Success begins with determining where you are and where you want to be.
But how do you get to the place you wish to be?
By setting actionable goals and monitoring progress towards those goals. For many teams, this step is where the terms ‘goals’ and ‘metrics’ may be used interchangeably when in reality they are quite different.
Goals are the strategic outcome of what you want to accomplish. They are actionable results you are striving to achieve with your action plan.
Metrics are the key indicators you use to determine progress towards your goals. Having clear goals and metrics in place will help you to create greater success as a business.
Here are some examples of goals and metrics in marketing.
Examples of marketing goals:
As a business, you should have specific outcomes you would like to generate with your marketing. These goals should align with your strategic business goals. You also want these goals to be time-bound, realistic, and specific.
Possible goals may include:
- Increasing brand awareness by 10% by the end of the year
- Increasing sales of a specific product by 20% within six months
- Increase new client consultations to 30 per month within three months
Goals motivate us. They drive us. To further fuel your desire to hit these goals, root them in a deeper ‘why’. For example, once you hit a certain revenue, you can increase your salary or hire an assistant and improve your quality of life.
So, how do you know you’re making progress towards your goals? Through metrics.
Examples of marketing metrics:
Metrics are tangible, measurable indicators of progress toward your goal, or the need to adjust your actions or expectations. Metrics should be specific to the goal itself and would look something like the below examples:
Increase brand awareness... Branded searches, social impressions/reach
Increase sales of a specific product... Total purchases, unique transactions
Increase new client consults... Consult inquiries, consults completed
Monitoring the right metrics will help you determine if you’re making the necessary incremental increases to hit your goal within the timeline you’ve defined.
You may find that you were overly ambitious in your initial goal setting and adjustments need to be made (this is fine!). Or you may find that you’re ahead of the game and will be hitting your goals sooner than expected. Paying attention to these metrics will help you optimize your action plan and make informed decisions moving forward.
When goals and metrics are clearly defined, it unifies your business and team with a clear objective and gives purpose to your planning and everyday activities.
If you need help reaching your goals, schedule a discovery call with us today!