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This is Part 1 of 5 in a short series on preparing your own marketing strategy.
In this post, we will discuss your marketing objectives.
As mentioned last time, we will take up the case of a proposed furniture marketing business as an example to explain how to go about describing your marketing objectives.
Why define your marketing objectives
When we talk about marketing strategy, or any strategy for that matter, we always start with the objectives.
In a sports competition, the objective is to win the game. When we discuss how to win the game, we talk about strategy.
Objectives and strategy are inseparable. Nothing can be truer in the case of marketing strategy.
The marketing objectives should always be in alignment and in support of the company overarching objectives (like to attain a net profit rate of 10% in 2018) and medium- to long-term goals (like to be the market leader in the local furniture industry).
The corporate objectives and goals are calibrated milestones driven by the corporate vision – what the company wants to attain or where it wants to be in a foreseeable future.
Usual marketing objectives
The usual marketing objectives fall within the criteria of boosting sales, product launches, brand awareness, market coverage, market share, or market leadership.
Marketing objectives for the proposed furniture marketing company
You have heard it before – objectives have to be SMART.
Let us review what SMART means:
S – Specific. The objective should state relevant details about market realities.
M – Measurable. Quantitative or qualitative metrics can be drawn.
A – Actionable. Results can be a basis to take action or improve company performance.
R – Realistic. Reasonably attainable using available resources.
T – Time-bound. The time frame is a specific target to review performance.
Other words and meanings can be used for the SMART mnemonic but in our case, we will be guided by the above-stated meanings.
Following the above guidelines, we will adopt the following objectives for our furniture marketing startup:
To launch in the 2nd quarter of 2018 the initial home furniture and office systems lines.
To introduce the “ABODE” Brand of home furniture and “WORKPLACE” Brand of office systems to at least 40% of the target households and corporate clients by the 4th quarter of 2018.
Market coverage – geographic (country: Philippines)
To reach 20% of target households and target corporate clients in Metro Manila in the 2nd quarter, in the island of Luzon in the 3rd quarter, and in the islands of Visayas and Mindanao in the 4th quarter.
For a startup, these are relevant and realistic objectives. Boosting sales and market share targets can be considered in the 2nd year of operation after the business shall have taken a foothold in the market.
A subset of each of the above marketing objectives should be included in the marketing plan. Both the marketing and sales people will work on these targets:
Product launch targets:
- Launch home furniture lines in May
- Living room lines
- Dining room lines
- Bedroom lines
- Launch office systems lines in June
- Office furniture
- Partition systems
Brand awareness targets:
- 100% complete brand attributes and strategy by March
- 100% complete content and media strategy in April
- 100% finished marketing collaterals for sales staff in April
- Launch online promotion campaigns in June to last until December
- Launch offline promotion campaigns in July-August and October-November
Market coverage targets:
- Open trade channels in Metro Manila in May-June tapping at least 50 key furniture dealers
- Open trade channels in Luzon in July-August tapping at least 100 key dealers
- Open trade channels in Visayas and Mindanao in October-November tapping at least 100 key dealers
- Engage and present to at least 50 Metro Manila-based companies (among the top 1,000 corporations) monthly starting in May
What eIse? I am sure many of you can inject more creative and innovative ideas into this discussion. Please feel free to do so by sending me your comments and suggestions. I will also answer questions.