Marketing without goals is like doing target practice without a bullseye. Goals are important to any type of business, including banks. Whether they are weekly, monthly or annual objectives, these will help you stay on track to great success.
When it comes down to marketing, you want to step back for a minute and define what it is that you are trying to achieve. Not all goals need to be related to earning a new sale or getting a new lead. A goal is any action that you want an individual to take during the time that your campaign is active.
However, all goals have something in common: they should all be S.M.A.R.T.
In order to set effective and clear goals for your bank’s mobile marketing campaigns, use this checklist of five criteria to determine if each objective has been framed properly:
Specific: Your goals should clearly lay out what you want to accomplish, with exact numbers, times, and dates. A goal like “I want people to sign up” is not as effective as “By December 31st, 150 new clients would have signed up for the Cash Reward Credit Card”.
Measurable: Anyone looking at your campaign performance should be able to tell objectively whether or not the goal was met. It goes hand-in-hand with the previous bullet point. Be specific with your quantities in order to measure if you have reached the goal or not.
Achievable: Your goals need to be realistic. You might want to push yourself a bit in order to accomplish a goal, but you don’t want to set yourself up for failure. If your bank has 2 million clients, it may not be realistic to double its size in 6 months.
Relevant: The goal needs to help your business. It is as simple as that!
Time-Based: If you forgot to be that specific while reviewing section 1, you have no excuse now. Specify the timeframe by which the goals should be achieved. Set a date and time.
Note that, even though your goals meet these five principals, it is not guaranteed that you have chosen the right goals to focus on.
By setting goals, not only will your marketing team have a clear direction and an objective to work towards, but you will also have the opportunity to critically evaluate your decisions and the strategies you implemented in order to accomplish them.