How can SMART objectives help set realistic targets?

From SMART to SMARTER marketing objectives

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.

How can SMART objectives help set realistic targets?

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 personal definition of SMART is:

• Specific – Can the detail in the information sufficient to pinpoint problems or opportunities? Is the objective sufficiently detailed to measure real-world problems and opportunities?
• Measurable – Can a quantitative or qualitative attribute be applied to create a metric?
• Actionable – Can the information be used to improve performance? If the objective doesn’t change behaviour in staff to help them improve performance, there is little point in it!
• Relevant – Can the information be applied to the specific problem faced by the marketer?
• Time-bound – Can objectives be set for different time periods as targets to review against?

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:

Examples of SMART objectives

Here are some typical examples of SMART objectives, including those to support objective setting in customer acquisition, conversion and retention categories for digital marketing:

• Digital channel contribution objective. Achieve 10% online revenue contribution within two years.
• Acquisition objective. Acquire 50,000 new online customers this financial year at an average cost per acquisition (CPA) of £30 with an average profitability of £5.
• Conversion objective. Increase the average order value of online sales to £42 per customer.
• Engagement objective. Increase active customers purchasing at least once a quarter to 300,000 in a market (a hurdle rate metric)

Mistakes in setting objectives

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 in a logical way, sometimes separating out 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 show in this table aligning objectives to strategies and KPIs

The Ten Measures Design Tests

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.

• 1. The truth test. Are we really measuring what we set out to measure?
• 2. The focus test. Are we only measuring what we set out to measure?
• 3. The relevancy test. Is it the right measure of the performance measure we want to track?
• 4. The consistency test. Will the data always be collected in the same way whoever measures it?
• 5. The access test. Is it easy to locate and capture the data needed to make the measurement?
• 6. The clarity test. Is any ambiguity possible in interpreting the results?
• 7. The so-what test. Can and will the data be acted upon, i.e. is it actionable?
• 8. The timeliness test. Can the data be accessed rapidly and frequently enough for action?
• 9. The cost test. Is the measure worth the cost of measurement?
• 10. The gaming test. Is the measure likely to encourage undesirable or inappropriate behaviours?

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!

Alternative SMART objectives definitions

Finally, some have developed the SMARTER objectives definition that show the need to re-examine the relevance of SMART objectives through time:

Letter	Most Common	Alternative
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.

The Right Way to Monitor & Measure Performance Targets

Monitoring and measurement of performance is the longest phase in the performance management cycle. During this phase the manager/ evaluator is supposed to keep an eye on the performance related to the set targets and constantly monitor it in order to be able to keep it on the right track. In that direction the purpose of this phase is not only to measure and evaluate the end results but to control the overall performance throughout the whole period between target setting and evaluation. This gives the true meaning to the performance management system for it is a system for management and not just for evaluation of the performance.

Performance management system is a tool for management not for evaluation of performance

Unfortunately, many organizations neglect this part of the cycle and simply do nothing or very little in the period between the target setting and target evaluation. Excuses vary from not having time to do it, to leaving it to the managers to do it in their own way and time etc. In any case they are just excuses. Not monitoring the evaluation will lose the whole meaning of the performance management since then you are not managing the performance throughout the year but only evaluating the end result.

Reasons for Performance Measurement

Aside of the very obvious reason that it is a part of any performance management system and that without it we cannot evaluate the achievement of the targets, there are also other reasons why we need to measure the performance.
From company side

• The whole performance management system including the monitoring and measurement process is designed to support the company strategy and achievement of corporate goals
• If we don't monitor the performance of the targets we will not be able to see if we will achieve the company strategy
• Monitoring and measurement gives us valuable inputs for any further development and adjustment of the strategy as well as for the targets of the years to follow

From employees and managers side

• If we don't measure the performance we won't be able to show if we are doing a good job
• If we don't measure the performance we won't be able to make difference between successful and unsuccessful execution, between outstanding performance and underachievement
• By not making difference between outstanding performance and underachievement we won't be able to recognize and reward the overachievement, nor to correct and develop the underachievement
• This can lead to rewarding and recognizing the wrong people and not rewarding the ones who really deserve it which will ultimately create dissatisfaction and drop of motivation
• The managers who don't measure the performance cannot see where they should improve the work of their teams etc.

Setting Targets and Making Monitoring and Measurement Plan

Performance measurement starts with the target setting! Although many may think that the monitoring and measurement phase starts after the targets are set, it actually starts with the setting of the targets because this is the phase when the KPIs are set and when the measurement methods and tools are foreseen.
When setting the goals and the specific targets (KPIs) for each goal it is important to foresee how the achievement of the target will be monitored and measured. If a certain target cannot be measured, or is very difficult to measure, then such target shouldn't be set.
The next step in the monitoring and measurement process would be to define a monitoring and measurement plan. But let’s go step by step.

