Why is goal setting important to inbound marketing? There are several reasons.
The most successful inbound marketers set goals.
Goal setting is the first step to achieving your business objectives. The purpose of setting goals is to give you something to work toward.
Employees who know exactly what they’re expected to do and how it will help their company are more likely to go out of their way to achieve these goals.
You’ll know the task to do. By focusing on each individual task and how it contributes towards a greater whole, you can make sure you get there.
This means that setting SMART goals is an important step in achieving your business objectives.
Before we look at why goal setting is important to inbound marketing, let’s enhance our understanding of Inbound marketing.
Let’s dive in?
- What Is Inbound Marketing?
- Why Goal Setting Is Important To Inbound Marketing
- Inbound Marketing Strategies
- What Does Inbound Marketing Cost?
- What Are SMART Goals?
- Planning, Implementing and Optimizing Your Inbound Marketing Program
- ROI Of a Successful Marketing Program
- Summary: Why Is Goal Setting Important To Inbound Marketing?
What Is Inbound Marketing?
When you define your market as ‘everyone’, you’ll need to use an outbound approach because it’s easy to get lost amongst all of the noise.
But if you can be precise with your targeting by identifying your ideal client profile (ICP), then an inbound approach would be the most effective strategy for success.
Outbound marketing aims to find potential clients that are not actively looking for products or services through cold calls, telemarketing, email blasts, and direct mail campaigns.
This allows companies to highlight how they’re different from their competitors which can result in a sale if correctly done.
However, this technique is primarily used to generate awareness and only around 1% of people who are targeted with outbound messages will convert.
On the other hand, inbound marketing works by enticing customers to find you via search engines, blogs, social media platforms, and referral links.
The interested prospects are turned into potential customers through educational content that is relevant to your industry.
In short, it’s getting potential customers by offering valuable information through free trials, webinars, and downloadable eBooks rather than spending exorbitant amounts of money on cold calling.
Once you have a database full of leads who have displayed interest in your brand, you can begin the sales process by setting up an autoresponder or call them directly to schedule a demo.
While there may be a few extra costs associated with this technique, the positive results will outweigh any inconvenience because consumers want to be nurtured by brands that care about them.
According to Hubspot, this technique converts around 6-7 times more leads than outbound because it’s not simply advertising to consumers but serving them what they want.
Why Goal Setting Is Important To Inbound Marketing
Here are the reasons why goal setting is important to your inbound marketing:
- Setting marketing goals helps you develop tactics to drive revenue in your business.
By having clearly defined goals for your inbound marketing activities, you can set the actions needed to achieve those results and iterate on what is working and what is not.
- Goal setting in inbound marketing is important as it measures success with your inbound marketing strategy.
But the number one mistake that organizations make when setting their goals is to create something that is generic and “fluffy.”
The key to creating great inbound marketing goals is to establish specific and realistic goals that meet business objectives.
- Setting your company goals for the year ahead is an important marketing practice that should be done at least once a year.
Having an updated plan will help define your strategy, improve your approach, and most importantly, keep you accountable to your own business goals.
Inbound Marketing Strategies
There are many components that go into a successful inbound campaign such as SEO, blogging, email marketing, and social media.
Here are just a few ways you can get started:
1. Content Marketing
This process involves writing, recording, and distributing valuable educational content to attract, engage and close customers.
Most consumers would rather receive helpful information from a brand they can connect with rather than being spammed by sales pitches via email or social media.
It also builds trust which is one of the main foundations of any business or organization.
2. Social Media Marketing
Social media isn’t just for taking selfies anymore; it’s an opportunity for companies to improve customer engagement, expand their target audience, and increase online.
However, it requires planning, compliance, and consistency to ensure that you’re not wasting time or resources on strategies that won’t benefit your business.
3. Search Engine Optimization (SEO)
Another inbound marketing strategy is to optimize your website so that it appears high on search engine results pages when potential customers are looking for a particular service or product.
This process can be extremely time-consuming depending on the size of your business but will pay off in the long run because consumers look at organic links more favorably than promotional ones.
