520 - Setting SMART Objectives for Your Marketing

October 22, 2018

Yo, what's going on? Welcome to Episode 520 of The 7 Minute Mentor with me, Mark Asquith, and today we're going to talk about setting smart objectives for your marketing. We're going to dig into that in just one moment, but look, just a quick reminder that if you are a Podcast Websites member, today you need to be joining me on our download statistics webinar. It's a private webinar within the Podcast Success Academy, and it is only for Podcast Websites members. It's 11:00 a.m. Eastern in the Podcast Success Academy, so very important webinar to discuss your updated download statistics. It's very, very important so I'd love to see you there. If you're a listening Podcast Websites member, come along. You are going to be getting some emails about it. You've already actually received a few emails about that as well, so please come along, 11:00 a.m. Eastern today. It's very, very important.

Also, a cheeky reminder that the team at AWeber has still got your back. They still have your back with this 90 days free trial. Now, I was working with AWeber last week on a few of their new releases that are coming up, and that's what I love about working with those guys. You know, running a software company myself, I know how difficult it is to develop things, to move things forward, to get the right kind of feedback. We've just had this kind of exercise going on ourselves, and we've been talking about these updated download statistics. So I value so much what AWeber are doing, how much they help me to grow my businesses and I know they can do the same for you. So please, go and check out AWeber. It's kind of crazy not to, you know? It's a little bit silly not to go and do that. So go and check it out at excellence-expected.com/AWeber.

Okay, so objectives. You've probably heard this term before, smart objectives, but I am going to talk about that in just one second. I'm going to really dig into actually what that means. But the problem that I find with most people when they're creating something, well whatever it is, whether it's a gym routine, whether it's some kind of fitness goals, whether it's a financial goal or whether it's a marketing goal, their objectives and their goals are a little bit too broad, or they're not specific enough, or they don't have a time sensitivity, and they're not tight enough.

So a lot of people will go to the gym and say, "Well, you know, I just want to lose weight, I just want to bulk up." What does that mean, okay? What weight are you going to get to? What is your goal? Is it a certain type of physique, and how are you going to measure that? Actually, do you want to be able to set your new personal best for lifting something, or for running something? Okay, what are you trying to achieve with that?

The same thing goes with financial freedom, okay? A lot of people say, "Well, I just want more money. I just want to have some savings." Well, what do you want, 10 grand, 20 grand, 100 grand, 500 grand, a million, and when do you want it by? Okay, these are the things that people really struggle with, and I believe that this type of objective setting is what sets the successful people apart from those that just bumble along and say, "Well, you know, things got in the way," because you have to be specific.

So, this week we're going to be marketing strategy, and I wanted to kind of preface marketing strategy with these objectives, okay? Smart objectives, you've probably heard the term before. You probably heard it thrown around in entrepreneurship and start-up circles a heck of a lot. What does smart mean? Why is it important to apply it to your marketing strategy? Well, first of all you've got to understand that smart is an acronym, and you know each letter in that acronym does have a specific meaning. It can vary depending on who you talk to, but broadly speaking each one of those letters means the kind of same thing regardless of who you talk to, so I'm going to walk you through this.

Smart, S, specific. It can also mean significant. It can also mean stretching, okay? Specific, now that's the most commonly used term, specific, okay?

M, measurable, how are we going to measure these things? How are we going to say, okay, my specific goal will be measured in this way?

A, attainable, achievable, or agreed upon. Okay, yeah, we are all pulling together in that same direction to hit this goal. So specific, measurable, agreed upon or acceptable.

R is realistic or relevant, okay? So we've got specific, measurable, agreed upon/acceptable, and realistic or relevant. And then we have T, time-based, time-bound, okay? Time-bound is very, very important.

Now, what does this mean for your marketing? Well, it's very, very simple. Rather than saying we want to increase our turnover, we have to be saying other things such as we want to increase our turnover by $1 million, and we're going to measure that every single month by tracking growth at 10%. And we agree that this is the right thing for the business, and it is achievable, and it's realistic. We're not setting ourselves a boundary that's too far, and it's time-bound. We want to increase our revenue by this time next year, or in six months, or in a year's time, or in two years' time, okay?

So you can't just set any broad objective, and actually there's a really good quote by Elbert Hubbard which is, "Many people fail in life, not for lack of ability or brains or even courage, but simply because they have never organized their energies around a goal," okay?

So specific goals, they need to be well defined. They have to be very clear to anyone that has got a basic knowledge of what you're doing. They've got to be measurable. You've got to know how you're going to measure it. You need to know how you're going to be able to say, "Well, we've got there."

Agreed upon, all of the stakeholders, everyone involved in these projects has to agree upon the same thing. Realistic, have we got the time, have we got the resources, the knowledge, the ability to do this. And time-based, give enough time because things won't change if you give yourself too much time, but you need enough time for those realistic goals to be able to be hit, okay?

So don't make the mistake of not making smart objectives. Don't make the mistake so many people make in all walks of life of just making objectives and goals that don't matter, and that will never be hit because they are too broad or they're not time-bound or they're not realistic, okay? This applies to your business. It applies to your marketing. It applies to everything you do, okay? So please use that system.

We're going to dig into that a little bit more as we dig through the strategic week this week when it comes to your marketing, but like I said, please start making all of your goals, all of your objectives throughout all facets of your life. Make them smart, okay? Specific, measurable, agreed-upon, realistic, and time-bound. If you do that, you won't go far wrong.

Now like I said, if you're a Podcast Websites member, I want to see you on the webinar in the Podcast Success Academy today to talk about your updated download statistics. It's 11:00 a.m. Eastern. If you're a member, log in to your Podcast Success Academy account, and you'll go to /webinar, okay? That's available truly to you. No one else can see that. I'll see you there, and please never forget the more you expect from yourself, the more you will excel.