It is important to know your baseline marketing and revenue metrics to determine the growth required for each area of your sales and marketing program. You can make sure that your goals are achievable and realistic by analyzing your sales and marketing data. These goals are known as SMART goals. They stand for Specific, Measurable. Attainable. Relevant. And Time-bound. This 4-part process will help set your initial goals for inbound marketing campaigns. This process will align your larger marketing goal with smaller metrics that all work together to achieve your overall goal.
A measurable goal allows you to realize when this goal is complete. It’s a marker that allows you to know when to celebrate that win. It’s not enough to just say “to grow my business.”
You need to pare it down to the core and determine what that growth looks like. Is it to grow by 2.5% in the first quarter or hire three new sales employees to cover a new territory? Or maybe it’s closing ten new accounts in the real estate, oil and gas, or medical industries. Without a set measure, you will lose sight of what you’re working for.
Creating an attainable goal requires balance. The goal needs to be challenging enough that it’s not too easy to achieve but also not too hard that there is no way to meet that goal’s expectation. While some believe there is nothing wrong with shooting for the stars with an overly ambitious goal, it’s important to evaluate who will be tasked with attaining that goal and how you expect them to achieve it. For example, if the C-suite of your business develops a goal for its sales team to bring in $36 million in sales over the next four months. Without a clear plan of action or a set of helpful tools for your employees to meet these robust goals, you’ll have a demoralized, resentful workforce.
- Begin with your goal revenue number. Revenue is the ultimate goal of all marketing programs. To determine which key metrics will be included in your primary revenue goal, you must first look backward.
- Calculate your lead-to-customer conversion rate. It is the average conversion rate at which a prospect becomes your customer.
- Determine how many leads you will need to generate to achieve your customer goal. This is based on your lead to customer conversion ratio. You can then determine how many contacts you must add to your database to convert to customers.
- Learn about your visitor-to-lead conversion rates. It is the number of people who visit your website and provide their contact information.
It is important to begin with the end in mind and then work backward. Your most important number should always be your priority. All the other integrated strategies in your marketing program will assist you in reaching that goal. This is how your numeric goals might look and how to turn them into actionable metrics. It is important to have both a conservative goal and an optimistic goal to use a variety of metrics to measure each goal.
Next, you will need to identify additional micro metrics that align with your SMART goals. These marketing strategies could include any of the following:
- Monthly Social Posts
- Monthly Number of Blog Posts
- Each month, the number of email campaigns to your database
- Monthly Number of Downloadable Content Pieces
There are no limits to the number of goals you can set. However, make sure that they all match your SMART goals so that you’re focusing on the right priorities to achieve your business and marketing objectives. You may not have all the information you need at once, but it will be easier to track your progress as you go. You will be able to identify your SMART goals for each campaign by tracking your progress over time. This will help you make your marketing plan and strategy more effective.