LAB Marketing

Let’s use a small bakery business as an example to create a set of SMART objectives.

Example Business: Lisa’s Bakery

Objective 1: Increase Monthly Sales

• Specific: Increase monthly sales revenue by 15% by introducing a new line of gourmet cupcakes.
• Measurable: Track sales through the point-of-sale system and compare monthly revenue.
• Achievable: Conduct market research to ensure demand for gourmet cupcakes and adjust pricing accordingly.
• Relevant: Increasing sales revenue aligns with the business goal of expanding product offerings and growing the customer base.
• Time-bound: Achieve this goal within the next six months.

Objective 2: Improve Customer Satisfaction

• Specific: Improve customer satisfaction scores by 20% by enhancing the in-store experience.
• Measurable: Use customer feedback surveys to measure satisfaction levels before and after changes.
• Achievable: Implement changes such as better seating, improved lighting, and staff training on customer service.
• Relevant: Higher customer satisfaction will lead to repeat business and positive word-of-mouth.
• Time-bound: Achieve this goal within the next three months.

Objective 3: Expand Online Presence

• Specific: Increase social media followers by 30% by posting daily content and engaging with followers.
• Measurable: Track the number of followers and engagement metrics on social media platforms.
• Achievable: Create a content calendar and allocate time for regular posting and interaction.
• Relevant: A stronger online presence will attract more customers and increase brand awareness.
• Time-bound: Achieve this goal within the next four months.

Objective 4: Reduce Operational Costs

• Specific: Reduce operational costs by 10% by optimizing inventory management and reducing waste.
• Measurable: Monitor monthly expenses and compare them to previous months.
• Achievable: Implement inventory tracking software and train staff on waste reduction practices.
• Relevant: Lower operational costs will increase profitability and allow for reinvestment in the business.
• Time-bound: Achieve this goal within the next five months.

These SMART objectives provide clear, actionable steps for Lisa’s Bakery to achieve its business goals.