Goals & Objectives
When creating a digital marketing strategy, a common assumption is to start with a big-picture goal which is then broken down into measurable objectives. Apparently, this helps to provide direction and track progress.
In my view, though, a vague goal isn’t particularly useful, and there are multiple problems with trying to set measurable objectives.
Why objective-setting doesn’t work
A common objective for investment managers is to grow assets under management (AUM) over time. Putting aside any growth in value of the underlying portfolio holdings, this is achieved via product sales (inflows) and minimising redemptions of existing holdings (outflows).
But as these flows can't be linked to marketing activity, truly meaningful reporting isn’t calculable (such as marketing-attributed sales or return on investment). Instead, teams might try to set SMART objectives tied to more simple KPIs — leads generated, website traffic, email open rates, etc.
However, using these KPIs tends to fail for a variety of reasons:
- Inherent flaws with the objectives (they are chosen arbitrarily, can't account for simple nuances, and aren't actionable)
- A need for the KPI data to be consolidated within a single system
- It's eventually discovered that no-one in the business is interested in seeing them
A better approach: Focus on how you work
Instead of wasting time on setting goals and objectives, try focusing on how the team works work day-to-day. “Slow Productivity” (by Cal Newport) offers a useful framework for how to do it:
- Do fewer things
- Work at a natural pace
- Obsess over quality