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January 19, 2018
At PHOS, we’re on a mission to empower our clients to market through their mission to reach their vision. A huge part of vision is setting goals.
Many companies know their ultimate goal, but fail to set up waypoints – goals that they can measure their progress against. Having S.M.A.R.T. goals and logical KPI’s can make tracking your progress easier and adapt to changing conditions in the marketplace.
Without a goal, any marketing efforts are just shots in the dark. All of your efforts need an associated target. Even if you miss, you’ve at least aimed and know where you are failing and succeeding.
What’s important to your business? Is it sales? Is it leads? Is it visits to your website?
Sit down and write out what is most important to the success of your business. Having a list of what is most important to you allows you to prioritize your efforts.
S.M.A.R.T. is an anagram that informs the types of goals you should set:
If your goals are specific, measurable, achievable, relevant, and timely, it will make it that much easier to set your key performance indicators. KPIs and S.M.A.R.T. goals have a symbiotic relationship, meaning they rely on each other to survive. To measure a S.M.A.R.T goal, you must have a KPI in mind.
Part of setting S.M.A.R.T goals is understanding past performance. Take the time to study your past. Understand the things you’ve done well and what needs improvement. Ask yourselves these questions when looking at your past performance:
Be honest and open with yourself about where you are and where you’ve been. The only way to create achievable goals is to understand what’s possible and where your strengths and weaknesses lie.
KPI stands for key performance indicators. The right metrics, or KPIs, can help you measure the success of your marketing campaign and allow you to understand where you can improve. The following are some good examples of KPIs:
These data points are only some of the statistics you can track to measure performance. What you track depends on your business type and what goals have been set for your business.
Data can be intimidating. You may know that it is available to you, but focusing on the right metrics and wading through the less important numbers can be daunting. Thankfully there are plenty of tools out there that make collecting the data much easier:
Familiarize yourself with any platform you are using. Ask yourself what each number provided means and think about how that affects your business. Pick the data points that mean the most to you and your business, set those as your KPI’s and track them over time.
Goals should never be “set it and forget it,” they are always evolving and changing as your business grows and changes. It is important to know how data changes over time and why it is changing. Always ask yourself, “Why.”
Are your KPIs increasing? Why? Are your KPIs decreasing? Why? Is it seasonality or a larger trend? Did I do something different that might have positively or negatively affected my marketing efforts?
Knowledge is power, know the answers to these questions, and you will be able to sharpen and improve your goals.
If you need help clarifying your mission or vision, PHOS is here to help! We offer strategic planning and the full scope of digital marketing services, SEO, web development, social media management, PPC, and email marketing. We can help you set your goals and get you on the path towards success.