Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                

Michenlong PDF

Download as pdf or txt
Download as pdf or txt
You are on page 1of 35

PRINCIPLES

OF
GOALS
IN
MARKETING
CONTENTS:
• Goals in Marketing: Definition and Importance

• The vision and mission statement in marketing

• Developing Marketing Goals

• Common Marketing Goals

• Objectives in Marketing

• Key Performance Indicators (KPIs) in Marketing


☆Goals in Marketing

• Definition and
Importance
WHAT ARE GOALS IN MARKETING?

Marketing goals are specific objectives


described in a marketing plan. These
goals can be tasks, quotas, improvements
in KPIs, or other performance-based
benchmarks used to measure marketing
success.
Why are goals in marketing important?

Goals in marketing are


important because they give
the marketing department
and company direction,
purpose and vision.
The vision and
mission statement in
marketing
VISION STATEMENT IN MARKETING
A big picture of what you want to achieve in
marketing

MISSION STATEMENT IN MARKETING


General statement of how the vision
in marketing will be achieved
Developing
Marketing
Goals
In developing
marketing
goals, it must
have the
following:
1.ATTAINABILITY
Goals must be realistic so that important parties who will
be reaching must see each goal as reasonable.
2.CONSISTENCY
The management should exert to set goals that are consistent
with one another.
3. COMPREHENSIVENESS
The process of goal-setting must be comprehensive. Simply
it means that each functional area must be able to formulate
its own goals that relate to the organization's goals.

4.INTANGIBILITY
A goal is not an action the firm can take; it is an outcome of
the organization wishes to realize.
Common
Marketing Goals
1. Increase brand awareness

A brand is a central concept in marketing, and


it’s been this way for decades. This is because
brands have powerful effects on consumers
2. Improve product satisfaction

Any successful marketing needs to be


founded on a good product that satisfies
existing market demand.
3.Increase revenue, THROUGH :

• The first way is revising your


pricing.
• The second way is adding new
services and/or products.
• The third way is cross-selling and
upselling
4.Acquiring new customers to increase
revenue.
More clients mean more income, which means
more profit for your company.

5.Customer retention

It is a metric that measures customer loyalty,


or the ability for an organization to keep its
customers over time.
6.Upselling and Cross-selling

• Upselling is an attempt to convince a customer to


purchase something more costly.
• Cross-selling is the process of offering a customer
products that are compatible with the ones they’re
purchasing.
7.Increase customer Satisfaction
Customer satisfaction (CSAT) is a measure of how
well a company’s products, services, and overall
customer experience meet customer expectations.

How to improve customer satisfaction?

• Collect customer feedback


• Turn customer feedback into action
• Improve your product or service
• Follow up with your customers
8.Launching new products or services
New products and services are the lifeblood of all
businesses. Investing in their development isn’t an
optional extra – it is crucial to business growth and
profitability.

9.Improve brand positioning


Brand positioning is the process of positioning your
brand in the mind of your customers.
2 common brand positioning

1. Price-Based Positioning Strategy


A company uses a price-based position strategy to
present its product or service as the most affordable
option. When you position your product as the
cheapest on the market, you can generate a large
customer base because no one likes to spend more
than they have to. Offering the lowest price is an
easy way to get prospects to convert
2. Quality-Based Positioning Strategy
Companies implement this strategy when they want to
emphasize the quality of their product —quality that
often comes at a premium cost.The quality of a
product can be shown through exceptional
craftsmanship, small-batch production, high-quality
materials, and even sustainable practices that make it
more expensive to produce. The income and shopping
habits of your target customers would determine
whether emphasizing quality (with a higher premium)
is the right approach for your brand.
Objectives
in
Marketing
Objectives are the smart
targets for marketing
which can be used to track
performance against
target.
Similarities between objectives
and goals in Marketing

• Both help people plan for the future.

• Once people and groups identify their


objectives and goals, they can develop
strategies to help them achieve them.
Objectives and goals can both benefit people
and organizations. They can work in
conjunction to help people succeed.
Difference between objectives
and goals in Marketing

Marketing objectives are the overarching


outcomes you want to achieve, which you set
for your team. Marketing goals are the
stepping stones you need to complete to
reach your objective.
Marketing
objectives should
meet the SMART
criteria.
SMART
1. SPECIFIC
Be specific about what you want to accomplish
2. MEASURABLE
It must be quantifiable

3. ATTAINABLE
It must be appropriate and achievable

4. RELEVANT
It must makes sense within the organizations ’functions

5. TIME BASED
It must have a timeline associated with them
Key Performance
Indicators (KPIs)
in Marketing
Essentially, a "KPI" is one of the
most important metrics a
business must track when
determining the success of their
marketing campaigns. While
these indicators don't need to be
financial in nature, they should
steer future marketing decisions.
Most key performance indicators will be:
• Actionable: Capable of being changed to
improve business performance.

• Directional: Help to determine if a company’s


results are improving.

• Practical: Integrate with existing company


processes well.
• Quantitative: Represented in the form of
percentages or numbers.
The key performance indicators of an
organisation aren't the same as it's goals.
For instance, your technology company
might have a goal to improve awareness
of your brand in a specific geographic
location. However, your key performance
indicators might be things like website
traffic, social media followers, and online
engagement.
Some of the most common examples
of KPIs for marketing include:

• Number of new customers acquired.


• Customer lifetime value.
• Cost per customer/acquisition.
• Return on Investment for ad-spend
• Customer attrition rates.
• Social media/brand awareness rates.
Thank you!
Caritas Christi Urget Nos!

You might also like