Developing the Optimal Value Proposition that Drives Market Success

For a business to achieve market success, it must create superior value for their customers, collaborators, and the organization. Peter Drucker, famed management theorist, stated that the purpose of business is to create a customer and that business enterprise has only two functions, marketing and innovation. Thus, the responsibility of creating value and winning customers falls on the shoulders of marketing.

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The Three-Step Writing Process in Business Communication

Effective business writing is important to a company because it helps create efficient communication that leads to increased productivity, faster problem solving, stronger decision-making, and increased profits. It also helps boost the organizations credibility.

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Writing SMART Marketing Goals

Marketing Goals and the S.M.A.R.T. Acronym

Developing sound marketing goals (or objectives) is critical to managing the performance of your marketing initiatives. Without marketing goals or objectives, you’re much like a ship in the sea trying to navigate without a map. It’s pointless!

Ideally, marketing objectives should be clearly defined using what’s known as the S.M.A.R.T. goals (or objectives) method. S.M.A.R.T marketing goals (objectives) are:

  • Specific
  • Measurable
  • Achievable
  • Results-focused
  • Time-bound

The more precise and detailed you are in your marketing goals, the better you can manage and measure your marketing initiatives.

Example Marketing Goals (Objectives)

Before discussing how to write S.M.A.R.T. marketing goals, take note of some marketing objective examples (below). These marketing goals are similar to what you may find in a typical marketing plan:

  • to increase sales of (specific) product/brand X by 15% over the next 18 months
  • to increase market share for product/brand X by 7 percent (in a specific region) over the next 12 months
  • to generate 200 new leads via the website each month
  • to increase distribution of product X (in a specific region/territory) from 15% to 30% within 12 months

Notice that the above marketing objectives already follow the S.M.A.R.T. goals format; they are specific, measurable, achievable, results-focused, and time-bound.

SIDE BAR: Typical Marketing Objectives

Take note that typical marketing objectives may refer to the following types of sales and marketing initiatives (this is just a small list):

  • sales
  • market share
  • distribution penetration
  • new product launches
  • lead generation
  • social media followers


Writing S.M.A.R.T. Marketing Goals (Objectives)

Let’s examine each letter in the acronym S.M.A.R.T. more closely, providing its definition, an example, and the explanation of the example.

Specific:

A marketing goal should clearly define what you are going to do. The Specific in the S.M.A.R.T. model answers the What, Why, and How of the goal.

Example:

The automotive parts division will increase sales of car batteries by 10% over the next 12 months using cross selling, up-selling, and direct marketing strategies, so that it can increase revenue to hire a new counter sales person.

Explanation: 

  1. What = Automotive parts division will increase sales of car batteries by 10%.
  2. How = By using cross selling, up-selling, and direct marketing strategies.
  3. Why = To increase revenue to hire a new employee; a counter sales person.

Measurable:

There should be tangible evidence that you have accomplished your marketing goal or objective. Typically, the entire goal statement is a measurement for the project, however, there are smaller measurements built into your objective.

Example:

The automotive parts division will increase sales of car batteries by 10% over the next 12 months using cross selling, up-selling, and direct marketing strategies, so that it can increase revenue to hire a new counter sales person.

Explanation: 

The measurable metric is whether the parts department increased sales by 10% within the 12 month period.

Achievable:

Marketing goals should be achievable. The goal should challenge you, yet it should be defined well enough so that it can be achieved. For the goal to be achievable, you must have the proper resources, such as skills, personnel, and finances.

Almost all realistic goals can be achieved when you plan your steps wisely and establish a timeline. By following steps, you can achieve marketing goals that seemed impossible. On the other hand, if you establish impossible goals, you may never reach them.

Example:

The automotive parts division will increase sales of car batteries by 10% over the next 12 months using cross selling, up-selling, and direct marketing strategies, so that it can increase revenue to hire a new counter sales person.

Explanation: 

For you to achieve this marketing objective, you must have a skill-set in selling techniques as well as direct marketing initatives. Without these skills, you will not be able to successfully achieve these goals.

Results-focused:

Marketing goals should measure outcomes, not activities.

Example:

The automotive parts division will increase sales of car batteries by 10% over the next 12 months using cross selling, up-selling, and direct marketing strategies, so that it can increase revenue to hire a new counter sales person.

Explanation: 

The result of this marketing goal is the ability to hire a new counter sales person and an increase in revenue over the past years performance.

Time-bound:

The marketing goal should be linked to a timeframe that creates a practical sense of urgency.

Example:

The automotive parts division will increase sales of car batteries by 10% over the next 12 months using cross selling, up-selling, and direct marketing strategies, so that it can increase revenue to hire a new counter sales person.

Explanation: 

The next 12  months provides a time-bound deadline. The marketing goal can still be more specific by offering a very specific end date.

Writing goals for marketing objectives is no doubt important to the success of your business or products/services. Using the S.M.AR.T. goal methodology can help ensure that goals are achievable in a timely manner, creating success for your organization.

Comments and suggestions are always welcome. If you would like to share your S.M.A.R.T. marketing goals, insights about this topic, or questions, please do so in the comment section below.