The importance of setting goals
When companies don't plan, they often celebrate the wrong type of success. This leads to a number of problems:
1.) Failures Get Covered Up
Failure isn't a bad thing. What is bad is making the same mistake more than once, or worse, not realising that we made a mistake in the first place.
Success means trying new things, and knowing when they have and have not worked. When looking back at a marketing campaign, we want it to be successful. So this means that we will often pick out metrics that have improved (e.g. Brand awareness, or time on page).
These metrics, while positive, might not contribute at all to what the campaign was hoping to achieve (sales, enquiries, leads etc.).
Before starting a marketing campaign, agree on what metrics you want to improve (Brand Awareness, Enquires, Trust, Consideration etc.). Knowing what these are in advance leads to a truthful measurement of success or failure.
2.) The campaigns impact is unknown.
Knowing how much return on investment (ROI) every campaign generates is important. ROI allows you to compare campaigns, and create benchmarks for success. This can only be achieved if consistent metrics are used to measure campaigns, which is an added benefit of setting goals.
If ROI is not measured, it is impossible to know the true impact and cost of each marketing campaign. ROI provides a unique insight into campaign effectiveness, and helps to determine what marketing channels are most effective for your brand, product or service.
3.) Teams are not aligned.
Without a shared vision, the direction that each person needs to take in an organisation is unclear. This results in campaigns where resources are wasted, the scope or length of time for the campaign blows up, or the end messaging or result is poor.
Goals are a great way to align team thinking and get everyone onto the same wavelength.