When identifying specific marketing objectives to support your long-term goals, it is common practice to apply the widely used SMART mnemonic. You will know that SMART is used to assess the suitability of objectives set to drive different strategies or the improvement of the full range of business processes.
One of the main reasons that we called our site and service SMART Insights is because we wanted to help marketers succeed through using a more structured approach to planning to give more realistic targets they could be more confident of achieving. Using SMART objectives and then measuring them through properly customised analytics reports is a big part of how we hope to help too.
With SMART objectives documented in Plans linking objectives to strategies and KPIs everyone is sure exactly what the target is, progress towards it can be quickly and regularly reviewed, for example through an Ecommerce dashboard and, if necessary, action can be taken to put the plan back on target.
When setting future objectives for marketing such as in a marketing plan it’s useful to look hard at each measure and ask “is it essential?”. The SMART mnemonic helps as a test or filter which you can use to assess the quality of measures. My definition of SMART is:
Of course different people interpret define SMART differently and you can refer to the Wikipedia definition of SMART marketing objectives. We summarized the five different components in this handy graphic:
Here are some typical examples of SMART objectives, including those to support objective setting in customer acquisition, conversion, and retention categories for digital marketing:
It’s worth guarding against the mistake I sometimes see with student assignments where, rather than listing objective examples like those above, the student will create separate objectives under a heading of each of SMART – this doesn’t work… Better is to group objectives logically, sometimes separating overall business and marketing objectives and digital marketing objectives.
Another mistake to avoid is a big long list of objectives – yes I have seen a whole page of bullets with no structure… Instead group them logically in a way you would present them to colleagues. We recommend structuring them based on the RACE framework as shown in this table aligning objectives to strategies and KPIs
You can add to your tests of choosing the right objectives using these 10 measure design tests developed by performance management specialist Professor Andy Neely. For SMARTER metrics, ask these questions for your KPIs as you develop them.
These tests show there are additional filters on top of SMART are useful to choose the best measure, I particularly like the “So-what test, another way of explaining relevance and Gaming – a common issue with target setting that isn’t considered by SMART!
Finally, some have developed the SMARTER objectives definition that shows the need to re-examine the relevance of SMART objectives through time:
|S||Specific||Significant, Stretching, Simple, Sustainable|
|M||Measurable||Motivational, Manageable, Meaningful|
|A||Attainable||Appropriate, Achievable, Agreed, Assignable, Actionable, Adjustable, Ambitious.|
|R||Relevant||Results-Based, Results-Oriented, Resourced, Realistic, Reasonable.|
|T||Time-Bound||Timed, Time-Framed, Time-Specific, Timetabled, Time-limited, Trackable, Tangible.|
|E||Evaluate||Ethical, Enjoyable, Engaging, Evidenced|
|R||Reevaluate||Reviewed, Rewarded, Revisit, Recordable, Rewarding, Reaching.|
This definition certainly shows the many alternative SMART objectives definitions – you may want to compare against these!