What is Monitoring?

Technically performance monitoring is systematical gathering and analysis of information in parallel with the accomplishment of the task or job. In other words it means that as the work is being done, someone has the task to gather information and make the necessary analysis from which we can get a clear picture on the actual performance and make necessary decisions. This means that in order to be able to monitor the performance first we need to know what are the goal and the KPI for that goal. Then we need to establish monitoring and measurement tools and methods. At the end we need to foresee the needed resources as well as the people that will be assigned to monitor the performance.
The goal of the monitoring is to improve the efficiency and effectiveness of the performance through constantly keeping track on the actual performance. It also helps keep performance on the right track.

Planning the Monitoring and Measurement

It is difficult to go back and establish the monitoring and measurement systems, methods and measures once the achievement of a certain target has started. For example, try to measure and evaluate the achievement of a certain task or project without defining a monitoring and evaluation plan prior to the start of that task or project. What will you measure? What will you evaluate? How will you do it? Based on what?

It is difficult to go back and establish the monitoring and measurement systems, methods and measures once the achievement of a certain target has started

Monitoring and measurement should be part of the performance management system and should be well planned at the time of target setting. This plan should comprise the following:
1. Defining Key Performance Indicators (KPIs)
KPIs are measurable, traceable and visible signs / indicators that something has been achieved or not. They are an important part of any performance management system because they are what you actually monitor and measure. In order to be measured the KPIs are set at the beginning of the process, i.e. during the target setting so that assigned employees can immediately start with gathering information.
A simple guidance on how to set KPIs is to see if the ones that we have set justify the term Key Performance Indicator. This means that it should be a key contributor to the success of the goal. The contributors are key only when they make significant impact on the goal. The indicator should be a performance measure that can be measured, quantified, adjusted and controlled. The measure must be controllable in order to be able to adjust and improve the performance if needed. And finally it should be an indicator, a pointer of what we have defined to be successful accomplishment of the specific goal.
Some examples of KPIs are revenue ($), income ($), market share (%), number of new products on market (number), customer churn (%), employee fluctuation (%), employee satisfaction (index) etc.

2. Defining Tools and Methods for Monitoring, Measuring and Evaluation
Next step after the definition of the KPIs is to define the methods, measures and tools for gathering the necessary information for the analysis. These directly depend on the nature of the goal and the KPI.
For example, information can be gathered from activities reports, meeting notes, financial reports, or by surveys, interviews etc.
3. Defining Activities Plan
Now it's time to define the activities plan and schedule for monitoring. Again it will depend on the nature of the goal and the KPI how often we will need to gather information and make analysis. The achievement of some goals may be measured monthly or quarterly, while other goals may require daily measuring and monitoring.
4. Defining Resources
After the methods and tools have been defined and the activities plan has been set we need to foresee the resources that we'll need to perform the monitoring and measurement. This includes material, financial resources and people.
5. Assigning People
The last step is to assign people who will perform the measurement and monitoring.

Elements of Monitoring

The whole monitoring and measurement process is consisted of the following elements:

1. Setting KPIs
2. Setting up monitoring and measurement systems
3. Collecting and recording data
4. Data analysis
5. Use of information for reporting, improvement and adjustment

5 of the Biggest and Still the Best Online Advertising Methods

5 of the Biggest and Still the Best Online Advertising Methods

Last Year Internet Ad revenue hit $31bn. Q4 saw the best quarterly result ever at $9bn with a 20% increase on spend from the same period in 2010.
Figures from the Internet Advertising Bureau, which is the trade association for online advertising showed:

• 46.5% of the spend was on search advertising on websites such as Google
• About 8.1% was on online classified advertising
• 34.8% was on display advertising which includes banners and digital video commercials.

5 of the Best Online Advertising Methods Today

1. Websites and Blogs

If you want to make the best of online advertising then you need to have a website or blog. Most online advertising is geared to direct people to your website, a central hub if you will. A large percentage of internet users use the internet as their preferred choice to find information about goods and services. Your website or blog is a permanent shop window that is available 24 hours a day 7 days a week.

Tip: Just having a website or blog does not mean you will get traffic, leads, sales. You need to be 100% clear on the purpose of your blog before starting.

2. Social Media Websites

Social Media websites such as Facebook and YouTube are constantly seeking to increase their advertising revenues. Both provide full details of their advertising possibilities on their websites;

• Facebook

Facebook allows you to select your audience by location, age and interests and to test out simple image and text based ads. It suggests that companies advertising on Facebook can:

• Advertise their own web page
• Create demand for their products by creating relevant adverts
• Publicize an event such as a product launch or anniversary.

Payment is either made by “pay per click” or by “impression” (visitors see the ad whether they click it or not). You can set a daily budget that can be adjusted up or down at any time.

