Don’t Skip the First Step {September’s Marketing Challenge}
Before you can create a marketing plan you must determine your goals and your reward system when you reach your goals. This will help to keep you motivated when you feel the plan may not be working or you feel like skipping a marketing task.
Goal setting is a tricky business and there is a right way and a wrong way to set goals. The best way to set goals is to follow the SMART goals formula.
S= Specific
M= Measurable
A= Attainable
R= Realistic
T= Timely
At the bottom of this post look for a link to download a free SMART Goals worksheet!
Specific
You must be specific when you define your goals. Determine what you are going to do, how you are going to do it and why it is important for you to accomplish this goal. Here are two different examples with the same intention of closing more transactions:
- I want to close 10 more transactions than I did last year.
- I want to close 36 transactions in 2012 and I would like 14 to be sale side transactions and 12 to be buy side transactions.
Obviously goal number two is the more specific goal. The number 36 gives you a number to reach. If you want to get really specific decide how many of the 36 will be sale side transactions and how many will be buy side transactions. By digging deeper and becoming specific about your goals they become more real and achievable.
Measurable
Your goals must be measurable so that you can manage them. Sticking with the example above of 52 closed transactions in 2012, you should be able to break this down into how many deals you must close a quarter and then every month to meet your goal of 52 transactions. You should also be able to determine how many prospects you have to talk to each day to meet the annual goal of 52 closed transactions.
Attainable
We have all heard many times over that if our goals are too far out of our reach we will give up and admit defeat. Don’t set yourself up for failure right out of the gate! If you closed 14 transactions last year is it realistic to more than double that number and close 36 this year? By the same token don’t make it too easy on yourself either. If you closed 25 sales last year don’t aim for 27, aim higher. It is important to find the happy medium of how many deals you can close based on your time, skills, market conditions (although this should not be a huge factor in your final number) and resources. If you would like to close 36 loans in 2012 then set up a road map that is realistic for you to follow. If you think you need to call 100 people in one year to meet your goals and you only called 25 last year than you may be aiming to high. If your goals are unrealistic they become difficult for you to accomplish and makes you not want to try at all. It might be a good idea to start with 60 people and break down that list to a daily calling plan. By keeping your goals attainable and realistic you are much more likely to meet them.
Relevant
I think one of the most important things you can do to accomplish your goals is attach emotion to them. When you set your goals you must determine how accomplishing them will make your life better and you must be specific. If closing 36 transactions in one year is going to make you more money that is great, but there is no emotion attached to money. Now if closing 36 deals and making more money allows you to spend more time with your family, you have then created a relevant goal. When you are writing your goals visualize achieving them, how it will make you feel and then write why that goal is relevant to your life. It will make achieving your goals all that much easier.
Timely
You must set a timeline or deadlines on when you plan to accomplish your goals. If you state that you want to close 36 transactions in one year that isn’t specific enough. It is better to state “I am going to close 2 transactions in January, 3 transactions in February, 6 transactions in March,” and so on and so forth until all 36 deals are accounted for each month of the year. Only then will you feel the sense of urgency and motivation to work towards your goals every month.
Take a couple of hours and write out 5 solid goals that you want to accomplish. Once you are done, take the time to go back through them one more time and make sure they are specific, attainable, realistic and timely. Drill down as deep as you possibly can until your goals feel concrete. That is when you know you have chosen the right goals.
Rewards
I think rewards are really important when establishing goals. While closing more transactions has its benefits financially, I think it is important to present yourself with gifts along the way to keep you motivated for the long haul. For example, set up a reward for yourself after you create your marketing plan for 2012. It doesn’t have to be huge, but it does have to be fun. Maybe plan to take the afternoon off and play a round of golf or get a pedicure or take your spouse out for a nice dinner. Not only will this motivate you to complete your goals, but you will enjoy your reward all the more knowing that you worked hard for to reach it.
We have created a free download on our Free Marketing Tools page to help you plan out your SMART Goals. What successes or failures have you had with goal setting? Please let us know in the comments below! If you are reading this in email or a Reader, please click here to comment!
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Tags: goal setting, 30 day marketing challenge, reward system, Marketing Plan
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