It is not enough to have a rock-solid IT marketing plan in place. It is also necessary to set goals. Every organization must decide the best way to gauge the success of employee efforts. Though forming goals is sometimes difficult, marketing goals must be aligned with business goals to get everyone involved fully on-board and pinpoint the metrics required to track those goals.
Why Goal Setting is Very Important
Establishing specific goals that are measurable and within reach will help you and your team identify exactly what the group should strive toward. In order to identify “good” goals, let’s pinpoint those not properly defined. Consider a marketing goal example such as ranking number on search engines. This lofty goal is nearly impossible to obtain. A generic goal such as building an email list or adding website visitors will not suffice. Make goals as specific as possible. If your group needs 100 more leads, 500 more leads, 20 new additions to your mailing list or anything else you can pinpoint, do so when setting your goals.
An example of a well-defined marketing goal is as follows: “we require 1,000 more visitors, 200 leads and a minimum of 50 new clients across the next two financial quarters.” Another example is striving toward 500 more visitors to the company’s website by ranking number in the top five on search engine results for a specific keyword term that prospective clients regularly sleuth for on the web.
How to Establish Marketing Goals According to Business Goals
Aligning marketing goals with the company’s goals begins with pinpointing the amount of revenue necessary to generate from IT marketing pushes. As an example, consider a situation in which a business did a million dollars in sales the prior year. The head of the company states he desires to expand the business by 30 percent. However, there is already upwards of a million dollars on the books for the following year. The company anticipates another couple hundred thousand from additional advertising. There is about a half-million-dollar gap remaining that must be closed within the next year.
Consider the Number of Sales Necessary to Reach Revenue Goals
Identify the revenue gap, divide it by the average sale’s value and you will know exactly how many clients are required to hit those revenue benchmarks. Once the required sales goal is set, pinpoint the closing rate and the number of opportunities necessary. Furthermore, it is necessary to determine the number of SQLs (sales qualified leads) required. This lead will be passed along to the sales team. If it is the initial inbound marketing campaign, you might not know this number so make your best estimate. The next step is to determine the number of MQLs (marketing qualified leads) required. MQLs are leads that are not quite ready to go through the entire sales funnel.
How Many Leads are Necessary
A lead is best defined as a visitor who has converted on an offer. Yet, not all the leads are qualified. It is imperative to estimate the number that will provide you with adequate MQLs to reach the goals your team sets. The key to converting leads to MQL at a high rate is to provide intriguing content. Consider the amount of traffic necessary to reach your aims. In general, a 2.5 percent conversion rate over a full year is acceptable.
Incorporate Additional Important Business Goals
Additional key business aims should be emphasized. As an example, business goals that might require metrics include revenue from current customers, sales for specific services or products, the number of applicants for open positions and heightening retention rates from existing customers.
Progress Will Occur in a Gradual Manner
Once your goals are set and the wheels of IT marketing are in motion, it will take some time to obtain results. Be patient, give this approach a full fiscal year to progress and you will notice improvements. Your goals will never be flawless. Spending hour after hour manipulating numbers is not worth it. If you find yourself falling into such a trap, pause, analyze the new data and alter your goals as necessary.