Setting Goals
Quick tips for setting goals in 2022
By Lenka Davis & Robin Anderson
Business Goals
When setting goals, keep it simple. And define what it means to successfully attain that goal. Using the SMART approach, such as specific and measurable, and described in more detail below, makes the definition of your goal very clear.
Where did it all begin? In the 1960’s Dr. Edwin Locke conducted research focused on setting goals. He learned that ‘appropriately set goals do result in superior organizational performance.’
The “keep it simple” and “define success” with the SMART method applies to both personal and business goals.
For example, if your business goal is to grow your customer base, then your success will be measured by how many customers you have at the end of the timeframe you specified. A B2B business goal might be to gain two more customers and a B2C business goal might be to grow by adding 20,000 more customers. If you define what success looks like then you will be able to build a plan towards reaching your target.
Once you build a plan then, don’t forget to check it often, a couple of times a week, and revise it, as you learn more about what it will take to get it done.
Goals are important because they help you understand what you are working towards. It allows you to make the right decisions so the direction is aligned with what you want. If you make a list of goals, then you can see if it is realistic. Is the list too big or do you need to get partners and experts to help? What parts are clear and which parts need more information?
Picking the right goals will lead to more success. What is the “why” or the reason you are picking that goal? We have the same amount of time in a day, what do you want to be working on that is fulfilling?
An idea that is explained in “The Lean Startup” by Eric Ries is to do product releases in small batches and learn from them. Why? Because you learn so much about the product and it gives you the opportunity to make changes before you build or make the next batch of products. How does this relate to setting goals?
Your goals can be treated in the same way. Think about which past goals worked and which ones did not and why. Learn from your past experiences. Make changes such as breaking tasks down into smaller parts or pivoting into another direction.
“if the fundamental goal of entrepreneurship is to engage in organization building under conditions of extreme uncertainty, its most vital function is learning. We must learn the truth about which elements of our strategy are working to realize our vision and which are just crazy.”
What goals did you set last year? You can start with that list and revise it for this coming year. Set one main goal, one business and one personal goal. Don’t forget to plan goals to have fun and relax.
If your goal requires you to make a habit of it you can read James Clear’s “Atomic Habits” book. He believes that:
“Habits are the compound interest of self-improvement. ”
Marketing Goals
Setting marketing goals may not be easy, however they are important to help you put a stake in the ground, extend your reach into the marketplace successfully, and keep your current customers happy. The best way to measure your success is to set goals and track your progress. If something isn’t working, make tweaks or if necessary, completely change tactics to get your business on the path to success.
Why set marketing goals
The purpose of setting goals related to your customer is to build a strong marketing foundation.
How to make the most of your marketing goals - use SMART
S = Specific
M = Measurable
A = Attainable
R = Relevant
T = Time-bound
Specific: Specify the focus of your goal - what do you want to accomplish? For example: increase visits, leads, customers visiting your website
Measureable: What is the number you are using to measure your progress? This number will help you to see if you are on track, or need to modify your course of action.
Attainable: Is your goal achievable? Determine what you need to achieve your goal, to help you stay motivated.
Relevant: Your goal should relate to the focus of your marketing efforts - why is this goal important?
Time-bound: Set a timeframe from beginning to end - make sure to give your goal sufficient time to complete, but not too much time to where it flounders.
Creating SMART goals requires being very specific when defining each attribute. This often requires including how you are going to achieve your goal, adding in a metric, making sure your goal is realistic and setting a timeframe.
It may seem like a lot of work to identify your goals. However, the purpose of the structure is to focus your efforts with actions that are achievable. Specifying each element narrows your focus enabling you to measure your success in a very specific manner. Vague goals miss important insights.
Example:
Increase email subscriptions through LinkedIn from 1000 to 1100 (10%) by March 31, 2022 (3 months).
History of Goals
In 1981 George T. Doran expanded upon Locke’s work establishing the SMART system. While goals and objectives are commonplace among businesses, they were often vague and lacked quantification.
Benefits of setting SMART goals
Setting goals helps you to focus your efforts, use it as a way to benchmark your actions to help you make decisions about your plans as they relate to your marketing strategies.
Goals help to create a sense of accountability, to track progress.
Creating SMART goals helps you to understand the resources you’ll need, the steps you have to take along the way, and how to set a metric to determine success.
SMART Goal: We will improve overall customer satisfaction by 20% by the end-of-year.
“The trouble with not having a goal is that you can spend your life running up and down the field and never score.”
Example:
Another example of setting a SMART goal (from The Hartford: Small Biz Ahead):
You know you need to do a better job at retaining customers. One way to to improve your interactions with them is to take customer reviews into account. Identify strengths and weaknesses. Determine what you need to do to improve upon your weaknesses, and how long until you achieve the level of customer retention that is acceptable?
The purpose of setting SMART goals is to help you track progress related to your long-term or short-term business goals. They help you to evaluate tactical ways in which your efforts are applied in the most efficient or effective way. The point is to make sure your goals are straightforward and reachable, increasing the likelihood of success.
Need help setting or testing your goals? Contact Fly to Soar to learn about the possibilities.