• YouTube

YouTube offers a host of resources such as “how to” Guides and advertisers playbooks that will show you exactly how to set up and run your first successful marketing campaign with it.
Twitter also recently announced that it allows users to place self serve ads. You can find out more about Twitter Advertising here
Tip: Any Advertising on social media networks should only be undertaken as part of a coordinated social media strategy. if you are still unsure read this: 13 Reasons Using Social Media for Business is Non Negotiable

3. Banners and Display Advertising

Display Banners, or Banner ads, were the first major method used for online advertising. By 2009, they had dropped to less than 23% of online advertising spend as pay per click or keyword advertising became the predominant force.
Display banners still have merit and are good for special offers or for reinforcing a brand. Banner ads are small adverts that normally come in various rectangle forms. They appear on websites and serve as a link directly to the advertiser’s website: when you click on a banner your browser instantly redirects you to that site.

Recommended for You Webcast, May 22nd: How to Hit a Home Run Competitive Brand Audit

The popularity of banner ads is partly due to fact that they are simple to produce and publish. They are also highly measurable. Depending on the ad and the producer or service, advertisers can calculate the cost per sale – this is the amount of advertising money that is spent to make one sale.

4. Pay Per click (PPC) or Keyword Advertising

Search engines and many websites (including social networks sites such as Facebook and YouTube), carry small adverts with embedded URL’s. When someone clicks on these adverts, the company that put them there is charged. This is considered by many to be the best online advertising method by far and has been growing at a remarkable rate. Unlike traditional advertising pay per click is user activated. Users like it, because it costs them nothing and they only use it if there is something that attracts them.
The advantage of pay per click for advertisers is that they only pay for the actual click through to their site. With other methods of advertising, both offline and online, you have no particular idea of how much it will cost you to attract each visitor. A user that clicks through into your site is likely to be interested in what you have to say, because these users are actively looking for information or researching what you have to say, your product service or offering.
The largest Pay per Click advertiser by a long way is Google and they have a large library of information available to walk small business owners through the process of starting a successful PPC campaign. Google
Tip: As promising and as exciting as having instant customers sounds, don’t think PPC is as easy as it sounds! There are many different facets that you have to consider when designing and implementing a successful PPC campaign. Which if you ignore or get slightly wrong could have a significant impact on your investment.

5. Search Engine Optimization (SEO)

With the huge increase of companies operating online and selling on the internet there has been a dramatic increase in the competition between companies to get visitors to their websites. When carrying out research most people will only look at the first page of search results and quite often only the first two or three.
An article on Search Engine Watch shows that 36.4% of people click on the first result and only 2.2% click on result number ten, the last result on the first page.
Making sure your site gets high up in the search results is important to the success of your website. There are ways to improve your search engine rankings, and search engine optimization is the method of doing this.
Tip: Search Engine Optimization is a long term strategy one that will require constant attention. ( When your website starts to move higher in the rankings, those that you displace will try to recover their ground.)
The best online advertising methods can and will only be the best if you in fact have a sound, well thought out plan for your advertising campaign; whether that is SEO or social media. The simple fact is if you go running ahead online without due care and attention you could end up with a whopping great investment of time and or money for little to no return.

Read more at https://www.business2community.com/online-marketing/5-of-the-biggest-and-still-the-best-online-advertising-methods-0186358

Develop a marketing strategy

Develop a marketing strategy

Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps you define your vision, mission and business goals, and outlines the steps you need to take to achieve these goals.
Your marketing strategy affects the way you run your entire business, so it should be planned and developed in consultation with your team. It is a wide-reaching and comprehensive strategic planning tool that:

• describes your business and its products and services
• explains the position and role of your products and services in the market
• profiles your customers and your competition
• identifies the marketing tactics you will use
• allows you to build a marketing plan and measure its effectiveness.

A marketing strategy sets the overall direction and goals for your marketing, and is therefore different from a marketing plan, which outlines the specific actions you will take to implement your marketing strategy. Your marketing strategy could be developed for the next few years, while your marketing plan usually describes tactics to be achieved in the current year.

Write a successful marketing strategy

Your well-developed marketing strategy will help you realise your business's goals and build a strong reputation for your products. A good marketing strategy helps you target your products and services to the people most likely to buy them. It usually involves you creating one or two powerful ideas to raise awareness and sell your products.
Developing a marketing strategy that includes the components listed below will help you make the most of your marketing investment, keep your marketing focused, and measure and improve your sales results.

Identify your business goals

To develop your marketing strategy, identify your overarching business goals, so that you can then define a set of marketing goals to support them. Your business goals might include:

• increasing awareness of your products and services
• selling more products from a certain supplier
• reaching a new customer segment.

