In Part 4, we continue building out the goals that must be accomplished through the marketing plan. This section, called “Objectives” is usually only a page in length and are the milestones that you will achieve as you execute your business on a daily basis.
The KnowThis web site has a great explanation of the Marketing Objectives section:
“Marketing success is quantifiable using several non-financial market metrics. You want to show the underlying conditions and circumstances facing the company that are not easily seen within financial measures. The marketing objectives section should indicate targets to be achieved across several marketing decision areas. To add additional strength to this section include marketing metrics where possible.”
The Chamber of Commerce web site identifies three major areas for your objectives:
- company definition (e.g., “to be a manufacturer of 100 percent all-natural snack food products”)
- market definition (e.g., “to attain leadership in dollar market share and volume for the healthy, all-natural snacks segment of the salty snacks category”)
- technology (e.g., “to become known in the industry as the leading developer of new vegetable protein products”)
KnowThis web site has a great breakdown and outline of how you should structure the objectives section:
1. Target market objectives
- market share
- total
- by segments
- by channel
- customers
- total
- number/percentage new
- number/percentage retained
- purchases
- rate of purchases
- size/volume of purchases
2. Promotional objectives
- level of brand/company awareness
- traffic building
- (e.g., store traffic, website traffic
- product trials
- (e.g. sales promotions, product demonstrations)
- sales force
- (e.g. cycle time, cost per call, closing rate, customer visits, etc.)
3. Channel objectives
- dealers
- total
- number/percentage new
- number/percentage retained
- order processing and delivery
- on-time rate
- shrinkage rate
- correct order rate
4. Market research objectives
- studies initiated
- studies completed
5. R&D objectives
- product development
6. Other objectives
- partnerships developed
Next time in the Marketing Plan Series, in Part 5 – Strategy we discuss how having a well written guideline that sets forth the business’s marketing strategy is critical to the success of your business.
Next time in Part 5, we will discuss the strategy section which lays out a plan for the situational analysis and the problems and opportunities must be addressed by the marketing plan.