What’s an example of inbound marketing? Some examples of companies that rely heavily on inbound marketing are Airbnb, Dropbox, Unbounce, and Hootsuite.
They have all developed their own forms of content which engage with their audience by offering helpful tips, tutorials, case studies, and eBooks to lead prospects down the sales funnel.
What Does Inbound Marketing Cost?
Inbound marketing is considered to be much more affordable than outbound because the majority of its costs come in the form of creating and distributing content that doesn’t require paid media.
The only extra expense that you might incur would be hiring someone who can manage your social media platforms or an agency specializing in SEO.
It’s also important to note that the return on investment (ROI) will vary depending on how big your business is and what strategies you use to promote your products and services.
For example, a B2C company like Harry’s Shave Club spends $4 per new customer acquired while Dropbox spends $65.
But there are many marketers who believe this strategy alone won’t produce positive results if not done well.
Hubspot’s report on the State of Inbound Marketing 2015 found that companies who create content that aligns with their overall marketing strategy are 13 times more likely to see success.
Since goal setting is important to inbound marketing, how should inbound marketers set their goals?
The same way you approach any other goal … Start with what success looks like. For example, “By the end of this quarter, we will sign up 1,000 new customers.”…
Next, determine the desired results needed to meet that goal. In this case, “We would need to bring in at least 10 new leads and convert 4 of those leads into customers each month for the next three months.”
Calculate how much it will cost and how long it will take to accomplish that. [“To create 10 leads per month, we will share content on at least 50 blogs and apply for 20 guest postings.
We’ll invest $10,000 to hire a company to develop our blog outreach strategy and manage this outreach on an ongoing basis.”].
I must emphasize that the goals must be SMART.
What Are SMART Goals?
SMART goals are goals that are specific, measurable, achievable, relevant and time-bound.
When you set up your goals, make them SMART:
S – Specific – What is it?
M – Measurable – How will you know if it’s done?
A – Achievable – Can this goal be reached (does not require superhuman effort)?
R – Relevant – Is this the right thing to do? Why is it important?
T – Time-Bound – When will this be completed?
The end result should be a goal that is specific, measurable, achievable, relevant, and time-bound.
If it isn’t achievable or time-bound, then you can’t hold them accountable for it.
Setting SMART Goals allows you not only to make sure that your efforts are being spent on the right things but also ensures that you have a better understanding of the final outcome.
When you set up your funnel, with each step designed towards an end goal, you can measure how effective or ineffective your traffic sources are at increasing leads and sales.
When designing your funnel, it’s important that each step is concrete enough for both yourself and others to understand.
If steps are easily measured, everyone will have a better idea of where they stand in terms of progress towards the overall objective.
Here are some examples:
1. Increase Snapchat followers
2. Capture more email addresses
3. Get more traffic to our website
4. Increase social media engagement
5. More logins to our app
6. Get more people to share our blog post on social media
7. Set up a live event on Facebook and tell people about it
8. Mention influencers in our industry when they are publishing content related to ours
9. Write guest posts for other websites in the same space as ours, with links back to us
10. Attract more qualified leads via LinkedIn
11. Set up organic search engine optimization (SEO) campaign
12 . Increase YouTube views
13 . Generate more page views
14 . Get authors of influential websites to mention us
15. Get more people to like and engage with our Facebook post
16 . Increase organic traffic for a specific page on our website
17 . Get more likes on Instagram
18. Increase engagement on Twitter
19. Generate more qualified leads via Twitter
20. Get more email subscribers
21. Get better rankings in Google
22 .Increase app downloads
23 .Increase LinkedIn connections
24. Generate more video views
25 . Reduce the bounce rate of our blog
26. Increase conversions from social media
27 . Build brand awareness
28 . Create lead generation ads
29 . Decrease cost per click (CPC)
30. Decrease cost per acquisition (CPA)
31 . Decrease the amount of money we pay for ads
32. Increase conversion rate on our website
33 . Increase the amount of time people spend looking at our ads
34. Get more likes on our Facebook page
35 . Get more click-throughs from our Facebook ad
36. Build brand awareness
37 . Generate more leads through organic search
38. Provide a better user experience
39 . Increase video plays
40. Decrease cost per click
41. Decrease the amount of money we pay for ads
42. Increase signups
43 . Decrease bounce rate
44 . Increase downloads
45 . Obtain a larger number of qualified leads
Here’s another example: “I will read and apply the 10 most important principles of Internet marketing to my local business.”
