Okay, what is the marketing objectives or goals portion?
Well, these are the individual things that you're trying to achieve.
They're what give you the variables, statistics, the numbers that you can measure against to
see if you're being successful.
Marketing is an art more so than a science.
So with that in mind, your efforts, you're going to need some level of feedback to determine
the efficiency or level of success your having in employing a given market strategy or the
individual tactics that you're putting out there.
How effective they are in achieving what you're hoping to achieve.
So, to start with, you need to understand what your objectives or goals are.
What you hope to achieve.
So ask yourself, where do we want to go?
What markets do we want to address?
What geography do we want to – what geography do we want to cover?
How far are we going to expand our product or service deliver at this point?
And then ask yourself, within that given market share, within that given market, what share
or percentage of that available market is – can I realistically hope to grab at any
point in time or throughout the lifecycle of the business.
Because in this section, entrepreneurs tend to be extremely optimistic or overly optimistic
about the percentage of the market they're going to be able to grab at this point.
But, laying these goals out ahead of time will give you a metric to understand how close
you are coming or how far you are away from achieving the goals that you need for the
business to stay, to be your continue on it's growth paths or to be viable.
Lots of times, you set multiple levels of goal, the minimum goal set and then actual
realistic expectation goal sets.
So again, you'll layout your sales objectives for any given geography or region or within
any given market segment.
Your level of penetration into the market, so the customers awareness, there of your
product or service.
Even if you haven't consummated the number of sales that you're projecting, still brand
awareness could be a prime area objective or goal.
Number of distributors, if you're using say a retail model for distributing your product.
How many stores are you in?
How many individual retailers are carrying your lines, okay?
Again, your pricing policy.
Where do you hope to be with the pricing of the product at a given point in time?
Do you expect it to go up as you add more features or new models of the product or service,
et cetera?
Are you starting out lower or higher than you would be?
And if generally, and if you're starting out lower or higher, what is your strategic goals
or objectives behind that.
Your sales or promotion.
Your sales promotion efforts within a given time.
How much are you – what is your objective for sales promotion efforts in a given area,
in a given market over a specific amount of time.
And then what level of advertising do you hope to achieve at a given point and time
moving forward.
So, all of these are things that you can set out as objectives or goals that you're hoping
to achieve with regard to your marketing efforts.
If you lay this out in full, then you have a more of a roadmap, a guidelines to judge
yourself as to whether you're achieving the results that you desire with your marketing
effort.
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