It is marketing plan time and one of the most critical steps one will take is setting the marketing objectives he/she want to achieve for the small business or brand. The reason why it is critical is that you need to know what you actually want to achieve well before you spend any money or time implementing a marketing tactic.
What are marketing objectives?
Marketing objectives put simply are what actions your key customers (both current and potential) need to take to achieve your sales objectives. To ensure you can achieve your marketing objectives, limit them to a maximum of three or four, in fact if you only want to set two objectives for the year that is fine. A key point is always to set marketing objectives that are realistic and achievable.
The different marketing objectives information that assists in deciding which ones are most appropriate for small business are:
1. Customers: For small business to grow there is need to focus on gaining new customers for the business or retain most profitable ones.
2. Awareness: Before a customer buys a product or service they must become aware of it. Awareness is particularly important if the product or service is new.
3. Purchase: This relates to the initial purchase and the purchase of specific product or services in your range.
4. Usage: This is different to purchase as the person who buys the product or service may not be the one who actually uses o consumes it.
5. Average transaction value: This relates o how often the customers use/consumes the product or service. By the getting customers to used a little more of your or service can actually translate into more sales over the year.
6. Distribution: As distribution channels available to customers grow, it is important that to ensure the products or services are available in the most importantly distribution channels for the markets so that the customers don’t switch to your competitors.
In conclusion, the key with setting marketing objectives is to make them simple and ones that can easily be tracked and measure the success.