A marketing plan goes hand in hand with key performance indicators (KPI’s). To be successful, you want to have a set of quantitative indicators so you can track the progression of your objectives and goals. KPI’s are metrics that every company should aim to hit on a daily, weekly, monthly, quarterly, or yearly basis. KPI’s sole purpose is to help you keep track of your growing business and see where you should focus more time.
I am going to let you in on a little marketing secret. The best way to measure your metrics is to use the SMART model. You will guarantee success in any metric that you do for your business.
So what does SMART stand for:
Specific
Measurable
Achievable
Relevant
Time-Bound
Let me give you an example of how I have used the SMART model with one of my clients.
Example:
Specific: They want to grow their Twitter and YouTube to 5000
Measurable: Increase followers from low digits to 5K
Achievable: Using my marketing agency to gain those followers
Relevant: To influence customers on Twitter and YouTube for sales
Time-Bound: by quarter 2
The breakdown of the SMART model will allow you to focus on crucial things and decide which quantitative KPI’s you want to build to track your objectives and goals.
Specific
Specific goals have a considerably grander chance of being accomplished. To make a goal specific, you always want to ask the five “W” questions:
1. Who: Who should be a part of the goal?
2. What: What are you trying to accomplish?
3. Where: Where should this goal be achieved?
4. When: When do see yourself achieving this goal?
5. Why: Why do you want to meet this goal?
Measurable
A SMART goal must have benchmarks for gauging progress. If there are no benchmarks, you will not be able to determine your progress and see if you are on the right route to reach your goal. To make a goal measurable, ask yourself:
1. How many/much do you want to make/reach?
2. How do you know if you have reached your goal?
3. What is my gauge of progress?
Achievable
A SMART goal must be feasible and attainable. This will assist in figuring out ways for you to reach your goals and work towards perfecting them. Ask yourself:
1. Do I have the resources and abilities to reach my goal? If not, what am I missing?
2. Have other people done it effectively before?
Relevant
A goal must be realistic in that the target can be accurately achieved given the existing resources and time. Ask yourself:
1. Is my goal realistic and within reach?
2. Is my target reachable given the time and resources?
3. Are you able to oblige achieving the goal?
Time-Bound
A SMART goal must have some deadline, and it must have a start date and end date. If the goal is not time-bound, there will be no sense of urgency and motivation to reach the goal. Ask yourself:
1. Does my goal have a deadline, I have to reach?
2. By when do you want to accomplish your goal?
The SMART model is one that I always keep in my back pocket because I use it anytime I want to measure an objective and reach a goal. Will you keep the SMART model in your back pocket?