Marketing objectives are business goals related to selling products and services. It is common for business plans, marketing plans, marketing strategy, campaigns, projects and performance management to begin with sets of marketing objectives. Objectives are planned before strategy and define what you want to achieve. The following are common types of marketing objectives.
Gaining market share from competitors.Promotion, advertising and branding activities often have the objective of establishing or growing brand recognition and awareness.The objective to achieve a high rate of interaction with customers.
Customer satisfaction is a common target for customer service and customer experience initiatives such as an airline that plans to improve meal services.
Customer RatingsImproving product or service ratings is a common objective in industries such as hotels that depend on positive ratings for revenue.
Increasing customer retention rate is a common objective of customer service, service quality and customer relationship management initiatives. Particularly prevalent in industries that generate monthly recurring revenue.Increasing average customer lifetime value.
Reaching more customers with locations, ecommerce and channel partners. Measured with revenue and addressable market.
MarginsImproving margins is often the goal of sales, pricing and product development strategy. For example, premiumization is a common marketing strategy designed to improve margins.
Entering new markets to expand revenue and reduce concentration risk.
QualityImproving the quality of products and services measured with quality metrics such as a figure of merit.Finding ways to charge a higher price to customers who are willing to pay more and a lower price for those who are price sensitive. For example, yield management and revenue management are common strategies for selling inventory at the highest possible price.
Reaching your target market with marketing communications such as promotional messages, catalogs and coupons.
DifferentiationCreating a unique identity in a crowded market for a brand, product or service. Measured with basic metrics such as revenue, market share and brand recognition.
ReputationThe goal of establishing, maintaining or repairing a corporate, brand or product reputation measured with surveys, customer interviews or social media analytics.Maintaining or improving customer relationships to retain customers and cross-sell.
Customer Acquisition Objectives such as acquiring more leads, opportunities and customers. Measured with revenue and customer acquisition costs.
ClosingThe core goal of any sales team is to close sales. Measured with revenue and specific metrics such as quote-to-close ratio.An objective to establish or transform a business model. For example, a software company that would like to transition to a service model measured with monthly recurring revenue.
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