Defining Your Marketing Goals, Objectives, and KPIs
The goal of this blog is to educate you on the difference between marketing goals, objectives, and key performance indicators (KPIs).
The objective of this blog is to give you at least one real takeaway that helps you develop a marketing plan that is easily communicated and can be executed by any professional marketer that reads it.
Our key performance indicators for this blog are the number of persons who click on it to read the entire blog on our website www.vimarketingandbranding.com; the number of persons who share this blog; and the number of comments the blog receives, all in the first 30 days of its publication.
Marketing goals are typically longer term. Your one-year plan may not be able to get you all the way to your goal. You may have a goal of becoming a trusted resource for information in your industry, or to be seen as an innovator in your field. These are somewhat generic in nature and not necessarily easy to measure. But, they help to define the direction that your marketing needs to take.
Your marketing plan might have an objective to increase your market share by 2 points in the calendar year. Or, to increase the number of $1 million dollar clients by 25% before the end of 2019. Both objectives can easily be measured - both along the way and at the end of their stated timeframe.
Objectives must be quantifiable and must be defined by a specific time period. They have to be trackable and measurable so that you know how your marketing efforts are performing.
KPIs are measurable too. But, they aren’t marketing objectives - rather they measure the individual marketing activities that you are using to execute your plan. This as a like or follow but is hopefully things that truly influence consumer could be as simple decisions like completed video views, newsletter sign-ups, quote requests, or anything else that will ultimately help you hit a marketing objective.
Understanding the importance of each of these terms will ultimately allow you to develop a marketing budget that you can justify through an obvious return on investment (ROI). In order to develop marketing ROI, you have to know the value of a sale. Is it one off? Or better yet, can you calculate the lifetime value of a new customer? Add up each customer (or sale) you made and divide that into your campaign budget for your ROI. Now you have a guide - not only for what to expect from your marketing investment, but how to tweak your plan to maximize the return. ROI gets confusing because a lot of factors can ultimately be a part of the equation. But, start simple and you can perfect it as you move ahead.
It’s important that your marketing team and executive team speak the same language to avoid confusion and misunderstandings. It’s even more important for you to be able to show how your marketing is advancing your organization. Now, help us out with our KPIs and share this blog.
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