Goals & Objectives
Should a digital marketing strategy begin with a big-picture goal, which is then broken down into measurable objectives? Apparently, this can help to provide direction and track progress.
In my view, the answer is no. A vague goal isn’t particularly useful, and there are multiple problems with trying to set 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 an inability to link these flows with marketing activity (mostly due to a lack of data) means that truly meaningful reporting — such as marketing-attributed sales or return on investment — isn't possible.
Teams might try to set SMART objectives tied to more simple marketing KPIs (e.g., leads generated, website traffic, email open rates, etc.) but this tends to fail for a variety of reasons:
- Inherent flaws with the objectives themselves (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 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 simple framework for how to do it:
- Do fewer things
- Work at a natural pace
- Obsess over quality