A good marketing plan is underpinned with clear, measurable goals that define what you want to achieve. I recommend that you focus on no more than 3 to 4 specific 'primary goals' at a time so progress can be monitored closely. Your goals must lead to concrete actions and include a standard to measure performance by each goal. Let's use tourism and hospitality as an example.
Five helpful elements when defining goals:
Relevant: Each goal should be linked directly to your brand mission and growth strategy
e.g. Leisure direct sales are our highest yielding business
Specific: Goals need to be clearly defined and explained so the whole team understands the goal and why it’s important
e.g. Grow Leisure direct sales
Measurable: The goals must have benchmarks and performance indicators so you can measure results
e.g. To achieve Leisure direct sales of $1,000,000
Achievable: It’s great to have high expectations, but goals need to be achievable and realistic. Once a goal is achieved you can set the benchmark higher next time
e.g. To grow Leisure direct sales by 10% to a total of $1,000,000
Time-Bound: It’s important to set a timeline for goals so you can measure results
e.g. To grow Leisure direct sales by 10% to a total of $1,000,000 by 31/12/2020
Each primary goal will also have key metrics related to achieving that goal such as:
Increased new website visits #
Website bounce rate under 30% on Leisure pages
Leisure website visits to conversions %
Increased Social Media followings, leisure focused content and engagement #%
Direct contact with your reservation team #
# EDM and conversion rates
When choosing primary goals, consider the stage of your business and its market position. A newer brand will need to attract customers and build authority, while established brands should also have strategies to retain existing clients.
Three common marketing goals are:
Even when business is booming it's a good idea to monitor leads and conversions so you’re prepared if there’s a change in the market. The methods used to measure leads will depend on your goals.
Metrics allow you to identify trends across time, so you’ll know if leads are increasing or dropping-off. You can calculate the cost per lead and your conversion rate. You’ll also be able to see which marketing campaigns attract more interest and evaluate the quality of leads generated by different strategies. Lead monitoring is particularly important for call-to-action campaigns such as free sign ups, subscriptions and introductory offers. Lead management software will help greatly with this task.
Retaining Existing Customers
Once you’ve attained a solid customer base, you can’t rest on your laurels. There are always competitors watching and waiting for the chance to entice clients away from you. That’s why you need to have a thorough understanding of your customer base.
You should be tracking the length of time between purchases for repeat customers as well as their lifetime spend, and how they respond to new products or services.
When you monitor your existing customer base closely, you’re in a good position to identify emerging trends and capitalise on them before the competition.
Promoting New Products or Services
It’s always a risk to introduce a new product or service, but if there’s a gap in the market, it’s smart to get in first. Any decisions should be based on solid market research, not just a ‘hunch’ or anecdotal evidence, which is why market research is so important.
When promoting a new product or service, success can be measured by sales units sold over time, traffic increases to your website and an upsurge in mentions on social media. Your objectives for the promotion should be straightforward so that it’s easy to determine if you’ve met them.
Defining and measuring your marketing objectives doesn’t have to be complicated. Once you’ve set clear goals there are many tools available online to analyse your metrics, and a lot of them are free. The insights gleaned through a close analysis of your results are invaluable.