The year 2019 came, with a lot of promises and while some companies achieved their set goals for the year, some companies did not achieve theirs, while some, even, exceeded theirs.
Various reasons may be attributed, to companies not meeting their targets. It may be that they failed to tone up the strategies of one, or, more departments, such as sales, marketing, distribution, etc.
Now, as the year is rolling to an end, it is the right time, for the management of organisations, to meet to perfect strategies, to put in place, in order to achieve excellent results, in the coming year.
One very important area that the management of organisations should, strategically, plan for, in the coming year is the marketing of its products, services or solutions.
Below, are three main sets of objectives to consider, in designing the marketing strategies of your organisation for the coming year:
- Business Objectives: Increase profit growth and Increase market share
- Marketing Objectives: Increase sales and increase brand recognition
- Campaign Objectives: Increase the frequency of consumption and Increase household penetration
What are, however, the marketing objectives and how should an organisation go about it?
Marketing objectives, encompass the difference between goals, objectives and KPIs, which sometimes, may be used, interchangeably.
Marketing objectives, give you a clear direction and help set results, which are aimed at achieving marketing strategies.
Without clear marketing objectives, the focus is lost and progress may not be accurately measured.
Below are tips that will help organisations achieve their marketing objectives in the year 2020.
Employ Data To Drive Sales
The November 5, 2019 Merkle’s Customer Engagement report, states that, “data, technology and analytics, are deemed, to be the most important areas at the moment, coming in, ahead of digital, (16%), paid media, (10%) and search, (10%)”.
Most of us, are now familiar with the phrase; “Data is the new oil”. The world is now a globalized village and every organisation needs to start leveraging on data, to start boosting their sales.
Employ data, to drive sales and use it, to propel the planning process and marketing objectives.
Mark Out Your Goals: It is, highly, essential that, organisations kick-start their year, with a well thought out marketing plan, as this may be essential, for the growth of the organisation.
Take a look at where you are coming from; how far you have gone and what lies ahead, in the future and try to strike a balance that will aid your goals.
This will enable you, to identify loopholes that need to be sealed and how well, you can improve.
Carry Out Strategic Research
Research should, basically, be the foundation, for every organisations’ marketing objectives. Having a clear understanding, of the essential key trends and insights, to stimulate drive, for the year ahead, will help you to prioritize the areas that, are most relevant, for your business.
Digital platforms, like Social media, Social commerce, Email marketing, Video marketing, Pay-Per-Click, (PPC), Search engine optimization, (SEO), etc., are essential tools that need, to be explored here.
Never Forget Your Mission Statement
Your goals are tied, to your Mission Statement and it is, highly, essential that, your Mission Statement, should be the fundamental bedrock, of your plans.
A Mission Statement throws more light on and clarifies the ‘what’, ‘who’ and most, importantly, ‘the ‘why’, of a company.
A Mission Statement is, a pointer, to what your company stands for and it should be leveraged, to boost the company’s image.
Objectives should be tied, to the company’s Mission statement.
Don’t miss important articles during the week. Subscribe to cfamedia weekly newsletter for updates.