What is the difference between goals, strategies, and tactics?
A goal is what you are hoping to achieve in a broad sense. An example of this would be increasing overall revenue within a company. This is what the company is working towards in a way that does not identify how that will be obtained.(Forbes, 2013) A strategy is the way in which you will achieve the goal that you set. (Forbes, 2013) An example of a strategy pertaining to our previous example would be that the company is going to increase revenue by developing a digital platform where consumers can purchase goods or services. Between strategy and tactics are objectives. These are stepping stones that the company can use to ensure that they are on track to achieve the overall goal with their selected strategy. Further out, a tactic is something that you use to complete the objective of the chosen strategy. (Forbes, 2013)
What is the importance of setting SMART goals when creating a marketing campaign? What questions should be considered?
Setting goals is important in any business situation. It is a way to not only acknowledge goals for the company, but it is a great way to monitor the productivity of an organization as well. Having SMART goals allow for a more specific representation of what the company wants to move towards. since SMART goals are measurable, it creates more accountability within the company. (Klein, 2018) These types of goals help to keep the company on track. If a goal is not being completed on time, SMART goals show what areas can be improved on. SMART goals are typically realistic, and are something that can be obtained by the company. This is a great way of knowing what your company is capable of, and where you are wanting to move towards. I think questions that should be considered are what the big picture goal is. This will help to make SMART goals that are specific to the company. It is also important to understand what the employees are capable of, and to be able to answer those questions as they arise to streamline the process. (Klein, 2018)
Provide examples to portray how marketing tactics align to strategies in order to support set goals.
In my own personal career, I have set up goals with designated strategies to efficiently complete goals that we set within the company. Since our company focuses on social media, many of the examples that I can reference are related to those topics. One of the first goals that we created when I began was to increase the following on multiple platforms. The strategy that we implemented for this goal was to create paid advertisements that would appear to a particular market that we set. We selected demographics pertaining to age, location, and interests. By showing these ads to those who may have an interest in our brand, we were able to increase the following count on our platforms, as well as general interest in website.
A more physical example of how marketing impacts goals is another example from my career. Since we work in physical locations as well, the company created a marketing strategy that could be placed in locations and referenced back to increase traffic to our website, which was the ultimate goal. Handing out cards to were users could find their content increased the traffic to the website, and even had a huge impact on the social media following that we were working to create.
How can you ensure that your SMART goals are met using key performance indicators (KPIs)? Explain using examples to support your rationale.
KPIs are a great way for a company to set goals. Not only are these recorded, but they are ways of measuring sales and information that is vital to the company. Since SMART goals are focused on being measurable, the two work hand in hand. (Salesmanagement.org, 2018) In one of my previous jobs, I worked in retail management. We used KPIs within our store to create goals for the sales associates. We were able to understand how they were in comparison to another salesperson, or a specific time in which they were better. These KPIs were also used throughout the company to compete in competitions, and to decide on promotions or demotions. These KPIs were applied to a standard that had been set by the corporate office, and were recorded company wide.
Forbes.com. (2018). [online] Available at: https://www.forbes.com/sites/mikalbelicove/2013/09/27/understanding-goals-strategies-objectives-and-tactics-in-the-age-of-social/#15d36f784c79 [Accessed 19 Jul. 2018].
Klein, A. (2018). The Importance of Setting SMART Marketing Goals. [online] Blog.hivedigitalstrategy.com. Available at: https://blog.hivedigitalstrategy.com/the-importance-of-setting-smart-marketing-goals [Accessed 19 Jul. 2018].
Salesmanagement.org. (2018). SMART Goal Setting: Good for KPI’s, MBO’s, BBQ | The Sales Management Association. [online] Available at: https://salesmanagement.org/blog/smart-goal-setting-good-for-kpis-mbos-bbq/ [Accessed 20 Jul. 2018].