How to identify and set effective Business Goals

21/09/2021
4 min read

Business Goals are needed to monitor your success

A critical part of your digital marketing plan is establishing clearly defined, quantifiable goals. You should think about exactly what you are looking to achieve from your digital marketing and assign goals that reflect this, which are measurable.

Goal-setting is the process of taking active steps to achieve your desired outcome. Maybe you're looking to achieve more sales, greater conversion rates or a certain number of new clients per month. Each of these desired outcomes involves setting and reaching smaller, staged goals.

Each of these major goals can be broken down into smaller, more attainable goals that will propel you towards success.

 

There are three types of goals - process, performance, and outcome goals.

  • These are specific actions or ‘processes’ of performing. For example, a Process Goal designed to lead to more clients may be to post 4 times per week on Social Media to raise your exposure. Process goals are easy for you to control and manage.

  • These are based on personal standard. For example, aiming to achieve a reach growth of 1,000 people on Facebook. Personal goals are mostly controllable and driven by the related Process Goals.

  • These are based on success. In this example, it may be gaining 100 business leads or sales from Social Media posts. Outcome goals are difficult to control because they are determined by more outside influences such as people's decision-making, access, exposure, and time.

Each of these 3 types of goals directly feed into the next. With a strong focus on your Process Goals, you influence the success of your Performance Goals. With a high level of success in your Performance Goals, you stand a great chance of achieving those all important Outcome Goals.

So when you are setting your Business Goals, ensure that you look at your primary objectives, and break these down into smaller milestones.

 

Tips for setting your Business Goals

  • Always include goals which you can clearly monitor and measure. It's important to be able to keep track of our progress, success and equally where improvement is needed. Metrics allow us to adapt our strategies where needed, so be sure to set goals that you can monitor in this way.

  • Give yourself a timescale to work to for each goal. This may be a certain number of sales per month, or an increased social following by a certain date. Whatever your goals, ensure each one has a date to measure achievement.

  • Smart Goals are a well-defined combination of thee above points. So instead of saying "We want more sales". We form a structured goal with a dedicated timeframe. For example; "We want to achieve 100 sales each month".

Be sure not to ignore this essential step in your business planning. You can work more effectively with clear, realistic business goals in place.

Now, we will look at using these goals to introduce our metrics and defining how each will be measured, using Key Performance Indicators.

 

What are Key Performance Indicators, and how are they used?

Once you have established your business goals, it's a good time to start thinking about how you will measure the performance of your digital marketing campaign.

To do this, we use Key Performance Indicators.

A KPI is a quantifiable measure of performance over time for a specific objective. KPIs provide targets for your business progress, milestones, and insights that assist you in measuring success and making important decisions for your company.

In short - A KPI is the value used to track the progress of your business goal.

There are KPIs for every aspect of business, whether it's financial, marketing, sales, or operational. We look at the defined business goals and decide the metrics which will give us the best insights. We recommend that you create a spreadsheet or table with each of your business goals listed, the KPI for each of these goals and an area to add the value each month for ongoing comparison.

For Example;

GoalTarget KPIJanuaryFebruary
Increase Website Traffic1000 Visitors per month748 Visits1089 Visits

Tips for deciding your Key Performance Indicators

  • A quantitative KPI relies on numbers to gauge progress, for example, "1000 leads to be generated every month"

    A qualitative KPI looks at opinion or feeling-based data, for example, positive reviews or consumer attitude towards your brand.

    Both types of metric are important for tracking the overall performance, so be sure to choose the right approach for each of your business goals.

  • This process shouldn't be overcomplicated or be too laborious. Focus on insights that will provide you with actionable data to improve performance and provide a return on investment. For example, focusing on the number of likes on a Facebook page is great. However, you may be better served to monitor the success of a Facebook post by using Google Analytics to track how many visits from Facebook your website received.

  • Do not focus exclusively on obvious marketing metrics such as website visitors, sales or social media. Your customer service and operational metrics are just as important, so be sure to keep a check on internal processes also.

Think carefully about your KPIs and be sure to evaluate them over time, introducing new metrics as needed to monitor new activities. Once you have established the metrics you will be using, you can move on to get a baseline reading of your current performance.

 

KPI Baseline Reading

Now that we know how we're going to measure the performance and effectiveness of our marketing efforts, let's take a baseline reading of our current position.

It's important to have a grasp of how we are currently performing to guage improvement over time. Use the spreadsheet or table you have created to complete a baseline column.

GoalTarget KPIBaselineJanuaryFebruary
Increase Website Traffic1000 Visitors per month598 VisitsTBCTBC

Once you have recorded all of the data for your current position, you will have a clear idea of where to focus your efforts for improvements and where you are currently performing well. This will allow you to assess any current marketing methods to evaluate where change is needed and what can be learned from successful metrics.

Kieran Watman

Kieran Watman

Director at Watman & Worth Web

At Watman & Worth Web Ltd, we are constantly researching and learning more about the digital marketing world. I love putting together all of this information to help the businesses we work with to use the full potential of the online landscape to make their website thrive.

Launch your Web Rocket

Take advantage of our FREE Digital Marketing guide.Web Rocket covers every aspect of your Digital Marketing, from preparing your business and branding, to building your website, implementing SEO, and planning your content and social media strategy. We also look at Search Engine Marketing, website analytics, email marketing and much more. Track your progress with your very own Web Rocket Action List, download free templates and resources.

 

Become a guest blogger

Do you have an article to post about Digital Media & Marketing? Maybe Design or Social Media is your passion?

If so we'd love to hear from you.

Find out more

Looking for a new website?

If you are looking to develop a new website for your business, why not get in touch and have a chat through your project.

We'll provide you with a free quote and website specification to assist with your planning.

Get a Quote

Related Articles

Digital Marketing Team - Key Roles & Responsibilities

Digital Marketing Team - Key Roles & Responsibilities

Understand the key roles, skill & responsibilities of a digital marketing team. The key people involved in planning, executing and managing your online marketing promotional campaigns.

How to conduct competitor research for your business

How to conduct competitor research for your business

Understand the importance of competitor research and how to utilise it for your business.

How to create a digital marketing strategy

How to create a digital marketing strategy

Learn how to create a digital marketing strategy. An overview of what you want to achieve from your online presence, and a guiding roadmap for how you are going to achieve it.

How to make a website plan for your digital marketing strategy

How to make a website plan for your digital marketing strategy

A website plan details the core goals of your website and what you aim to achieve. Learn to create a breakdown of key pages, architecture, and key functions of your website.