When creating a marketing plan or a marketing strategy, a firm or company must first have in mind the marketing objectives they want to achieve. Just like with any plan in any other field, one sets objectives and then devises the details of that plan that will help them achieve their goals. In marketing, the objectives represent what one wants to achieve through the use of marketing activities. There are various factors to take into account when setting up your marketing objectives. A simplified means of remembering and understanding what one must take into account is the SMART Approach.
The SMART approach stands for setting specific, measurable, achievable, realistic and time specific objectives. This short and simple phrase basically contains all the things one must remember when setting up their marketing objectives and plans. These are just some of the major terms of the SMART approach, but there are others as well, such as significant, simple, motivational, manageable, appropriate, actionable, adjustable, result-based, resonant, time-oriented or time framed and others.
Following the SMART marketing objectives will ensure you will always be accurately aware of what you must do in order to get good and satisfactory results. They will also help you determine how good your plan was and what could have been different. Thus, specific indicates that you should be precise and accurate about what you wish to achieve. Measurable refers to your ability to quantify your objectives and analyzing them or even using a unit of measure like the dollar, the Euro or others to determine how successful the plan can be. Achievable makes sure you are aware of the degree to which you can achieve what you’ve set out to do, whereas realistic is there to make you question your capabilities and resources and see if they are enough for you to reach your marketing objectives. Last but not least, time specific makes you set up a certain period of time in which you need to achieve your goals and to set up a date; you will also divide segments of the plans into time-specific parts so that they are easier to accomplish and understand.
An important aspect when setting up marketing objectives for a certain project is that you must be sure that they are in line with the firm’s or organization’s general business plan, their principles and general objectives so that everything will run smoothly.