How to Set Marketing Objectives for Your Business

If you’ve been doing marketing without any concrete objectives in mind, stop right away!

Your marketing objectives are the foundation of any good marketing strategy. Marketing objectives set out what a business wants to achieve from its marketing activities and they also provide an important focus for the marketing team.

Before we start, let’s get some definitions out of the way:

Marketing objectives: are goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame.

SMART goals: Goals are described as stepping stones to achieve your objectives. It is very important to ensure that they are specific, measurable, achievable, realistic and time-specific - or SMART for short.

STEP 1 - Review your core purpose & mission statement.

The first step in this process is reviewing the core purpose and mission statement of your organization. A mission statement is a short statement of why an organization exists, what its overall goal is, identifying the goal of its operations. Reviewing your core mission statement will allow you to set objectives that are in line with what your business is trying to achieve at its core.

Mission Statements examples:

GoPro: “to help you capture life as you live it, share the experience and pass on the stoke.”

Sun Life Financial: our mission is to help you achieve lifetime financial security.

* Notice how they don’t talk about themselves? Your mission statement should describe how you want to make an impact in the lives of your customers and the community you operate in.

STEP 2 - Set your marketing objectives

There are two types of marketing objectives you’ll need to fix your for business. The most important objective to fix will be your overarching objective. This objective is the primary goal that your business needs to achieve by the end of a set date. Usually, an overarching objective will be something like “Increase revenues by 25%”.

Then, you’ll need to develop secondary objectives that will support your overarching objective.

Here’s an example of what it could look like:

Overarching objective: increase our revenues by 25% from our 2019 fiscal year

Secondary objective:

  • Increase the online conversion rate of our audience from 10% to 15% by the end of 2020
  • Double the size of our audience  from 10,000 to 20,000 by the end of 2020
  • Increase average purchase from 500$ to 700$ by the end of 2020

STEP 3 - Tie in SMART goals to your set objectives

Goals differ from objectives. They can be described as stepping stones to achieving your marketing objectives. Your goals should be the specific building blocks that help you reach your initial objectives. Each one should build off the other like this:

Let’s use the objective “Double the size of our audience” from 10,000 to 20,000 by the end of 2020.

Setting SMART goals for this objective could look like:

  • Create an active presence on LinkedIn and have 2500 followers by the end of 2020
  • Increase our average monthly newsletter signup from 250 per month to 300 per month by the end of December 2020.

STEP 4 - Plan how you will achieve your objectives

Your Digital Marketing strategy is a plan that helps your business achieve specific digital goals through carefully selecting your target audience, key messaging, online marketing channels, and key performance indicators.

When you develop your strategy, keep in mind that you are building a sales funnel for potential customers. Your content and campaigns should bring your customers along the marketing funnel starting with the awareness stage all the way to the purchase stage.