This is a great idea for an individual contributor, but it could cause problems. First, it isn’t clear who (if anyone) would be responsible for training this person.
It also isn’t clear what happens if the person doesn’t go through these 10 principles.
If they do not read or apply them within 6 months, who evaluates? What is the consequence? How do you measure success?
It’s much better to choose something like: “I will read all of Dan Kennedy’s books on copywriting and implement at least one new skill in my sales process over the next 6 months.”
As you can see, it’s easy to understand what is expected. It’s also measurable, concrete, achievable and time-bound (SMART).
For instance, how would you know if the person has read all of Dan Kennedy’s books on copywriting? You can ask them questions about each book after they’ve finished reading it.
If you were training this person yourself, you could look over their work to see if they are applying any skills within 6 months (obviously not plagiarizing – you still need to train them).
These goals give employees something specific that they can actually do rather than an operational goal like “grow sales” which isn’t very actionable.
They’re clear about what needs to be done and why. The why drives them to complete the item and also gives you a chance to terminate their training if they aren’t on the path and push them back onto the right path.
When employees have specific goals, they’ll know exactly how to go about strengthening their weak areas so that they can be as successful as possible.
Instead of “build sales,” an employee would know how to do this by learning more effective copywriting skills or maybe learn word-of-mouth techniques (so that he/she has customer testimonials).
Team Goals: Of course, setting goals for your team works the same way. If you want your company to grow by 10%, make sure everyone knows what they’re responsible for.
Be sure that everyone knows what the results of their efforts will be (so that they know if they are meeting expectations).
Planning, Implementing and Optimizing Your Inbound Marketing Program
In inbound marketing, the more you invest, the greater your ROI. Creating killer content is very critical and doesn’t require a budget.
Here’s how to get started:
Step #1: Start your business goals and buyer personas. Identify the audience you are targeting and get to know your audience.
Step #2: Provide the necessary content at all levels. Try to answer the questions that your customers have at each level of their buying journey.
Step #3: Choose the medium platform. Find the best way to get in touch with them. Available options are Twitter, Pinterest, Facebook, your blog, or elsewhere.
Step #4: Create a calendar and follow it. Create a schedule so that you will consistently provide fresh and relevant content to keep on engaging your audience.
Step #5: Analyze the results. There’s a host of metrics to look at when gauging the success of your inbound marketing efforts.
You can analyze SEO rankings, inbound links, or the number of articles published so that you gain valuable insight into how your campaigns are performing.
The analysis will help you to understand how effective your inbound marketing efforts have been and how they can be improved.
ROI Of a Successful Marketing Program
Inbound marketing is special in that it has less of an up-front cost than other marketing efforts, and it can have an impressive ROI when used correctly.
Inbound marketing brings leads to you. It generates three times more leads per year than traditional methods.
Inbound marketing is easy on your budget. Businesses that mainly rely on inbound marketing save more than $14 for every newly acquired customer (Hubspot).
According to Groove Digital Marketing, it has a proven ROI. 40% of brands that use marketing automation software see ROI within 6 months, while 75% see ROI after a year.
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Summary: Why Is Goal Setting Important To Inbound Marketing?
Inbound marketing is the process of helping potential customers locate your company. It’s a strategy that uses several ways of attraction.
Inbound marketing focuses on visibility, so potential buyers come to you and new methods aimed at raising awareness, developing relationships, and generating leads.
The content provided by inbound marketing is educational, entertaining, and welcomed by consumers.
Inbound marketing programs enable customers to engage with your brand. This allows you to generate qualified leads for much less money than traditional marketing.
Well, goal setting is really important to your inbound marketing. Then what should you do?
Employ inbound marketing strategies such as content marketing, blogs, SEO, social media to create brand awareness and attract new customers to succeed.