When you start a business, the first and foremost thing is to set a goal as it will decide the pathway of your business. The way you set the goal highly impacts your image. It should neither be too ambitious as it will make you look like a tyrant nor too low as it will make you look like a short vision person.
After setting a goal, Marketing Companies Ottawa it is important to make a proper plan otherwise your team will get confused and frustrated. Various experts suggest that while setting a goal, always begins with the end and plans backward to spell out the necessary steps to get you there.
Goals must be specific, measurable, attainable, realistic, and time-bound so that you and your team will know for what you are exactly working.
Planning and setting goals are dependent on each other. If anyone of them is weak or unrealistic, it will lead you nowhere. While setting goals, one should be specific when it comes to numbers and they also need to be updated with time.
Red means that the target is too far to achieve, yellow denotes the moderate, green symbol of break-even and super green means that the is surpassed.
7 steps that help in setting marketing goals based on business goals are-
- 0.1 Deciding Revenue To Generate From Marketing
- 0.2 Determine The Sales
- 0.3 Identify The Closing Rate And Number Of Opportunities You Need
- 0.4 SQL Needed
- 0.5 MQLs
- 0.6 Number Of Leads Required
- 0.7 Traffic Needed To Achieve The Goal
- 1 Quarterly Benchmarks
Deciding Revenue To Generate From Marketing
The first and foremost step is to decide how much revenue do you are business wants to generate. When you want to increase your revenue, you need to work accordingly as you have to achieve that in the next 12 months.
Determine The Sales
Take your revenue gap and divide it by the value of your average sale. It will help you in determining how many new customers are needed to achieve the target.
Identify The Closing Rate And Number Of Opportunities You Need
Always work backward so that you can identify how many more opportunities you need and for that how many customers are needed.
A Sales Qualified Lead (SQL) is a lead that can be transferred to your sales team. Some can become an opportunity and some will not. It is a general observation that around 50% of opportunities. It may vary according to the time but you can always adjust it over time.
A marketing Qualified Lead is a lead that is not sales-ready. They need to work before transferring it to the sales team. They may consider themselves a bad fit to do business with you. It is again suggested that 50% is a good figure which can be adjusted later.
Number Of Leads Required
There will be many visitors to your website but they all can never be MOLs. They can be in their buyer’s journey or can be those who just want to gather information. So, when you want to decide the number of leads, you have to keep all the things in your mind.
Another important point here to remember is the information you are providing through your website. If your content is attractive for your qualified lead, there will be a higher chance that the lead will convert into MQL. As you start working, you need to monitor figures thoroughly so the necessary adjustments can be made over time.
Traffic Needed To Achieve The Goal
It is very important to set a goal so that you would estimate traffic to lead conversion rate of 2.5% over the next 12 months. The number of visitors will become half when it comes to lead, again half while becoming MQL, and will again get half who will become your opportunities.
They will then spend money which you will receive as an income. These figures are not perfect but you can use this in a marketing goal by taking backward steps.
The most important thing that you need to remember here is that you will not start getting the results instantly. You will get more transactions in the last quarter as compared to the first quarter. So, always try to set benchmarks for every metric you are tracking from traffic down to new customers. If you need to hit a benchmark, you need to work hard and can work with your team to improve your work.
Implement Your Other Key Business Goals
The key business goals may or may not represent one aspect of the business. We should never forget to set up similar for other goals. The list given below is not exclusive but includes some important aspects like:
- Sales for a particular product line
- Revenue from an existing customer
- retention rates from current customers
- number of job applicants
- downloads of a high lead to customer converting offer
Starting Is The First Step
According to Verne Harnish, BHAG (Big Hairy Audacious Goal), it is important that you should know where you want yourself in the next 10 years or 10 weeks. BHAG of yours may be too far or difficult to reach but that doesn’t make it impossible. You will need a long time to reach there. Your plan may seem impossible today but if you work hard towards it, you will achieve it.
Goals Will Not Be Perfect Never
Never waste your time just collecting data, just go through the old data once and you are good to go. Start making smart decisions along with your team and start working and tracking your progress.
Remember there is always scope for improvement, keep adjusting your goal according to the aim and keep moving no matter how hard the situation is.
You are not alone in the race. we at Dentist Marketing are always there to help you. Thousands of businesses are helped by us and will also help you in making your business more profitable with a successful future.