In the previous post about the marketing mix we got to the idea that your channel outreach should be informed by your market research and dependent on our business goals. A company can have a variety of different business goals: long-term revenue goals, short-term revenue goals, budget goals, product launch goals, social impact goals, philanthropy goals, etc.
Marketing, as a department and function within a company, will be a key contributor to the planning, strategy, execution, distribution, and hopefully realization of these business goals. That’s one of the awesome things about marketing – we contribute to the whole project lifecycle. Taking this point of view, the marketing team has goals and we also market business goals around the company to facilitate alignment and good process across the organization.
I’ve heard it on several marketing podcasts that I follow: “marketing is the leadership department”. What are your thoughts on that moniker?
Here’s a quick goal setting framework:
- Define your goal; where you are now and where you want to go
- Define a North Star metric that makes sense for the goal
- Define Objectives and Key Results (OKRs)* that support the North Star metric
- Meet weekly for status checks
- Meet quarterly to measure performance and set new goals for next quarter
*OKRs are helpful because it’s a way to track how well different teams are doing and contributing to hitting the main goal. Objectives are qualitative and Results are quantitative. For example, an Objective is to write an impactful social media series on marketing topics. KR1 might be to write and design the content, KR2 might be to collect 20 pieces of feedback, KR3 might be to get to 5,000 impressions.
The next post will frame the concept of marketing strategy. What’s the best marketing strategy? Spoiler: it depends
Want to learn more about Marketing? See my Marketing Framed publication for these key topics:
marketing, market, TAM-SAM-SOM, market research, go-to-market, product-market fit, positioning, marketing funnel, marketing flywheel, marketing mix, marketing goals, marketing strategy, marketing execution, marketing budget, brand marketing, content marketing, copywriting, storytelling, marketing projects & initiatives, marketing project management, marketing agency, marketing technology, marketing automation, marketing & AI, marketing analytics, marketing metrics
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