As we all know marketing is an integral part of business development, which is why advertising expenses can easily spin out of control. Unfortunately, not every marketing campaign is a success. In fact, its effectiveness can hardly be measured in many cases.
This is why it’s often regarded as a gamble, but it doesn’t have to be that way. SMART marketing is a new buzzword in the world of business development, and it is worth looking into.
In this case SMART is an acronym: S stands for Specific, M for Measurable, A for Achievable or Actionable, R for Realistic or Relevant, and T for Timely.
Your objectives and goals should be set following these guidelines. Let’s analyze these elements to find out what each one implies:
As you see, the SMART strategy is all about project management. Just by understanding what the SMART abbreviation stands for, you get the general idea of how you should frame your goals.
Instead of saying “We need a strategy on how to increase revenue this year”, let’s brainstorm and try to be more specific. You can instead say “Let’s boost our profit between 10% and 15%”, then follow up with more measurable metrics.”
For instance, state that saving on cost centers is currently not an option and that sales should be responsible for increasing your revenue. This way, your team will consider increasing revenue through sales as the only option.
Besides, you can boost your sales by creating innovative customer or employee incentives.
Now, let’s take multiple aspects of making a customer think your offer is attention-worthy.
In other words, get a 5% increase in sales by boosting the motivation of your sales team, the other 5% by organizing large sales, and another 5% through increased brand awareness. Once that’s done, create another SMART plan for each of these to make them more actionable.
First of all, plan to make large sales in a timeframe you actually remember making a profit. Then, do extensive research on your core user personas - this way, you’ll narrow down the marketing channels you should put the most effort in. Finally, find out what perks motivate your employees to come up with incentives.
What are the examples of SMART goals?
Examples of SMART goals would be getting 10 more clients within the next 3 months. Or, ensuring that daily, weekly or monthly outreach to new potential users is increased, using previous conversion rate and user feedback as a basis for the target goal premise.
Published on May 08, 2020
Former data analyst and the head of Whatagraph blog team. A loving owner of two huskies, too.
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