What does SMART mean?
The businesses that establish a specific aim in their marketing is the secret behind their success stories. The reason being a company that has smart marketing objectives knows exactly what they are doing. In this regard SMART objectives are:
The description of the objective is written in a manner that anyone that is reading it will be able to interpret it in the same way. In ensuring that your objective is specific, make sure the way it has been described, it is observable. Being observable means that the individual can hear or see someone doing the set objective. In turn, the particular goal quickly answers the ‘how it’s done’ and ‘what is to do’ questions.
In this section, it deals with the extent the objective is evaluated against a particular standard. A goal that has quantity measurements uses the terms of percentages and amounts, the frequency of the measurement can be done monthly, weekly or even daily. The quality measure in an objective is beneficial to your company as it clearly defines the requirements that you will need in meeting the goal in terms of the format and accuracy, within the set guidelines.
The achievable section deals with whether the measurable objective that you have developed can be achieved. It also looks at the current skills that your employees possess to assess whether additional training will be needed to meet the objective. Furthermore, with smart marketing objectives it can identify if the goal is attainable in the set period.
The smart marketing objectives can identify if the objective that has been set is relevant to the particular problem that faces a marketer. It can wed out objectives that are not in line with your core business.
For an objective to be effective, a particular period will need to be set. With proper a due date, adequate evaluation of the company’s goals can be done to assess how well the tasks are being performed.
The importance of setting SMART marketing objectives
When establishing marketing objects it is important to always ensure that, they are SMART. Smart marketing objectives are very specific, measurable, it is achievable by the organization, relevant to organizations goal and has a time cap as to when the objectives should be meet
Able to clarify companies end vision – Smart marketing objectives can give your business a clear direction of where it is heading, and a clear vision of what the company should achieve. The reason being having an ambiguous goal will confuse your employees of what is expected of them.
Reminds you of your priorities – With set goals it will ensure that you do not stray away as it reminds you on what needs to be achieved. Doing the priorities that have been set forth is a sure way for your company to reach its goal.
Trains in the management of time – it helps in managing your time effectively as you have already set a deadline as to when the objective is expected to be achieved.
How to implement SMART objectives in your marketing
Summarize your goal – you will need to write a summary of what exactly your goal is. The marketing goals that are to be achieved might not always be clear to you, however forcing you to write it down will greatly assist in clarity.
Categorize the goals – most of the smart marketing objectives that you would need to archive include getting more visitors onto your website, converting them into leads and getting more potential customers to convert. Categorizing gives a better picture of what need to be done.
Set a completion date – without creating the completion date the goal is just, but simply a dream, therefore, select a time in which it is realistic and achievable.
Commit to the set deadline – additionally setting a due date would be irrelevant if you do not commit to it. It can be done by first clearly stating how many hours in a week you will work on the set goal.
Be aware of obstacles- obstacles are bound to arise as you try to archive the set goal, which could significantly delay the achievement day. However, if you are aware of them, you can plan on how to deal with them promptly.
Examples of some SMART objectives for online marketing
Various companies have established smart marketing objectives for online marketing. Some of the marketing objectives include:
Digital revenue generation – the objective, in this case, could be achieving 15% increase in online revenue for the next two years.
An increase in the acquisition – the company would set a goal of acquiring 40,000 new online customers during this financial year. Additionally only inquiring $20 as the cost per acquisition.
Conversion Objective – to increase the average value of all orders processed in the company to $100 per customer in the next one year.
All these smart marketing objectives are attainable as they are very specific on what needs to be done additionally to the period each objective has. Therefore, it makes it easier in implementing it in the company as different teams will be created that are each responsible for one objective. After that, share the set goals for each objective. To ensure teams are on track with the objective, monthly evaluations are conducted.
Review of SMART objectives
The reviewing of smart marketing objectives can be done annually, semi-annually or even quarterly, this all depends on the period that has been set on the target. Let us take for example the digital revenue generation to be achieved in two years. It would be advisable for a semi-annual review to be done, to ensure the company is on track and if any changes would need to be made on the objective, it is done promptly. In addition, a quarterly report should be generated to ensure the tasks are on track.