When setting goals it's critical to be as targeted as possible so you can effectively measure the outcomes against what you set out to achieve. A simple criteria for goal-setting is the SMART method:

• Specific - state clearly what you want to achieve
• Measurable - set tangible measures so you can measure your results
• Achievable - set objectives that are within your capacity and budget
• Relevant - set objectives that will help you improve particular aspects of your business
• Time-bound - set objectives you can achieve within the time you need them.

State your marketing goals

Define a set of specific marketing goals based on the business goals you listed above. These goals will motivate you and your team and help you benchmark your success.
Examples of marketing goals include increased market penetration (selling more existing products to existing customers) or market development (selling existing products to new target markets). These marketing goals could be long-term and might take a few years to successfully achieve. However, they should be clear and measurable and have time frames for achievement.
Make sure your overall strategies are also practical and measurable. A good marketing strategy will not be changed every year, but revised when your strategies have been achieved or your marketing goals have been met. Also, you may need to amend your strategy if your external market changes due to a new competitor or new technology, or if your products substantially change.

Research your market

Research is an essential part of your marketing strategy. You need to gather information about your market, such as its size, growth, social trends and demographics (population statistics such as age, gender and family type). It is important to keep an eye on your market so you are aware of any changes over time, so your strategy remains relevant and targeted.

Profile your potential customers

Use your market research to develop a profile of the customers you are targeting and identify their needs.
The profile will reveal their buying patterns, including how they buy, where they buy and what they buy. Again, regularly review trends so you don't miss out on new opportunities or become irrelevant with your marketing message.
While you try to find new customers, make sure your marketing strategy also allows you to maintain relationships with your existing customers.

Profile your competitors

Similarly, as part of your marketing strategy you should develop a profile of your competitors by identifying their products, supply chains, pricing and marketing tactics.
Use this to identify your competitive advantage - what sets your business apart from your competitors. You may also want to identify the strengths and weaknesses of your own internal processes to help improve your performance compared with your competition.

Develop strategies to support your marketing goals

List your target markets and devise a set of strategies to attract and retain them. An example goal could be to increase young people's awareness of your products. Your corresponding strategies could be to increase your online social media presence by posting regular updates about your product on Twitter and Facebook; advertising in local magazines targeted to young people; and offering discounts for students.

Use the '7 Ps of marketing'

Identify your tactical marketing mix using the 7 Ps of marketing. If you can choose the right combination of marketing across product, price, promotion, place, people, process and physical evidence, your marketing strategy is more likely to be a success.

Test your ideas

In deciding your tactics, do some online research, test some ideas and approaches on your customers and your staff, and review what works. You will need to choose a number of tactics in order to meet your customers' needs, reach the customers within your target market and improve your sales results.

Also consider...

• Learn more about advertising.
• Read about the basics of marketing.
• Find out how to write and implement your marketing plan.
• Watch a recorded webinar to learn about local search marketing.
• Find out about other research resources for business and industry.
• Use our market research kit to conduct online research.

 

Motion graphics tutorial using after effects

5 Types of animation

Andrea Minini

The Blend tool technique

Using simple repetition of line to create stunning illustrations

see below

Sketching endangered animals of the UK

The Hare

Complementary Colours

Colour Harmonies

Basic techniques for combining colours

Below are shown the basic color chords based on the colour wheel.

	Complementary Colors that are opposite each other on the color wheel are considered to be complementary colors (example: red and green). The high contrast of complementary colors creates a vibrant look especially when used at full saturation. This color scheme must be managed well so it is not jarring. Complementary colors are tricky to use in large doses, but work well when you want something to stand out. Complementary colors are really bad for text.
	Analogous Analogous color schemes use colors that are next to each other on the color wheel. They usually match well and create serene and comfortable designs. Analogous color schemes are often found in nature and are harmonious and pleasing to the eye. Make sure you have enough contrast when choosing an analogous color scheme. Choose one color to dominate, a second to support. The third color is used (along with black, white or gray) as an accent.
	Triad A triadic color scheme uses colors that are evenly spaced around the color wheel. Triadic color harmonies tend to be quite vibrant, even if you use pale or unsaturated versions of your hues. To use a triadic harmony successfully, the colors should be carefully balanced - let one color dominate and use the two others for accent.
	Split-Complementary The split-complementary color scheme is a variation of the complementary color scheme. In addition to the base color, it uses the two colors adjacent to its complement. This color scheme has the same strong visual contrast as the complementary color scheme, but has less tension. The split-complimentary color scheme is often a good choice for beginners, because it is difficult to mess up.
	Rectangle (tetradic) The rectangle or tetradic color scheme uses four colors arranged into two complementary pairs. This rich color scheme offers plenty of possibilities for variation. The tetradic color scheme works best if you let one color be dominant. You should also pay attention to the balance between warm and cool colors in your design.
	Square The square color scheme is similar to the rectangle, but with all four colors spaced evenly around the color circle. The square color scheme works best if you let one color be dominant. You should also pay attention to the balance between warm and cool colors in your design.