The Importance Of Goal Setting
As we approach the end of the year, it’s time to start thinking about your business plans for the year to come and this includes setting up budgets. When determining how much to set aside for marketing; knowing your goals is very important.
WHAT SHOULD YOUR GOALS BE?
Your first answer might be “to make lots of money” or “to increase my audience.” The trouble with goals like these, they’re not terribly specific when it comes to marketing.
Why do you need marketing goals?
To help you measure the success of your business strategy
To help you focus your efforts on a specific area of your market; speaking to a select few for whom your service is relevant, instead of speaking to everyone with hope that somebody will listen
To help you know what strategy has been successful and what hasn’t.
A useful tool to use when setting your marketing target is SMART goals.
Goals need to be Specific: Instead of “we want to increase our sales”; maybe “We want to increase our on-line sales by 10% by the end of the first quarter.”
Goals must be Measurable: At the end of the first quarter, you look at your sales figures to evaluate if you have achieved your goal. If you have increased it by the targeted amount, then you’re on the right track; if you’ve seen little or no increase; then your strategy needs work.
Is your goal Attainable? Consider how long it took you to achieve your current sales figures; is it realistic to expect a 10% increase in 3 months, maybe another target is more attainable. Remember nothing breeds success like success. Attainable goals are good for morale.
Is your goal Relevant to your long term business plan? Is it in keeping with your business vision?
Giving your goal a Time limit lets you track your progress. If by the 2nd month, your sales are showing a steady growth, you know you’re in good shape to achieve your goal. You can evaluate whether you have under or overestimated what can be achieved and adjust your goals accordingly.
Setting SMART goals allows you to navigate the often overwhelming world of marketing your services, especially if you are new to life as a business owner. By setting and recording goals, you are twice as likely to achieve them and achieving your goals breeds confidence and success.
Don’t forget, if you want to hit the ground running in the new year, you’ll want to book in a call now so we can work on your marketing strategy together!
