5 Business Goals You'll Never Reach Without Marketing Expertise
You may remember when marketing was simply just an advertisement of some sort and door-to-door salesmen. It was niche, unheard of, and misunderstood.
But marketing has done a complete 180 in recent years. Gone are the days of a sticker and a billboard, it now looks like rebranding a business, social media management, paid ads and analytics, creating relationships, and so much more.
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Do I need business goals?
Business goals are specific targets that a company sets to achieve its overall mission and vision. These goals serve as a roadmap for the company to follow and help to guide decision-making, allocate resources, and measure progress toward achieving organisational objectives.
Business goals are often used as a synonym for objectives. But false news; they are NOT the same.
Business objectives are specific, measurable, time-bound, and achievable outcomes that a company seeks to accomplish. They’re the specific targets or milestones that a company wants to achieve within a given time frame.
They are meant to be
Specific,
Measurable,
Achievable,
Relevant,
And time-bound
= (that’s right, S.M.A.R.T).
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Business objectives are often broken down into smaller, more manageable steps to help achieve larger, overall business goals.
On the other hand,
Business goals are broad and general statements of intent that are critical in defining the direction a company wants to take and what it hopes to achieve in the future. Key word: DIRECTION.
They are often the foundation for creating more specific objectives that will help the company reach its goals.
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So let’s take a look at a few common business goals that even the big companies set for themselves. They are almost like ethics of sorts, common targets that every business should have:
Increasing Revenue: Increasing revenue is a primary business goal for most companies. This goal can be achieved by growing sales through new markets, expanding product lines, or improving customer retention.
Enhancing Customer Satisfaction: Customer satisfaction is crucial for business success. Companies that prioritize customer satisfaction typically have more loyal customers, better retention rates, and positive word-of-mouth marketing.
Reducing Costs: Cost reduction is a critical business goal that can improve profitability. Companies can achieve this goal by improving operational efficiency, streamlining processes, or outsourcing non-core functions.
Improving Employee Satisfaction: Employee satisfaction is essential for creating a positive workplace culture. A satisfied workforce tends to be more productive, have lower turnover rates, and better customer service.
Expanding Market Share: Expanding market share is a common business goal for companies looking to gain a competitive advantage. This goal can be achieved through market research, targeted marketing campaigns, or developing innovative products.
You may be noticing how they tie in with marketing in some way or another. That’s right, we do have a point somewhere …
Business goals are highly personal and set the direction for your marathon, and as a brand if you’re wondering if you need to put that much emphasis on marketing,
Let us look at 5 business goals that cannot be obtained without marketing effort
(brutal but it’s true)
Increasing Brand Awareness:
Building brand awareness is a critical business goal that requires effective marketing strategies. It directly ties into increasing revenues. Without marketing expertise, a company may struggle to promote its brand message, leading to a lack of brand awareness and weak brand identity.
Through customer research and a deep insight into the brand’s mission and vision, marketing helps create a brand identity that builds trust and goodwill through constant communications to ensure brand awareness.
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2. Generating Leads:
Generating leads is an essential business goal for businesses looking to acquire new customers and increase sales.
Marketing expertise is necessary for developing lead-generation strategies, creating relevant content to build your image as an industry expert, and executing targeted marketing campaigns that attract potential customers through influencers, freebies, and other marketing events.
From social media posts for engagements to offline events, marketing expertise is needed to ensure that your brand is not just a part of window shopping, but the first name that pops up when customers think about a product or service.
3. Expanding into New Markets:
Expanding into new markets is a common business goal that requires marketing expertise.
But … why?
Marketing involves conducting market research, developing a marketing strategy that is country and area-centric, and executing marketing campaigns that promote the company's products or services to a new audience.
Marketing helps:
Decide which influencer will help reach the new audience,
Which social media platform will help reach the target customers,
How the products should be sold to ensure maximum purchase.
4. Improving Customer Retention:
Improving customer retention rates is essential for building customer loyalty and increasing revenue. It may be easy to get one-time purchases, but building brand loyalists and repeat customers can be done only through marketing.
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Marketing expertise is necessary for developing customer retention strategies, creating relevant and engaging content, and executing targeted marketing campaigns that promote customer engagement and loyalty.
And the great benefit of marketing is, if done right, your customers become advocates for the brand, bringing in people from their circle into your customer base. In other words, marketing makes the world go round.
5. Launching New Products:
Launching new products can’t be done on the fly, it requires marketing expertise (that’s where we come in).
A marketing professional can conduct market research- find out what their audience wants in a product or service, how can the brand differentiate itself from its competitors, what price range would be ideal for profits and purchase, etc.
All the marketing decisions ensure that cost is streamlined, there is no wastage, and ensuring that your brand reaches profit margin goals that were set at the advent.
Marketing helps hear customers, create a solution, promote the solution, and drive sales. It is at the crux of driving profits and growth through helping the target customers discover, engage and build trust and loyalty for your brand’s products/services.
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So when you’re setting business goals for your brand, make sure that you take into consideration the marketing efforts required.
Marketing is a tailor-made suit, not a readymade one, keep that in mind!
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