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WA - Activity Set Performance Goals

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9 views4 pages

WA - Activity Set Performance Goals

Uploaded by

Phúc Thịnh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

1 Activity Overview
In this activity, you will determine some performance goals for a company’s email and social media
marketing campaigns. To do this, you will review the company’s business and marketing goals and
compare relevant industry benchmarks against company performance data. Then, you will write
performance goals for the company’s email and social media marketing campaigns.

To review, a performance goal is a target that has a measurable, numeric value. Performance goals help
define a campaign’s success. If metrics meet or exceed a performance goal during a campaign, the
campaign is successful.

Be sure to complete this activity before moving on. The next course item will provide you with a completed
exemplar to compare to your own work. You will not be able to access the exemplar until you have
completed this activity.

1.2 Scenario

Review the scenario below. Then complete the step-by-step instructions.

Baba’s is an independently-owned Gullah restaurant in South Carolina. They have recently launched a new
line of proprietary spice blends. Currently, they only sell these products in their restaurant. However, to
help achieve the company’s business goal to raise annual sales by 10% over the previous year, they plan to
also sell the product line on the company’s website. You are responsible for running social media and
email campaigns to to increase website traffic and conversions, as measured by the CTR and CVR.

 The CTR (click-through rate) is the number of clicks that an ad receives divided by the number of
times an ad is shown (impressions).
 The CVR (conversion rate) is the number of conversions that an ad receives divided by the total
number of ad interactions (clicks).
The following information about Baba’s Q4 marketing goals, KPIs, and Q3 performance—as well as
industry averages—will help you craft performance goals for these campaigns:

Baba’s Q4 Marketing Goals:

 Goal 1: By the end of Q4, increase the combined CVR from all marketing channels by 2% (two
percentage points) above the CVR in Q3.
 Goal 2: By the end of Q4, increase the combined CTR from all marketing channels by 5% (five
percentage points) above the CTR in Q3.
Baba’s KPIs for Email and Social Media Campaigns:

CVR (conversion rate), CTR (click-through rate)


Baba’s Q3 Performance Data:

 Email:
o Conversions: 90
o Clicks: 1,200
o Impressions: 80,000
 Social Media:
o Conversions: 30
o Clicks: 900
o Impressions: 90,000
Food and Drink Industry Benchmarks*:

 Email marketing:
o Conversion rate (CVR) = 8.3%
o Click-through rate (CTR) = 2%
 Social media marketing:
o Conversion rate (CVR) = 4%
o Click-through rate (CTR) = 1.1%
*Note: These benchmarks are provided for calculation purposes only and do not necessarily reflect current
industry data.

1.3 Step-By-Step Instructions

1.1.1. Step 1: Access the template

To use the template for this course item, click the link below and select “Use Template.”

Link to template: Performance goals

OR

If you don’t have a Google account, you can download the template directly from the attachment below.

Activity Template_ Performance goals


DOCX File

1.1.2. Step 2: Review target goals and metrics


In the template, review Baba’s Restaurant’s Q4 business goal, the related marketing goals, and the KPIs
you’ll track for these marketing goals.
1.1.3. Step 3: Calculate the restaurant’s Q3 performance data
Calculate Baba’s Restaurant’s Q3 conversion rates and click-through rates for e-mail and social media
using the formulas below. To complete these calculations, review the data in the scenario about the
company’s email and social media conversions, clicks, and impressions in Q3. Then, insert those numbers
into the formulas below to calculate conversion rates and click-through rates for both channels. Add these
percentages to the “Q3 Performance” column in the performance goals template.

Conversion rate:

 Conversions / Total Clicks x 100 = Conversion Rate Percentage


Click-through rate:

 Total Clicks / Total Impressions x 100 = Click-through Rate Percentage

1.1.4. Step 4: Compare industry benchmarks to company performance


Studying industry averages for the metrics you’re tracking can give you a sense of how your company is
performing compared to your competitors and can help you determine attainable growth goals. Review
the data in the “Industry Benchmarks” column in the performance goals template about current industry
averages for the KPIs you’ll be tracking. Compare these averages to the Q3 performance data for Baba’s
Restaurant.

1.1.5. Step 5: Craft performance goals

1.4 Taking the industry averages into account, write performance goals that
improve upon the Q3 company performance data for each KPI. Consider the
following when crafting your goals:
 Are they measurable? Do they include the metrics (such as CVR and CTR) and targets you are
aiming to achieve?
 Are they attainable? Ideally, your targets should exceed both the company’s current performance
rates and industry benchmarks but still be achievable within the reporting period. For example, if
the industry benchmark for CTR in social media was 5% and the company’s Q3 performance was
4%, then a reasonable performance goal might be to increase the CTR to 5.5%.
 Are they relevant? Your performance goals should clearly lead back to the marketing goals and the
relevant business goal, as well.
Write your performance goals in the “Q4 Performance Goals” column in the template.

1.1.6. Pro Tip: Save your work


Finally, be sure to save the work you did to complete this activity. This can help you work through your
thought processes and demonstrate your experience to potential employers.
1.5 What to Include in Your Response

Be sure to address the following criteria in your completed performance goals template:

 The company’s Q3 conversion rates and click-through rates for e-mail and social media have been
calculated.
 Four clear performance goals have been written to align with the business goal, marketing goals,
the corresponding media channel, and the appropriate KPIs.
 Each performance goal improves upon reasonable industry benchmarks.
 Each performance goal is measurable, attainable, and relevant.

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