Goals Definition. The market strategy will guide the direction for your business. The marketing goals generally align with broader company objectives. For example, if a new company is looking to grow, often their marketing plan emphasizes strategies to increase customer base.
Goals and Key Performance Indicators (KPI)
To measure the progress of the company, we can formulate a funnel that show the milestones that contribute to the achievement of the goals. The milestones represent steps towards the achievement of a goal. The goal marks the success of the strategy.
Conversion Funnel
Source: BGH
The conversion funnel contains the 3 main milestones a company might have such as awareness, bonding and conversion; and also shows how to measure them. The funnel starts big with milestones such as creating brand recognition and gradually decreasing until it reaches the smallest part that are purchases and/or generating revenue for companies.
However, it is important to note that it is a path and one milestone leads to the other. We cannot make users buy us if they do not know us and do not identify with us.
Efficiency & Effectiveness
Key Performance Indicators
Source: BGH
You might want to start your business’ milestones by creating awareness: you want people to recognize your brand anywhere or increase your website visits, in order to measure this you need social network indicators like impressions, clicks and sessions. Maybe you already accomplished this and now your company wants to move on to bonding. It is important to create engagement with your customers through social media (likes, comments, shares) or inquiries through email, social media or website. For some companies it is more important to have communication with their customers in order to create a solid and loyal customer base. Once you accomplish this, you can move to purchases, efficiency and effectiveness or attribution. When people know you and trust you, they want to buy what you are selling.
It is important to properly measure each goal in order to determine whether a strategy is working or not, but let’s talk more about it.
What is a KPI and a SMART Goal?
A Key Performance Indicator or KPI shows how well your company performs. They are used to achieve better results, understand the business and make good strategic decisions. Not all metrics can be measured so it’s important for your business to set…
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