Monday, 4 April 2016

Tips to setup strategic marketing goals

Image credit: Startup Stock

All companies begin with the main goal of profit maximisation and aim their operations in that direction. Businesses that operate on large or even small scale tend to have marketing goals that not only allow our products to deepen their roots in our target market but also help us to capture a greater market share. We must have the hustle to work for the betterment of society and our stakeholders in general. Speaking in general, the aim of our business should always be to strategically motivate people into buying our products through various marketing strategies and advertisements. Through our marketing strategies we will directly achieve the following established goals which will help us achieve our actual goal indirectly.

Sales volume is important because it affects the factors which are beyond our control. Some of the factors which are beyond our control are rise and fall in economy, the weather in business market, and the threat of competition. If we have good sales volume we believe we will be able to nullify the adverse effects of these uncontrollable factors.

Market share determines our future in a specific industry and region that we operate in. We must aim at acquiring a good market share because only then we would be able to stay global or international in any desired market or region.

Sales revenue is important to us because it makes us capable of investing in other projects and products. The higher the revenue, the more chance that we will expand our roots in the current market scenario. Sales revenue also allows companies to penetrate into the market. This also determines the future pricing strategies, branding posture and product/service.

Profit is and should always be the main concern of businesses so as to overcome the costs they have tolerated in establishing their business.

Return on Investment (ROI) indicates that several other windows of opportunities will open up for the companies that are still in the growth stage.

Apart from all these strategic marketing goals, the following will also be achieved in return, which serve as the backbone of many businesses. 
  •  Every company aims at building a relationship with their customers, so that they buy their products for the next purchase as well. The repeated purchase intention is kept in mind. Customer base and customer loyalty will bring about greater sales and will help to generate larger revenue.
  • Communicating the value that businesses offer their customers, which will help them to increase market share based on the value proposition and quality provided to them.
  • Overcome the market myths and expand market share with the help of clearing out any misconceptions and controversies.
  • Investment opportunities will flow into our business for the future's sake and will make our business the long lasting one.
  • Greater revenue means greater profitability or profit margin, which will establish a long term market survival rate.
  • Final goal should be to attract new partners in the market, which will help us to grow faster and quicker. New partnerships mean greater volume of sales and larger market share and good standing in the market.
Alejandro Catalan
Current student in the Master of Marketing program at the University of Sydney Business School

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