June 22

Setting Business Goals for the New Financial Year

We’re not quite sure where the first part of 2022 went. We could have sworn it was New Year’s just the other day, but somehow we’re coming up on the end of the financial year once again. This year, Gordon Digital is celebrating the EOFY by putting together updated business goals. And we recommend that you get in on the fun! The end of the financial year is a good time to look back on everything you accomplished last year, review your goals and set new benchmarks for the next 12 months. 

Once you’ve bundled your books off to your accountant and reviewed the year’s performance, you’ll have a clear picture of where your business stands. That’s your best opportunity to look to the future and make changes that help get your business where it needs to go!

Look at the long-term future of your business

Setting new business goals for the financial year should always begin by looking into the future! Most of us got into business because we had a vision of where it could take us, right? Well, call your wildest daydreams to mind and use them as inspo. Think about things like how much you want to grow in the next 10 years. Will you move locations or open up new branches? Will you employ more people? Launch more products and services? Expand interstate or internationally? This is your chance to dream big! Your major goals might be a long way off, but you’re guaranteed to never get there if you don’t make a start right away. Temper your goals with a hint of realism, but don’t be afraid to plan for success.

Update your marketing plan for the new year

Markets, customers and competitors all change over time. Especially when we’re under pressure from things like COVID-19 and rising costs of living, people tend to change their spending habits. EOFY is your chance to pause and update your marketing plan to reflect how things have changed and what you’re going to do to adapt.

A good marketing plan is powered by as much research and data as you can get your hands on. It should include things like:

  • A check of last year’s marketing goals to see how you measured up. Did you hit your KPIs? Was your marketing cost-effective? Did you keep your spend within budget? Figuring out how you performed last year provides useful info that you can use to figure out where to go next.
  • Review marketing analytics from your website, social media accounts and paid ads to learn more about your business and customers. Knowing how your website and ads performed can tell you heaps about who your customers are and what motivates them. The more information you have, the better you’ll be at attracting those people to your business!
  • Assess your competitors to see who they are and what they’re doing. You need to know who you’re up against and what they offer if you plan to keep up. If any of your competitors are doing well, they can be used as inspiration to model your own marketing after. Don’t be afraid to borrow useful pieces of a good strategy.
  • Update your customer and keyword research. Customers change, search engines change, the way people look for information online changes. The more you know about your customers, the better you’ll be able to target keywords that bring in traffic and drive conversions. Review your existing keywords and ads to see what’s performing well and what’s not, then update your keyword and keyphrase list.
  • Set your budget for the year. Keep it realistic and keep it affordable. You can use last year’s numbers as a guide for how much your marketing will actually cost and the best places to allocate money. It’s a good idea to spend your budget on activities like Google Ads that provide immediate ROI, but don’t neglect long-term strategies like SEO and organic social media.

Align business goals with your marketing strategy

The best way to build your empire is one bite at a time. If growth is on the menu for this year, EOFY is the best time to think about how you’re going to get there. Achieving growth isn’t quite as simple as snapping your fingers though. You’ll need to come up with a plan that helps you bring in the extra leads, customers and sales you need. 

So, once you’ve figured out your business goals, you need to pair them with the matching marketing activities. In general, we break digital marketing activities into three groups based on the types of goals they help achieve:

  1. If your goals are to increase customer awareness, improve website traffic or create interest in your products and services, you would use:
  • SEO to improve your Google rankings and CRO
  • Organic social media strategies
  • Paid ads on social media and Google Ads
  • Web content like blog posts
  1. If your goals are to generate leads and influence your customers’ buying decisions, you would use:
  • Premium content like long-form articles and e-seminars
  • Free trials of your products and services
  • Paid ads on social media and Google Ads
  • Free subscriptions to things like newsletters
  • Remarketing campaigns
  • CRO improvements
  1. If your goals are to increase conversions, sales and revenue, you would use:
  • Engaging content on product pages
  • Remarketing campaigns
  • Upsell features like “Customers also bought…”
  • CRO improvements

The important thing here is to identify exactly what you need from your marketing. It won’t help you much to throw your entire marketing budget at generating awareness on social media if what you actually need is to reduce cart abandonment rates. 

Figure out your new KPIs

The final piece of your EOFY planning is to choose the KPIs you’ll be using to measure your success. 

Choose KPIs that align closely with the marketing activities they’re attached to. For example, you could measure the success of SEO by looking at how much your website traffic increases. Or you could measure the success of remarketing campaigns by monitoring cart abandonment rates and revenue. Whatever your marketing activities are, your KPIs need to be tailored to suit. If you’re using platforms like Google Ads then it’s simple to create campaigns and let Google show you the most important metrics for your particular marketing goals.

Lastly, your major KPI should always be your overall marketing ROI. It’s obviously not worth your time to spend more on marketing than you’re making from the investment. For a lot of companies, improving their overall return on investment means focusing on the marketing activities that matter most. Don’t spread yourself too thin or waste money on campaigns that would perform better if they were handled by professional digital marketers. Figure out what you can and can’t do yourself, and then decide if there’s room in your budget to outsource some of the work to experts.

Got big plans for your business this year? The Gordon Digital team can help kick your goals!

You got into business for a reason. Maybe you have a passion for what you do, or you have a vision of the business empire you’re going to build. Whatever the case may be, take some time to assess your performance and set new goals this EOFY! And don’t be afraid to dream big. Even if your major goals are still a long way off, the team at Gordon Digital is more than happy to jump in and help you get there. 

We like to partner with our clients and learn as much about their businesses as possible. It’s the best way for us to get involved with who you are and what you do, delivering better results that help you kick your new business goals. Around here, your wins are ours too, so we’re always looking out for ways to help your business succeed. Give us a call or get in touch online if you’d like to know more about our services or if you’d like to come and meet us in person!

about the author

Jessica Gordon