In addition to your business plan objectives, your marketing strategy should also include strategies to expand your customer base. After all, change is inevitable. If you don’t grow with your customers, you’ll find that your customers are leaving you for your competitors. Besides, it’s also a good idea to focus on your current customer base. When done properly, digital marketing will increase your profits and sales. But how do you know which strategy is right for your business? Follow these tips to create your own marketing strategy.
Setting SMART goals
As with any other goal, SMART goals require measurable action. For example, “Increase blog traffic from email” isn’t a SMART goal. Similarly, “Get 100 Twitter followers” isn’t a SMART goal. But with a clear timeline, you’ll be able to gauge your progress and reflect on the goal. Here are some tips for creating SMART goals:
The most important aspect of a SMART goal is that it’s specific and measurable. You don’t want to create a goal that has multiple outcomes or a vague one. SMART goals are specific, attainable, realistic, time-bound, and measurable. As a business owner, these goals are essential in measuring your overall performance. If you fail to achieve them, you’ll be left chasing your tail and your goals will be a waste of time.
Setting SMART goals also creates transparency. Often, marketing teams are unclear on what the company wants to achieve, so SMART goals provide more transparency. Besides, SMART goals are a great way to determine what your team can accomplish. As a result, you’ll be able to evaluate your marketing efforts against them and refine your goals. If you have trouble determining a goal’s relevancy, then it’s not a high priority.
A SMART goal is usually summarized by one measurable outcome. For instance, a SMART goal might be to increase revenue by 7% in one month. However, the team may later determine that a month’s worth of exposure from a trade show only generates 2% of the sales. This information may help them adjust their timeline and refocus their efforts on other goals. In this way, they’ll get the results they desire and keep their customers happy.
A SMART goal must have a clear, defined target date. It should also be realistic. A goal that is unrealistic and too long-term will likely fail. Smart goals must be based on past success and traditional business timelines. Using a CRM to measure audience engagement is a great way to make sure you achieve your digital marketing plan objectives. Once you know how to set SMART goals for your marketing campaigns, you can begin implementing the plan.
Identifying key performance indicators
In your digital marketing plan objectives, you need to define “key performance indicators.” These are quantifiable measurements that show your progress toward meeting your marketing goals. Without these measures, you will not know how effective your campaign is or how much your efforts are actually helping your company. Here are a few examples of key performance indicators that you should consider. These metrics can help you determine the success of a particular campaign and will help you decide where to focus your marketing efforts.
Key performance indicators are metrics that businesses use to measure the relative effectiveness of sales and marketing efforts. A key performance indicator is “cost per lead,” which is a dollar amount you pay for every lead generated from your website. This metric is particularly useful when evaluating the effectiveness of your online advertising options. If a campaign generates high numbers of viable leads, your CPL will be low. But if it’s not working, your efforts might be in vain.
Key performance indicators provide the most comprehensive view of your marketing strategy. They translate your data into measurable values. Rather than just looking at open rates, click through rates, and number of downloads, these metrics provide valuable insights about your overall campaign. Knowing how to measure these metrics will make your digital marketing strategy more efficient and successful. They’ll also help you target your target audience. For example, if your marketing strategy is aimed at increasing sales, a KPI for generating leads is to examine website visits per marketing channel.
Besides revenue and customer lifetime value, KPIs can also include conversions. In today’s competitive landscape, conversions are crucial to the success of a company. Ideally, each conversion should be easy to measure and provide significant value to the company. To measure conversions, companies will use both quantitative and qualitative metrics. For example, they will track leads or sales, which are both good indicators to measure, but are not particularly useful if you’re a startup. Reach and engagement are still important measures to monitor.
Creating a 3 to 12 month scope
The key to generating ROI is to align sales and marketing efforts. A digital marketing plan serves as a roadmap for your business. Without a solid strategy, you will likely spend money on ineffective activities. Listed below are the components of a digital marketing plan. Your objectives should be specific, with timeframes and numbers. A plan will help you to track your progress and make changes as necessary.
Tracking progress
Setting goals is critical for a successful digital marketing plan. In this case, it is important to set daily, weekly, and monthly goals. Once you have set these objectives, you can track progress toward them, as well as make adjustments to your overall strategy based on the results. A marketing plan template can be an essential tool for the development of this type of plan. It will also help you flesh out your strategy. The goal should be SMART, or specific, measurable, achievable, and time-based. It will help you avoid procrastination and ensure that you are working toward a specific outcome.
Your digital marketing objectives should include web analytics and online KPIs. To do this, use tools like Google Analytics or Hubspot to track visitors. Another way to measure success is to measure market share, which shows how much your company controls compared to competitors. Knowing your current market share will help you identify opportunities to expand your business and reach potential growth. It is important to measure your growth potential, as this can be an indicator of how effective your strategy is.
Your marketing objectives should include specific goals and KPIs to help you evaluate your progress. Using these metrics, you can track how your efforts are yielding results and identify which of those goals are worth pursuing. Identifying KPIs will also help you compare your current marketing efforts with those of your competitors. Aside from measuring your marketing goals, you can also measure the success of individual marketing tactics. By evaluating how each of them performs against each other, you will be able to make changes based on your goals and determine whether or not they are delivering results.
The success of your marketing campaign depends on how well your goals are aligned with your overall business objectives. For example, if you are aiming to increase revenue by $5 million this year, setting objectives for each quarter will help you determine whether your efforts are working towards your goal. It will also help you to measure the success of your marketing efforts based on KPIs and how effective your marketing campaigns are. There are several S.M.A.R.T. guidelines that you can follow to set goals that are both achievable and measurable.
