How to Set Realistic Marketing Goals

Setting marketing goals might seem easy, but to set some that are realistic is where most businesses will begin to struggle. While ambitious targets might be effective for motivating teams, unrealistic expectations and the inability to meet those goals can lead to frustration, low morale, waste budgets and poor decision-making in the long run. 

Marketing goals need to be effective but realistic in order to be as useful in the cause as possible. They also need to be strategic, measurable and aligned with overall business objectives as a minimum. But how can you set marketing goals that are realistic and achievable, but that are going to give you the most success and the best results? Let’s take a closer look:

Align marketing goals with your business objectives

Marketing does not, and cannot, exist in isolation. It needs to support core business goals, including increasing revenue, expanding market share, launching new products, entering new geographical markets and improving customer retention. The best way to do this is to start with a business strategy, then define your marketing goals in line with that, in order to support it. For example, if a company wants 20% revenue growth, marketing may need to increase qualified leads by 25%. However, if the goal is brand awareness, marketing might focus on reach, impressions and share of voice. Every goal is difference and they each have different objectives.

Use the SMART framework

One of the most effective ways of setting realistic marketing goals is to use the SMART framework. But what is it? SMART stands for: specific, measurable, achievable, relevant and time-bound. So, what does this mean in terms of setting realistic marketing goals? Let’s take a look in more detail:

• S -Specific – define exactly what you want to achieve
• M – Measurable – Attach metrics and numbers
• A – Achievable – setting realistic goals based on resources and market conditions
• R – Relevant – making sure it supports businesses and their priorities
• T – Time-bound – setting clear deadlines

Analyse historical data

Your past performance is one of the best predictors of future results when it comes to marketing. Using tools like Google Search Console (GSC) and Google Analytics (GA) can be used in order to evaluate traffic growth trends, conversion rates, cost per acquisition (CPA), lead quality and even seasonal patterns. 

Data and its analysis keep your marketing goals grounded in reality. For example, if your traffic has historically grown 5% per quarter, expecting 100% growth in one quarter is unrealistic and therefore shouldn’t be set as a goal. Secondly, if your average conversion rate is 2%, forecasting sales should reflect that number, as a general rule of thumb. 

Consider resources & budget

Marketing goals must reflect available resources. A startup business with a small team of people simply cannot reasonably compete with global brands that spend millions on advertising every year. Ambition must match capability, which is part of how realistic goals are realised. 

Some of the resources and limitations that you should consider when it comes to setting marketing goals include things like budget, team size, skill set, tools, technology and time. For instance, a small content team may focus on fewer, high-quality blog posts instead of publishing content every single day. It’s just another thing to bear in mind when it comes to setting realistic marketing goals.

Understand your market & competition

Market conditions significantly influence what’s realistic and what isn’t. If competitors dominate search results and paid ads, then short-term dominance may be unlikely. However, niche targeting may be a more realistic option. Every business is different, and so this is where market research comes into play. Market research will help to set achievable benchmarks that can be easily met. With this in mind, you should look to evaluate: industry growth rate, competitive intensity, customer demand, keyword difficulty and advertising costs, to name a few.

Focus on the right metrics

Not all metrics are the same, and, as such, they’re not equally important. Vanity metrics, such as likes, impressions and followers, may look impressive on paper, but they don’t always drive the revenue that businesses need to see to be successful. Goals that are tied to revenue and profitability are more meaningful than surface-level engagement numbers. In order to focus on the right metrics, you should be focusing your attention on performance metrics, such as cost per lead (CPL), customer acquisition cost (CAC), conversion rate (CR), revenue per channel (RPC) and customer lifetime value (CLV). 

Allow for testing & optimisation

Testing and optimisation are two of the only ways to improve and meet your goals accordingly. Marketing is dynamic. As such, campaigns require as much testing and adjustment as possible to ensure the right tasks are being undertaken and executed. Not every campaign will succeed immediately. That’s why realistic goals are chosen – they recognise the need for iteration. As such, set goals that allow room for: A/B testing, creative experimentation, audience refinement and message optimisation, for instance.

Review & adjust regularly

Marketing goals are about more than just setting and forgetting. You need to constantly review your goals, adjust them and monitor them regularly to make sure that those realistic goals are set to be met. You should review those goals quarterly or monthly, depending on their importance to your business. 

If the data shows an underperformance, then tactics need to be adjusted, rather than the goal itself. It’s easy to give up on goals if they aren’t going as planned. But it’s likely the way that goal is being tackled that’s holding you up, and that, therefore, needs to change. When reviewing and adjusting your goals, you should be asking yourself the following things:

• Are we on tracker?
• What’s working?
• What needs to be improved?
• Has the market or industry changed in some way?

Kumo is pleased to provide marketing services to customers across the country, regardless of the industry you work in. We can offer specialist SEO, PPC, content creation and website design services to our clients, to name just a few of the things we can do for you. If you’d like further information abot how we can propel your business into the spotlight, then get in touch with a member of our friendly, knowledgeable team today – we’re always on hand to help.