A savvy CEO understands the value of setting growth goals that take their organization into the right direction. But defining what that right direction is, and engineering a road map to get there, is not so simple or straightforward.
According to the 4th Annual Staples National Small Business Survey, more than 80 percent of 300 surveyed CEOs and business owners reported that they don’t track their business goals. Another 77 percent admitted to not yet achieving their main goal for their company.
These statistics are indeed grim, yet they need to make sense. In order to set business goals a great deal of probing into the mechanisms of your business momentum, aligned with your desired outcome for its future, needs to be established.
The trick is that a great deal of time, technology, and know-how is required, and this is why successful CEOs partner with top growth marketing agencies to dissect the inner workings of a business, define goals, and layout the needed strategies to achieve them.
Business Goals Must Revolve Around Long-Term Goals
Every company needs to distinguish their long-term goals from their short-term ones. Typically, a long-term goal will have a timeline of three to five years and should encompass your company’s mission statement. When organizations remind themselves why they exist in the first place, goals take on a real meaning.
Business coaches all tend to agree that these types of goals generally fall into four areas: service, social responsibility, profit and growth.
Service relates to how goals seek to improve customer service, satisfaction and improve client retention. Social responsibility focuses on how organizations give back to their communities through volunteer and philanthropy avenues that align with goals.
Profit simply speaks the revenue targets or increases in profits by a certain percentage, and growth is related to how the company will expand through new services and products, or new employees (just two examples).
When differentiating long-term goals from short-term ones, get in the habit of using specific language. Long-term goals should adapt language that’s initiative. The word “goals” can take on the semblance of running a race. Instead, use language that positions your goal as something bigger.
For example, in an article titled, ‘Building your Company’s Vision’ by James Collins and Jerry Porras, they look at 30-year game-changing goals and the language used in constructing them.
Here, they coin the phrase “BHAG”: a “big, hairy, audacious goal”. This was a practice embraced by Sony back in the day when they had a long-term goal to change the worldwide perception that Japanese electronics are poor quality.
Finally, always keep in mind that long-term goals can quickly change. Three to five year goals are absolutely necessary to have, but due to the current economy and various industry changes, organizations are forced to re-evaluate long-terms goals on a regular basis.
Marketing Technology and Growth Alignment
Having a robust CRM with a central marketing automation feature is key to achieving growth goals in an ever-evolving climate. HubSpot, for example, tracks every lead in fine detail, qualifies leads accordingly, and feeds the right buyers custom content appropriate to their buyer’s persona and stage in the buyer’s journey.
Growth marketing agencies take their client’s long-term and short-term goals and create a stack of custom strategies and tools to achieve these while delighting their customers and creating enhanced brand awareness.
Today’s savvy growth marketing agencies don’t just initiate SEO and paid media strategies; they help companies define their goals, set measurable benchmarks, and engineer strategies designed to facilitate growth in all goal sectors.
As the CEO for your organization, your job is to create growth as well as a plan for maintaining and exceeding short and long-terms goals.
Growth marketing agencies can be the ace in your back pocket. When vetting various agencies, make sure their objective meets the parameters expressed in this article, and ensure their own growth goals rely on ensuring their client’s are achieved.