What is SMART Approach? Definition of SMART Approach, SMART Approach Meaning and Concept
The SMART approach is a marketing strategy related to the setting of objectives by a company or brand. Its acronyms correspond to the following concepts: specific, measurable, attainable, realistic and timely (specific, measurable, achievable, realistic and temporary).
These objectives are determined regardless of whether they are short or long term, the size of the company or its sector. Above all, what is sought is to have a key planning due to the utility it has in administration and monitoring.
Meaning of the acronym SMART
- Specific: The objectives must be precise and understandable by all the members that make up the brand and who have a stake in their execution. For example, saying "have a strong advertising campaign" is not a precise objective and is not concise for all the people who participate and also belong to different departments.
- Measurable: It is recommended to set an execution period by the company that is consistent according to the objectives. "Increase the followers of a website" is not something coherent, since it would be advisable to define a time, and a desired growth rate.
- Achievable: It is intended to be realistic to transmit this attitude to the entire team that makes up the company. Adding exaggerated goals like going from "0 to 100 sales" in a single day is not logical.
- Realistic: It will not serve to propose to sell or provide services that we do not have the capacity to serve. Although sometimes the "R" is used to denote "relevant" as well.
- Limited time: It is recommended to establish a sufficient and limited period of time to achieve the objectives set, whether they are weeks, months or years.
This method has relevant objectives that are based on the current conditions and realities of the business climate. The company may want to have its best business year or increase revenue by 20%, but if a recession is emerging and two new competitors are attracting the market, then the targets are not relevant to what is currently happening.
Setting SMART goals requires spending enough time to figure out what the brand's needs really are.