In 2019, the U.S. new vehicle market took analysts by surprise. Despite sales falling 1.3 percent, the number still exceeded the healthy 17 million mark for the fifth consecutive year. Even with high interest rates and record prices, 2019 proved the power of a strong economy (NADA & AP News, 2020).
With the market looking up, you may be considering new sales and traffic targets for the new year. Before setting your 2020 goals, test them against the following five-step process to ensure you won’t spend the year spinning your wheels.
What Are SMART Goals?
The opposite of dumb goals, SMART goals are incredibly effective ways of achieving long-term ambitions.
SMART is an acronym that stands for specific, measurable, attainable, relevant, and time-bound. In essence, these are statements that describe exactly what you want to achieve, how you’re going to achieve it, and how long it will take. SMART goals take the guesswork out of evaluating success and holding your team accountable.
Step 1: Specific
Start with something specific that you want to achieve. For example, instead of writing “Improve customer satisfaction” try something more concrete, such as “Improve CSI scores by following up with customers three times post-purchase.”
While vague goals are easier to write, they’re also easier to forget. By attaching specifics to your goals, there will be no question about what you are trying to achieve.
Step 2: Measurable
Let’s expand on the example above. Instead of simply improving CSI scores, try attaching a figure to it, for example, “Improve CSI scores by 15 percent.”
Just like in step 1, adding more specificity leaves no doubt about whether you have achieved your goals. It also makes it easier to track progress, giving you feedback on whether you are headed in the right direction.
Step 3: Attainable
Another word for this step is “realistic.” This is a key one for those in sales. While it’s great to be ambitious, it’s important to stay grounded in reality when setting SMART goals.
Instead of aiming to increase CSI scores by 50 percent to catch up to your competitor, look at your own performance data. For example, if you increased scores by 10 percent in a previous campaign, then a 15 percent increase for 2020 is certainly attainable.
Step 4: Relevant
When making relevant goals, it is important to identify how attaining this goal will benefit your business. Let’s say that you noticed your Yelp rating could use improving. That’s a possible goal to set. But, if the data shows that very few customers consult your Yelp page, it would make more sense to focus on a more relevant goal such as improving your CSI scores.
Step 5: Time-bound
Setting time-bound goals keeps you tied to a deadline. This will put a healthy dose of pressure on your team and push them to deliver. Simply add a realistic deadline to your goal, and you are ready to go.
The complete SMART goal for our example could look like this: “In four months, improve CSI scores by 15 percent by following up with customers three times post-purchase.”
Bonus Blurb: One Platform for Media Buys
Traditional TV advertising is limited when it comes to targeting. Unlike online ads, customer can’t be retargeted or narrowed down by specific behaviors. Given the massive reach and effectiveness of TV ads, marketers are keen on finding a way to target beyond age and sex.
NBCUniversal is leading the way on digital and TV integration. Its new software, One Platform, is expected to debut in phase 1 by this year’s upfronts. One Platform will allow dealers to run media plans across its TV and digital networks, and across local, national, and global markets (Wall Street Journal).