How to Set Revenue Marketing Goals (And Achieve Them)

“Begin with the end in mind.”

This is one of Stephen Covey’s tips in his bestselling book, The 7 Habits of Highly Effective People. Whether you want to succeed in business or life, setting goals is critical to staying on track to achieve them.

Setting revenue goals is crucial for businesses to boost their bottom line, which is why it’s one of the biggest revenue marketing best practices. If you want to get started with setting revenue marketing goals and hitting them, keep reading or jump to any of the topics:

• What are revenue goals?
• Why setting revenue goals is important
• How to set revenue goals (and achieve them)

What are revenue goals?

Revenue goals are your business’s financial targets for a given period.

Revenue goals are typically set for the whole company and the sales teams. However, it is common for various departments to have revenue goals assigned to them today. Marketing teams may have revenue marketing goals, which are their campaigns’ revenue targets.

That said, when setting revenue marketing goals, you define the campaigns’ success based on the revenue they generate. For example, instead of setting a goal of generating X number of leads, you define a target revenue that your marketing campaigns must produce.

Why setting revenue goals is important

Measurable revenue marketing goals clearly define success for your team and tell you whether your campaigns delivered the desired results.

“There are a lot of different ways to approach marketing and different KPIs to track,” says WebFX’s VP for Marketing, Trevin Shirey. “But at the end of the day, you need to be able to draw a line from your marketing efforts to revenue generation.”

In addition, your revenue marketing goals keep all your team members on the same page and align the marketing team with the rest of the organization. They also align your marketing and sales teams with the targets they must focus on and work together.

Setting revenue goals is essential for small- to medium-sized businesses (SMBs) to recover costs soon and maintain their growth momentum. Large enterprises also benefit from clearly set goals to ensure they’re on track to remain profitable and expand.

Tips for setting and achieving revenue marketing goals

To set achievable goals that still prime you for revenue growth, evaluate your past performance and factor in future trends. Here are tips on goal setting and how to hit revenue marketing goals:

How to set revenue marketing goals

1. Evaluate your past performance
2. Set monthly, quarterly, and annual targets
3. Identify revenue-driving marketing campaigns and activities
4. Factor in your resources
5. Set your KPIs, and monitor your progress

1. Evaluate your past performance

To look into the future, review your past strategies and campaign performance. Some of the important revenue metrics you can look at are:

• Customer acquisition cost (CAC): The amount of money you spend to earn a new customer.
• Churn rate: The percentage of customers who stop buying or do not renew their contract with you within a set period.
• Average customer lifetime value (CLV): The average monetary value each customer contributes to your business from their first transaction to when they churn.
• Average sales cycle length: The average length of time it takes for a prospect to become a customer.
• Monthly recurring revenue (MRR): The total revenue your business is predicted to earn in a month.
• Annual recurring revenue (ARR): The total revenue your business is predicted to earn in a year.

Review your performance based on these metrics to set realistic revenue goals. You can set growth goals based on month-over-month or year-on-year data.

2. Set monthly, quarterly, and annual targets

Set monthly and quarterly revenue marketing goals to track your progress toward your annual target.

This method factors in churn rate and other seasonal changes that affect business operations and revenue. It also keeps your marketing team motivated to reach goals incrementally.

3. Identify revenue-driving marketing campaigns and activities

Now that you have set your monthly, quarterly, and yearly revenue goals, identify the marketing strategies that will get you there. Plan your marketing campaigns and activities throughout the year, keeping in mind your revenue goals.

Identify strategies to acquire new customers and retain existing ones. Consider upselling or cross-selling to retain your loyal customers.

If you’re launching a new product, ensure your launch activities are also factored into your revenue goal-setting and strategies.

4. Factor in your resources

Do you have enough team members and resources to meet your revenue goals? Consider your team’s capacity, and evaluate if you need to hire new team members to attain your revenue marketing goals.

You may also consider hiring a freelancer or agency that can help you with your marketing activities.

5. Set your KPIs, and monitor your progress

Once you’ve identified your strategies and campaigns, define the key performance indicators (KPIs) that measure your success. Review your KPIs regularly to see if you’re on track to meet your monthly, quarterly, and annual goals.

Our digital marketing campaigns impact the metrics that improve your bottom line.

See Our Approach

WebFX has driven the following results for clients:

$10 billion

in client revenue

24 million

leads for our clients

7.14 million

client phone calls

Hit your revenue marketing goals with WebFX

Setting your revenue marketing goals is an important step to maintain your business’s growth. If you’re looking for a partner to help you grow your revenue, consider teaming up with a revenue marketing company like WebFX.

Our team of 500+ revenue marketers has generated over $10 billion in revenue for our customers. We’re excited to deliver the same results for your business.

We’ll take the time to learn your business, industry, and revenue goals to help you hit your targets and grow your bottom line. Contact us online or call us at 888-601-5359 to get started!