When it comes to running a successful business, it’s important to set both business and marketing goals. However, many business owners are confused about the differences between the two and how to ensure that they are aligned with one another.
Simply put, business goals provide the overall focus for the business, while marketing goals provide the focus specifically for the marketing efforts — both are important for the success of a business.
In this article, we will explore the differences between business and marketing goals, how to create each, and how to make sure they are aligned.
What Are Business Goals?
Business goals are the overarching strategy and objectives of a business. These objectives are set in order for the company/organization to move forward in its business operations. They are usually set by the business owner to ensure that their business is on track to reach its long-term vision.
Business goals are often specific, measurable, achievable, realistic and timely (i.e. SMART goals), and are typically designed to support the mission and long-term objectives of the business.
Business goals can include anything from increasing profits, expanding into new markets, launching a new product or service, increasing customer satisfaction, increasing employee productivity and reducing costs.
3 Specific Examples of Business Goals:
- Increase sales by 10% within the next 6 months.
- Launch a new product line within the next 12 months.
- Increase customer satisfaction by 20% within the next 18 months.
What Are Marketing Goals?
Marketing goals, on the other hand, are objectives set by an organization to promote the sale of their products or services. They are the specific tactics and campaigns that a business uses to reach its business goals.
Marketing goals are usually set by the business owner and/or marketing lead and are focused on increasing brand visibility, generating leads and improving customer retention.
These goals should also be measurable and achievable (i.e. SMART goals), and should be aligned with the overall strategy of the organization.
Establishing clear and achievable marketing goals can help businesses focus their efforts and resources in order to achieve the desired results.
3 Specific Examples of Marketing Goals:
- Create a social media campaign to increase brand awareness and engagement by 10% over the next 3 months.
- Develop a content marketing strategy to increase website traffic by 15% over the next 6 months.
- Launch a referral program to increase customer loyalty by 10% over the next 9 months.
How to Create Business & Marketing Goals
Creating business goals is a critical step in the success of any business. To create business goals, the business owner should first identify their long-term vision, mission and values.
Once these have been established, the business owner should set SMART goals that are aligned with their overall vision and objectives. These goals can be determined by clearly defining the desired outcome, brainstorming ideas on how to achieve it and creating a plan.
Creating marketing goals is the next step in the process. To create marketing goals, the business owner (or marketing lead) should identify the target market, the desired outcomes, and the strategies that will be used to achieve those outcomes. For example, a business may decide to use social media marketing to increase their brand awareness and to engage customers.
Once these goals have been established, the business should create specific campaigns and strategies to reach their goals.
How To Ensure Alignment of Business & Marketing Goals
Aligning business and marketing goals is essential for any business that wants to be successful. Aligning these goals helps to ensure that resources are being used efficiently and that marketing activities are in line with the overall business objectives.
Here are some steps you can take to ensure alignment of business and marketing goals:
- Understand the business goals: To ensure that marketing activities are in line with the overall business objectives, it is important to have a clear understanding of what those objectives are.
- Set clear, measurable objectives: Once you have a clear understanding of your business goals, it is important to set clear, measurable objectives for your marketing efforts. These objectives should be in line with the overall business objectives and should be measurable so that progress can be tracked.
- Develop a plan of action: Once the objectives are in place, it is important to create a plan of action that outlines the steps that need to be taken to achieve the objectives. This plan should include tasks, timelines, and resources needed for each step.
- Monitor progress: To ensure that the objectives are being met, it is important to monitor progress regularly. This could involve tracking the number of leads generated, sales made, or website visits.
- Make adjustments as needed: As you (and/or your marketing team) work toward the objectives, it is important to make adjustments as needed. If a particular task isn’t generating the desired results, it may be necessary to adjust the plan of action or switch up the approach.
By following these steps and ensuring alignment of business and marketing goals, businesses can ensure that resources are being used efficiently and that marketing activities are in line with the overall business objectives. Aligning the two will help to create a more successful business.
Business goals and marketing goals are two different yet complementary pieces of a business’s overall strategy. They should be carefully created and monitored to ensure that they are aligned with one another and are helping the business reach its long-term objectives. By understanding the differences between business and marketing goals and how to create them, a business can ensure that they are on the right track to success.
If you need guidance in creating your business and/or marketing goals, then book a call with our Strategic Marketing Consult and we can discuss both in more detail to get you set on the path to measurable success.