The importance of strategic marketing objectives.

(Alsemgeest, et al., 2017, p. 276) defines marketing as: “anticipating and satisfying consumer needs by means of mutually beneficial exchange process, and doing so profitability and more effectively than competitors by means of efficient managerial processes”.

Marketing objectives are clearly defined goals for the company to grow, be profitable and successful.

Customers buy more from brands that are well known and credible. The first marketing objective should be to increase and Build brand awareness in order for consumers to trust you more. This can be done by various advertising campaigns, e.g., increased social media impressions, billboard advertising, tv commercials etc.

The marketing strategy should start with a SWOT analysis identifying existing brands and competition. This will give a clear indication of where your brand is positioned and how to increase the market share. Other objectives can be linked to increasing market share e.g., decreasing customer turnover and becoming the market leader through innovative strategies.

Companies should aspire to offer unique products and services in the market. Launching new products and services will ultimately contribute to the growth of the company. Opening new stores and events to launch products are examples of offering new products and services.

Increasing sales is one of the most important objectives of any marketing department. Increased sales will contribute to the growth of the company and the profitability. Various promotions and advertising campaigns on products, e.g., product specials, are examples of ways to increase sales.

Marketing should gain new customers from the competition which evidently will increase sales. To gain new customers, marketing departments can invest more in targeted digital campaigns, e.g., Google Ads or social media.

It is also very important to retain current customers and avoid losing your customers to the competition. This can be achieved by rewarding customers for their loyalty through a loyalty program or enhancing customer relationships through exceptional customer service.

Offering the best value for customer’s money is also an important marketing objective. This can be achieved by negotiating the best quality product and price from the manufacturer or supplier, and selling it at a very competitive price to the consumer.

Reference

Alsemgeest, L. et al., 2017. Introduction to Business Management: Fresh Perspective. In: Introduction to Business Management: Fresh Perspective. 2nd ed. s.l.:Pearson South Africa.