Get on With IT – Setting Objectives
In this, the first blog in our “Get on with IT” series, we are looking at setting objectives for your business and teams.
To be successful with Marketing and Sales, you need clearly defined objectives; without these, it can be tough to plan and focus activities in the right way and places. Failing to do this can also lead to you burning through your budgets without achieving results.
In these troubling times, we need direction and may need to revisit our business goals and objectives to ensure we are aligned, and these are still relevant.
Your objectives can help with this, and you need to outline specific and measurable actions that each member of your team must achieve to reach the desired outcome.
Setting Marketing Objectives
To supply the sales team with qualified leads and to create awareness and trust in your business, your marketing team need to undertake many different tasks. You could set an objective of adding X number of new followers on social media or have X number of prospects downloaded your content. It does not matter what the goal is, as long as it benefits your business, and can be attained and measurable.
Example of a SMART Email Subscription Goal
Specific: I want to boost the number of our email blog subscribers by increasing our Facebook advertising budget on blog posts that historically acquire the most email subscribers.
Measurable: A 50% increase is our goal.
Attainable: Since we started using this tactic three months ago, our email blog subscriptions have increased by 40%.
Relevant: By increasing the number of our email blog subscribers, our blog will drive more traffic, boost brand awareness, and drive more leads to our sales team.
Time-Bound: In 3 Months
Setting Sales Objectives
If the goal is to increase revenue over the next six months, to reach this, you may need to set a % increase over the average revenue generated by the team. However, I would press that you remember the current situation and ensure any goals set are attainable. Nothing will see sales and attitudes shrivel up as unrealistic goals.
There are many different goals you can set your sales teams but ensure that these are SMART.
Examples of SMART goals are below.
Spend an hour each day, prospecting new leads
Limit discounts given to customers
Improve customer retention by 20% by the end of 2020
Increase win rates by 8% in Q4
Reduce the cost of customer acquisition by 12%
Identify cross and up-sell opportunities every week
As mentioned earlier, any objectives and goals need to be measurable, and a common way of setting objectives is using SMART objectives.
Whatever you are looking to achieve, ensure that these are attainable and measurable as you can only change what you can measure, and we need to keep people motivated.
Hope you found this blog useful and more tips are coming next week.
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