Goals and Objectives in Marketing

Goals and Objectives in Marketing. You already know you need to connect your marketing and sales goals in order to achieve the growth you (and your managers) desire – here’s how each works.

Improve the quality of your leads.

Reduce the time it takes for a sale to close.

Reduce the number of deals/sales that are lost.

Increase the lifetime value of your customers.

Increase consumer awareness and demand for new items.

Boost the number of positive product reviews.

In order to enter a new market, you must first launch a product or service.

Profitability should be increased.

Improve the quality of your leads

This goal, while simple, is to increase the likelihood that the sales staff will close a larger percentage of deals. The happier your sales staff is, the more quality leads you can attract as a marketing team.

This goal’s KPIs should be focused on activities that define what a “quality lead” is. As well as signs of whether your efforts are working along the way.

Shorten the sales cycle

This goal is focused on decreasing the time it takes for a sale to close.

Decreasing the sales cycle length can have a great impact on the number of deals your company closes each month. It can also improve your company’s overall profit margin, as you are getting paid sooner.

Reduce the number of deals/sales that are lost

This goal is focused on reducing the number of deals lost due to attrition. You want to decrease the number of customers who churn from your service or product line. This could be due to free trials, or people who decided not to buy after a demo.

Increase the lifetime value of your customers

This goal is focused on increasing the lifetime value of customers. By increasing their product usage, or by increasing their spending with you over time. This KPI could be tied to customer retention rates and customer satisfaction scores.

You could also look at their sales efficiency metrics – i.e. when they buy more products, what is their average order size? What is their average repeat order frequency? What is their average discount level?

Boost the number of positive product reviews.

This goal is focused on increasing the number of positive product reviews (and decreasing negative ones). It’s a great way to boost consumer awareness and demand for new items – both existing and new items that haven’t been launched yet.

Positive reviews are also powerful in influencing consumers to choose one brand over another when there are similar options available in the market. It’s important for sales reps to be able to demonstrate how positive reviews impact conversion rates and sales quantities for each product line.

The marketing team should work with sales reps to regularly create content that can be shared across channels like social media, email marketing, etc. so that this content is easily discoverable by potential customers online.

Launch a product or service

Marketing and sales teams should work together to define the best way to launch new products or services in order to increase market share and overall profitability.

Profitability should be increased.

This goal is focused on increasing profitability by increasing sales volume, while potentially decreasing costs. It’s a great way to improve customer lifetime value, as well as increase revenue each month.
Increasing profit margins could be done in a few different ways:

1• Increasing the price of the product or service sold, but keeping the same sales volume, will result in higher profits for each unit sold.
2• Increasing the sales volume will likely result in higher profits for each unit sold if you are able to maintain your current price point and product offering.
3• Increase customer lifetime value by increasing their lifetime purchases with your business. This could be accomplished by offering new products with upgrades or add-ons, or cross-selling related products and services to existing customers.