Week One: Establishing Your Objectives and Goals, EFMP

Week One: Establishing Your Objectives and Goals

by Nicholas Tart

You don’t just walk into your kitchen, look in your cupboard and decide to bake a cake. Generally, there has to be an occasion. A lot of thought and planning has to go into that cake.

If you’re objective is to bake a beautiful yellow cake with chocolate frosting (my favorite, in case you want to make one for me), then you have to set a few goals along the way. You need to go to the store by noon, start baking by two, start frosting by four, and present it by five. If you don’t know what you want to do and when you want to have it done by, then you’re not going to do it.

This week you’ll establish your objectives and goals for your ensuing marketing campaign. Before you get your hands dirty with creating your marketing strategy you need to figure out where you’re going.

Objectives

What are your objectives for completing this marketing plan? Maybe it’s to learn marketing basics, to determine your target market, to figure out the best way to promote your product. No matter what it is, it’s important to figure out why you’re doing this.

  • Objective – Something that your efforts or actions are intended to attain or achieve.
    • For example, before Toyota begins planning a new marketing campaign one of their objectives might be to position the Toyota Prius as the market share leader in the hybrid vehicle industry.

Your objective for this course is to complete all ten weeks and have a comprehensive marketing plan in the form of a written document.

Goals

Setting goals is important for many reasons. Goals will help you measure your progress, motivate you and set your expectations. Your goals need to be ‘SMART’:

  • Specific – Goals need to be specific so you know exactly what it takes to achieve them.
  • Measurable – They need to have quantifiable components so you know when you achieve them.
  • Achievable – Goals should be achievable so you take them seriously.
  • Relevant – They should be relevant to your mission and objectives so they keep you moving in the right direction.
  • Time-bound – Goals need to be time-bound so you give yourself deadlines.

Also, goals are important because they give you a specific timeframe and destination for your marketing strategy.

  • Goals – The result or achievement toward which your effort is directed.
    • For example, one of Verizon’s goals for their marketing campaign might be to release a three-set TV commercial campaign for their latest phone by Black Friday.
    • For example, one of Subway’s goals could be to increase sales by 20% with a new product line of three different sandwiches by the Fourth of July.

When you write down your goals, keep in mind that they need to be ‘SMART’. This is the shortest week. But it’s important to taste the frosting before you frost the whole cake.

Example Company

Your Turn

P.S.

If you got here without being subscribed to “Entrepreneur’s First Marketing Plan”, you’re missing out! This is the first week in a 10-week series that will walk you through developing a comprehensive marketing strategy for your start-up business. If you’re not already a subscriber, click here to learn more about the free course.