Potential Strategies to Generate a SMART Business Goal
16 December 2020
By: Seyha Chan
Setting a business goal is indispensable to understand what activities and strategies that you should implement for your business growth. Generally, to generate a potential strategy for a business goal, it is more likely to be recommended to consider the SMART (Specific, Measurable, Attainable, Relevant, and Time-bound) goal setting strategy before starting your marketing campaign implementation.
1. SMART Goal: Specific
Your goal and objective must be specific and clear so that everyone can easily understand and know what the expected result is. To set a goal and objective, you need to specifically ask five “W” questions of What, Who, Where, Why, and When is the project implemented?
2. SMART Goal: Measurable
Basically, it’s important to set a goal that you are able to track its progress and measure its performance. If you are running a marketing plan for social media, you can set Key Performance Indicator (KPI) and analyze your audience’s engagement through the number of Like, Comment, Share, and View.
3. SMART Goal: Attainable
Generally, it will be very challenging and chaotic to implement a project, which is very far-fetched. Thus, your goal must set in a feasible and realistic way that you can achieve with the given amount of time, budget, and human resources. To set an attainable goal, you need to analyze your current finance and human resource as well as the status quo of your business as a whole.
4. SMART Goal: Relevant
It is very vital to generate a goal that is aligned with your objective and supports your business growth. More importantly, a relevant goal should be realistic and it is suitable for your business model, mission statement, market, and customer base.
5. SMART Goal: Time-bound
Your goal needs a time frame to implement and a specific deadline to measure its performance. Specifically, you need to set your short-term and long-term goals because it helps you be able to manage it on time and keep you on track.
Conclusion: exactly, having a business goal is just the beginning of your marketing plan in order to achieve your marketing activities but you cannot call it a day for your marketing plan. More importantly, after knowing yourself regarding your company’s goal, it is also important to clearly understand the competitor and the target audience by using SWOT and audience analysis that can help brighten the strengths and opportunities of your business development and reduce the challenges that you will face by learning from your weaknesses and threats.