Marketing Strategy Evaluation – From SMART Marketing Goals to SMARTER: Find out how to set marketing goals, measure your digital marketing goals and use data to inform your marketing strategy.
When defining specific marketing objectives to support your long-term goals, it is common practice to use the widely used SMART mnemonic. You will know that SMART is used to assess the appropriateness of the objectives set to drive different strategies or improve the full business process.
Marketing Strategy Evaluation
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Our infographic summarizes the five different SMART elements we recommend for your marketing goals. Of course, different people hit different targets. You can refer to Wikipedia’s definition of SMART marketing objectives for more definitions.
Keep your strategic goals SMART, link your strategic goals and KPIs, and make sure your entire team knows what the goals are.
Smart Insights has marketing tools and strategies to keep your team on track. Managers can use our advanced module forecast results and ROI in digital marketing activities, for business members, to set goals.
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Also, if you’re still looking to buy digital marketing, don’t forget to check out 10 Reasons Why You Need a Digital Marketing Strategy.
Here are some common examples of SMART goals. I have included one example in each section of our RACE Growth Plan > Reach > Action > Convert > Engage. There are 2 examples of conversion goals, as we know many businesses are defining new types of goals to help them find a difficult trading environment.
Naturally, you’ll want to set different goals to help motivate your customers to take action at different stages in their buying journey.
If you’re building awareness, your goals and metrics will focus on brand positioning, such as product searches, and paid media impressions. While conversion-related goals may include CRO, VQVC, or email optimization.
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This is where our RACE Framework comes in. A fully functional marketing and sales funnel that includes recommended sales activities, KPIs, and integrations to help you plan a simple and effective customer journey.
Our RACE Growth Plan is designed to help you quickly create and implement a 90-day marketing plan using the RACE Framework to improve your marketing results.
By mapping your goals across the stages of your customer’s lifecycle, you can measure granular metrics and customer-centric data to inform your targeting and tracking.
With RACE, you will identify new opportunities, set goals, develop strategies, and take action to achieve your goals. Download your free guide now to find out more.
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When setting digital marketing goals for the future, as well as a digital marketing plan, it helps to look hard at each measure and ask “Is it possible?” and “Will it help?”.
The SMART mnemonic acts as a check or filter that you can use to check the quality of the measurements. The definition of SMART Insights is:
You can increase your assessment of choosing the right marketing objectives by using these 10 design tests developed by performance management expert Professor Andy Neely. With smart metrics, ask these questions of your KPIs as you develop them.
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This test shows that there are additional filters on top of SMART that are useful to select the best measures. I like to check “So, what, another way to explain compatibility and gaming – a common problem with optimization goals that SMART can’t think of!”
Finally, some have developed definitions of SMARTER goals that indicate the need to re-evaluate the relevance of SMART goals over time.
This definition certainly reflects many definitions of digital marketing goals – you may want to compare your current approach against these!
Now that we have defined what SMART goals mean for you and your marketing strategy. What are your next steps, and how can you make sure you reach your goals?
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We have a library of ready-to-go marketing tools and templates, all included Go to the RACE Framework, to support you:
Whether you want to improve your Google Analytics skills, train your team, or use a new data-driven template to predict growth, we recommend using our RACE Growth Program to improve your marketing from strategy to execution.
All of our marketing solutions are integrated across RACE so you can confidently use your findings to improve your marketing at one, one, or all stages of your customer’s lifecycle.
With RACE, you can identify new opportunities at every stage of your marketing cycle and prioritize the critical journeys that deliver the results you want. Download your free RACE Growth System Guide to learn how to grow your business. Your with Smart Insights.
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Digital strategist Dr. Dave Chaffey is the founder and content director of online marketing training platform and publisher Smart Insights. Dave is the editor of 100+ templates, ebooks and courses in the marketing resource library created by our team of 25+ digital marketing professionals. Our services are used by our Premium members in over 100 countries to plan, manage and optimize their digital marketing. Free members can access our free sample templates here. Dave is a keynote speaker, trainer and consultant who is the author of 5 best-selling books on digital marketing including Digital Marketing Excellence and Digital Marketing: Strategy, Practice and Action. My personal website, DaveChaffey.com, lists my latest digital marketing and ecommerce books and support materials including digital marketing terminology. In 2004 he was recognized by the Chartered Institute of Marketing as one of the 50 global ‘gurus’ who have helped shape the future of marketing. Please connect on LinkedIn for updates or ask me questions.
What is the difference between active and passive marketing efforts? Efficiency versus definition and definition of efficiency I think many people will think that the definition of efficiency and effectiveness are the same words to describe the efficiency of business processes. If so, think again, because any kind of process…..
Set digital marketing KPIs to achieve your goals Set key performance indicators, make SMART KPIs, and align your goals using our RACE Framework to achieve YOY growth in your business’s key indicators KPIs are a useful way for digital marketers to set expectations and prove…
Digital Marketing Objectives: How to Plan, Measure and Achieve Your Marketing Goals Without clear marketing goals, you have no direction – and you’re working to achieve useless metrics that don’t help you achieve your overall business goals Digital Marketing Objectives All marketing support. technique. After all, how do you know who you are….. To a large extent, developing a marketing strategy follows the same sequence of activities used to define a business strategy. The main difference is that marketing strategy is directly affected by business strategy, as well as other functions within the organization. Therefore, the marketing strategy must always be involved in monitoring and responding to changes in strategy and business objectives.
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Company. One way to evaluate these different factors, or inputs, is to conduct a situational analysis (also called a SWOT analysis). SWOT analysis includes a review of the company’s internal strengths and weaknesses and the external opportunities and threats it faces. We will discuss SWOT analysis and other strategic planning frameworks in more detail later in this module.
Marketing strategy describes how the best marketing mix is used to achieve business strategy and objectives. The essence of marketing strategy is target customers. While business strategy may have elements that focus on internal operations or seek to influence external forces, each element of marketing strategy focuses on target customers.
Focusing on the target customer marketing strategy seems like a no-brainer, but often organizations get wrapped up in their strategies, efforts, and products and forget to focus on the target customer. When this happens, customers lose faith in the product or company and turn to other solutions.
As we discussed earlier, objectives can create alignment between business and marketing strategies. When business objectives are clearly defined and communicated, they become a measurement tool for every step of the marketing planning process.
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As you can see, company objectives provide important guidance in the marketing planning process. Similarly, marketing objectives ensure that the goals of the marketing strategy are defined, communicated and measured. One of the questions I get asked the most is “How do I measure my marketing efforts?” First of all, I’m always happy to hear this question, when I ask new contacts how their marketing work is and leads, I’m met with shocked faces!
Many businesses can spend thousands of pounds on marketing activities, but they do not know the results, impact and return on investment (ROI) of the business.
But before you decide how to measure marketing activity,