As a Singapore business owner or marketer, it is imperative to take the time to set marketing goals for each campaign. The goals will help you to stay on track and monitor the performance of each strategy. If you decide to do inbound marketing using social media marketing, regular monitoring will help you to know if your ads are performing as expected.
Today, we will look at how to use the right metrics to set your marketing goals in Singapore. However, before we look at the various metrics that you can use to gauge the performance of your marketing strategy in Singapore, let us discuss how to pick marketing goals in Singapore.
How to Pick Marketing Goals in Singapore
The first thing to note is that there is no universal formula for setting marketing objectives because each campaign is different and brands have varying objectives. Do you have an idea of what you want to achieve from the campaign, but are all the goals worthy?
Here are some questions to help you test if a particular marketing goal is worthy. The final list of goals/objectives will help you come up with robust campaigns and monitoring metrics.
- If you could change one aspect of your brand, what would result in the biggest impact?
- Where do you envision your business to be a year from now? Which specific goal would prove that your business has grown and achieved its objective?
- As you review your Singapore marketing reports, what is one metric that truly reveals your company’s weakness? Where is the black hole in the current marketing funnel?
- If you succeeded in achieving this goal, what else would you be able to do to continue scaling up your business? To help you answer this question correctly, note that goals are like chess pieces, you decide to focus on a particular goal because it present or opens doors for more business growth opportunities. Achieve that one major goal and you will be in a position of power. You will reign supreme in your niche but you have yo continuously work on enhancing your processes.
- Be honest to yourself, can you realistically achieve this goal? One of the mistakes that most digital marketers make is not been honest with themselves. Tripling the amount of organic traffic or number of sales sounds great can you could actually be able to map out exactly what needs to be done to achieve that goal. However, is it realistic? Do you have what it takes and is your business ready for a sudden surge in traffic and sales? Ideally, you should set goals that you can achieve not a moonshot.
These five points will help you choose the right marketing goals for your Singapore digital marketing campaigns. Keep in mind that selecting a primary marketing goal should not be done alone, but as a group so consult your in-house digital marketing team.
This is based on the fact that the goal will be the focal point of all marketing campaigns and processes. All members of your team will be working towards it and so it is necessary to ensure that you are all on the same page from the start.
Attaching a Metric to your Singapore Marketing Goals
Now that you have the main goal and other objectives that you want to achieve from your Singapore marketing campaigns, be it inbound or outbound marketing, the next step that you need to take is attaching a metric to the goals.
The metrics will help you to track the performance of your marketing processes. Think of the metric as a ruler that you will be using to measure success.
Some goal metrics are easy to monitor and measure. For example, if the goal is to attract new leads, you define the number of new prospects yo want to fill the contact form or contact the support team. Such a metric is clear and easy to track.
As noted in a recent article, B2B attribution, generating more business leads is not always the ideal way to improve your Singapore business. This is based on the fact that leads are not equal.
Some leads are more affordable than others, but when you check their performance all the way to the revenue earned you will realize that the source of the most prospects is not necessarily the source that generated the best leads overall or even the most profit or revenue.
With this understanding, you will be able to shift your digital marketing goal from getting more leads to getting better leads. Go an extra mile and make the metric even more specific, for example, “to lower the cost per sales qualified lead by 50%.”
Customer retention and lifetime value are two of the most popular metrics used to measure marketing goals. Lifetime value is a smart metric that will have more impact on your business than most of the other metrics. You may ask why – a digital marketer who manages to record the highest lifetime value can easily outspend the competitors.
In the event that you have more than one major goal, tracking each independent can be cumbersome and time consuming. You might also not get a clear perspective of your campaign. So, sometimes it is recommended to track a constellation of goals at the same time.
Let us shift gears and look at a series of plausible Singapore marketing goals and their respective supporting metrics.
Increase Organic Website Traffic
- Time on site
- Value per visitor
- Amount of social media referral traffic
- Percentage of returning visitors
- Referral traffic from your email marketing campaign
- Value per lead
- Average order size
- Customer lifetime value
- Average customer acquisition cost
- Shopping cart conversion rate
Effectiveness of Advertising Campaigns
- Conversion rate
- Cost per click (CPC)
- Engaged/Cost visit
We hope that the above list gives you an idea of the metrics you should focus on when doing digital marketing in Singapore. More often than not, the most difficult part of tracking digital marketing results is deciding the KPIs (Key Performance Indicators) to cut out and which ones to focus on at each stage of the marketing campaign.
Setting the right marketing goals in Singapore is the first step that you need to take to steer your business in the right direction. The next thing that you need to do is select the right metrics to assist you monitor the campaign and know if you have achieved the goals.
With the help of this guide, we hope that you will be able to use the right metrics for your marketing goals. Be sure to contact our Singapore digital marketing team for more details about how to set goals, monitor and interpret marketing reports.
Our main goal is to help your brand get a firm footing in the country without spending a fortune. Let us teach you how to start doing digital marketing in Singapore the right way today