If you are a Digital Marketer & want to remain in demand, then you must understand these top 2 Business Goals very clearly. If your Digital Marketing efforts do not lead to the achievement of these Business Goals, then your efforts will gain enough weight. In this article, we are sharing the top 2 business goals with you.
Let’s understand
Business Goals
#1. Returns on Investment (ROI)
To start & to operate, any Business needs money, also known as capital. No matter how small a business is, it needs at least some amount of capital. It is very simple & logical that you put something to gain something. Just like in the share market or any other investment for that matter, you will first evaluate that where are you going to get the best returns. Accordingly, you will invest your money. Similarly, when someone invests money in Business, it is done with the expectation of returns.
The one who puts capital (money) in business is definitely expecting returns. Profits should not be understood as returns. Since profit can be small or large. ROI is always calculated in terms of %. Therefore every business expects to get maximum returns from their investment. If there are no returns, there will be no interest from anyone to start or operate the business. Return on capital employed & Returns on investment is the same.
#2. Brand Equity & Valuation
Brand equity can be related to how many loyal customers does a business has. In simpler words, how many customers will continue to buy your products for at least the next couple of years?
Earning Brand equity takes time. It is dependent on the value that your product delivers & your customer believes that it cannot be matched with any of your competitors.
Higher the number of loyal customers, the higher brand equity. Equity can also be called as Business Goodwill.
Therefore the goal of business is to build equity. Brand equity is also connected to the valuation of any business. Since loyal customers are the source of earning for a business, the valuation & number of loyal customers are directly proportional to each other.
For every loyal customer, customer lifetime value (LTV) is calculated & the number of loyal customers can be multiplied with LTV & valuation can be arrived.
An intelligent business focuses on ROI & Brand Equity, both.
Achieving these 2 goals depend on how well the business is able to meet its customers need. In other words, how well the business serves its customers.
Summary
While planning & executing Digital Marketing campaigns, a Digital Marketer must clearly know that the role of Digital Marketing is to contribute to the ultimate business goals that are Returns on Investments (ROI) & Brand Equity & better Valuation. Any Digital Marketing campaign that doesn’t help the business to generate good ROI & Brand Equity will not be useful.