How to make your marketing more efficient with smart objective

Can you imagine to grow your startup business without marketing in today’s digital world? Obviously not. Not everyone can make their marketing so efficiently. It is easier for you to increase your marketing efficiency with SMART objectives. These objectives are nothing but some short measurable steps taken to achieve board goals or visions of the startups/business. The success of business depends upon the clarity and reality of these objectives.

Before going ahead, let’s understand the terminology of “SMART”.

“S” tends for specific.

“M” tends for measurability

“A” tends for achievable.

“R” tends for relevant.

“T” tends for time-bound.

Let’s understand how to implement the smart objective in a startup business with an example:

Consider a startup “X” who is in early phase deal with electrical bike. Their vision is to become a leading electric bike company in B2C type segment. Let’s understand the product manager of “X” implement smart objective to make marketing of their electric bike more efficient as a start-up.

• Specific goal: The more specific your goal, there is more possibility to achieve it. Instead of board goal like “leading electric bike manufacturer in B2C type segment”, specify a target like “brand awareness through social media engagement”. This target will help to make a public presence of your company.
• Measurable goal: It is important quantify the specific goal. This will help to track progress of the business. Suppose start up “X” define a goal to reach 1 million people through social media platform like Meta, YouTube. 
•  Achievable goal: In case of start-ups, there are limitations in the resources, whether it may be time, budget, or manpower. That is why when setting a marketing objective, ensure that it’s within capacity to accomplish. Make sure that your expectations are  based on current data of the start-up. It  must be realistic to achieve. May be in the early stage of the start-up, there is lack of availability of data. In that case, you can take help of different survey agencies who will collect data on behalf of the business. 

In our example, suppose the start-up had 1000 existing customers, the product manager of the mentioned start-up expects to gain 200 new customers over the next quarter i. e. a net 20% increment of their product selling.

• Relevant goal: To launch a successful marketing, it is important to keep in mind that the marketing goal must align with the start-up’s overall objectives and current industry trends.

In the example, the company may organize one/two webinar along with the field experts per week on “electric bike” highlighting the recent advancement of technologies and safety features. They can encourage the audience to adopt electric-bike sharing their progress, cost-benefit analysis and some practical advice for the users. They can also organize some podcast with experts to discuss the environmental impact of using electric bikes over traditional bikes.

• Time-Bound: The meaning of success is valueless if time is unlimited. But time is limited for everything. Thus, without a time-bound, goals or objectives have no meaning. Establishing a timeframe guarantees that progress is being made and create a sense of accountability.

When the start-up management will incorporate all the above objective within a time bound, then the SMART objective framework for startup completes.

If you like my blogs, kindly share your comments.  To read more blogs, click here.