Marketing Planning  Top Tip #2 – Objectives and Strategy

b2bmarketing marketing planning
Dec 21

Welcome to the 2nd blog in our series, Marketing Planning – Top Tips. If you didn’t read our first blog, you can find it here (we strongly recommend you take a look!)  

It’s at this time of the year when many people start to think about New Year’s resolutions. Whether it’s getting fit, giving up alcohol or even learning a new language.  

Then why is it that according to research, approximately 80% of New Years’ resolutions fail by February? 

The Main Reasons for Failure 

  1. Unrealistic goals 
  1. Failure to track progress 
  1. Forgetting about their resolutions 
  1. Setting too many resolutions 

These exact reasons are also very often why marketing plans fail. The likelihood of a resolution or marketing objective failing increases significantly if they’re not SMART - Specific. Measurable. Achievable. Realistic. Time Bound 

Here’s an example of a goal that’s not SMART 

Goal 

I’m going to do the London Marathon 

Specific 

What are you going to do? Are you going to watch it on tv? Watch it in person in London? Are you doing to work as a support worker at the marathon? Or are you going to run the London marathon?  

Measurable 

Have you set yourself a goal of the time you would like to complete the marathon in?  

Achievable 

Do you enjoy running? Are you fit and healthy?  Would your doctor be ok with you doing this?  

Realistic   

Have you ever run in a marathon before? What about a ½ marathon?  

Time Bound 

In which year do you plan to run the London marathon? 2022? 2023? 

Now, Make it SMART 

During 2021 I have run two half marathons, both in under 3 hours.  My goal is to run the London Marathon, on 2nd October 2022 in under 4hours and 45 minutes 

Congratulations! You have set a SMART goal!       😉 

 

The next thing you need to state is how you will achieve your goal (objective), this is your strategy.  

  1. Apply to participate in the London Marathon by 29th November date 
  1. Raise sponsorship money for my nominated charity 
  1. Training schedule - developed in conjunction with personal trainer 
  1. Diet – develop nutrition plan with personal trainer  
  1. Stay in London at sister’s house for 3 days 
  1. Book time off work pre and post marathon 

Congratulations! Your strategy is complete! 😊 

 

Now let’s apply this same approach to developing your marketing plan objectives and strategy   

 

But first, before you start, it’s crucial to understand what your business goals are for next year. As your marketing objectives will directly support the overall business goals. Alignment of goals is essential across the entire organisation.   

Look at this:  

Objective: Marketing to deliver 20% of revenue     

Clear as mud.  

What does ‘deliver’ mean in this context? 20% of what?  What’s the total business revenue target? In fact, we’d go so far as to say that this goal is so obscure it is pointless. That is, unless we break it down further. Time to make it SMART  

  1. 250% increase in web traffic YoY (2021 to 2022) 
  1. 80% increase YoY enquiries  
  1. 50% increase YoY in MQLs 
  1. Improve conversion from MQL to SQL by 55% YoY 

The sum of these individual SMART objectives, mean that marketing can directly contribute 20% of the 2022 revenue target. You have your marketing objectives set!! 

 

 

It’s time to look at how you will achieve these objectives (your strategy). 

 Let’s start at objective number (4)- Improve conversion from MQL to SQL by 55% YoY 

Strategy:  

  • Increase quality of MQLs by developing new email nurture tracks and content in marketing automation. 
  • Implement lead scoring aligned to nurture.  
  • Implement revised qualification criteria for MQL in CRM 
  • Train SDR team on new qualification criteria and provide updated messaging and content  
  • Enable sales with effective content to support sales qualification stage 

Your strategy is not your detailed marketing plan (that comes next) but provides clear guidance on the initiatives to focus on to achieve your objectives.  

SUMMARY 

  1. Align your marketing objectives to the overall business objectives.  
  1. Make your marketing objectives SMART 
  1. Outline your strategy on how you intend to achieve each objective.   

 

At the Marketing Bee we’re only satisfied when our clients are winning. If you’d like us to help you develop a winning B2B marketing plan, get in touch.  

 
b2bmarketing marketing planning