc. have?). This analysis provides valuable insights into where you should focus your marketing efforts, and what goals are realistic given your current situation.
- Set SMART marketing goals
SMART goals ensure your marketing objectives are clear and actionable.
- Specific: Define precise marketing goals. For example, ‘Increase email subscribers’ becomes ‘Increase email subscribers by 15% in six months.’
- Measurable: Use quantifiable metrics. For example, track the number of new subscribers or the conversion rate of a campaign.
- Achievable: Set realistic goals based on your resources and capabilities.
- Relevant: Ensure your marketing goals align with your business objectives. For example, if your business goal is to expand market share, a relevant marketing goal might be to increase your social media presence.
- Time-bound: Set deadlines for achieving your goals. For example, ‘Increase website traffic by 20% within three months.’
- Define Key Performance Indicators (KPIs)
KPIs are specific metrics that help you track progress toward your marketing goals. Choose KPIs relevant to your objectives. For example, if your goal is to increase website traffic, relevant KPIs might include unique visitors, page views, and bounce rate. Regularly monitor these KPIs to evaluate your progress and make data-driven decisions.
- Develop a marketing strategy
Your marketing strategy outlines how you will achieve your goals. Identify the tactics and channels you will use, such as content marketing, social media, email marketing, or paid advertising. Create a detailed plan specifying the marketing activities, timelines, and resources required.
- Allocate resources
Ensure you have the necessary resources to implement your marketing strategy. This includes budget, people, time and tools, and making sure your team has the skills and capacity to execute the plan effectively. Allocate your budget based on the potential return on investment (ROI) of each activity.
- Implement and monitor
Once your plan is in place, begin implementing your marketing activities. Regularly monitor your KPIs to track your progress. Use analytics tools to gather data and gain insights into the effectiveness of your campaigns, and be prepared to adjust your strategy based on what’s working well, and what’s less effective.
- Review, evaluate and optimise
Ideally on a regular basis (monthly tends to be achievable for most of our clients), or at the very least at the end of your campaign period, evaluate your results against your goals. Analyse what worked well and what didn’t. Identify areas for improvement, and use these insights to adjust and refine your future marketing strategies and set new goals.
By following these steps, you can ensure that your marketing goals are realistic, measurable, and aligned with your overall business strategy, ultimately leading to more effective and impactful marketing campaigns.
The challenge for many professional services business owners is to dedicate the time and resources to working ‘on’ their business rather than ‘in’ it. And if you don’t have the marketing expertise yourself or within your team to effectively work through all these steps, it’s easy to get stuck, and set it aside for later.
It’s also common in SMEs without the luxury of a dedicated marketing resource to allocate ongoing marketing tasks to people who may be keen, but who lack marketing expertise.
That’s where The Marketing Associates come in. As your Fractional Marketing Director, we take the burden of strategic marketing off your shoulders, and work through the steps to put your marketing plan in place. Our expert associates will then work with your team to implement your plan – providing professional support with everything from SEO to copywriting, and social media management to analytics. We can even provide training to help your team develop the skills they need to take on these tasks themselves.
For more ideas to help you get better at marketing, or to discuss how we can provide your business with strategic marketing support, get in touch.
tabitha@themarketingassociates.co.uk or call 01233 720379
At The Marketing Associates, we specialise in strategic freelance marketing support for professional service practices, providing excellent quality advice on your marketing strategy to develop and grow your business on a retained basis.