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Like any good online retailer, you are constantly looking for new and better ways to create sales for your site. You may change the wording of your pay per click ad, announce a contest or offer a limited time coupon. And then, once you have initiated your strategy and seen a $ 2,000 bump in your sales, you are thrilled! But is that actually excellent, good or mediocre? Does that number represent an increase in traffic, conversions or average price or order? Is it what you expected? Did you actually have an expectation?
Can you answer these questions related to your most recent promotional campaign? If not, you are missing opportunities to learn and to do better.
Goal Setting
You really must start with a goal for your changes in advertising strategy for two reasons. First, a goal gives you the benchmark to compare your efforts against. Second, a goal gives you something to aim to achieve. Do not think so? Try this. Tell yourself to do as many jumping jacks as you can in one minute (Or, if you are out of shape from sitting in front of a computer, try leg lifts instead.) Okay, take some deep breaths then challenge yourself to do 20% more in the next minute. You are much more likely to beat your previous record because you know what you are aiming to achieve.
How to set a goal
There are several ways to set a goal.
You can look to your past performance and work to change it. For example, if your April sales are typically $ 10,000, you can work establish a goal of raising sales to $ 12,000. That is a good internally generated goal.
Alternatively, you can set goals based on benchmarking. For example, the average conversion rate for online retailers is 3 to 5 percent. You are at 3.5 percent but you do not want to be average. You are convinced that you can do a better job so you set a goal of being at 6 percent conversion within three months. This is a great goal because
It is based on your site experience
It is benchmarked against the marketplace. It is realistic given both your current experience and the marketplace experience. (It would be unrealistic to expect to go from a 3.5 percent conversion rate to a 25 percent conversion rate in three months.)
Achieving the goal
You can probably think of a dozen ways to attempt to achieve the goal that you have set, using many of the techniques mentioned earlier. The problem is, if you attempt to use all of those techniques in order to assure that you meet the goal, you will not be able to figure out which one or two or three had the biggest impact and which ones were not worth the time or money to pursue. Since time and money are important to you, it makes sense to test ways to meet your goal individually so that you can understand what works and what does not work. You may feel that you do not have the time to be so systematic and scientific, that you just need to get sales, but the 'throw everything at it but the kitchen sink approach' can also backfire in terms of perception. You do not want to cheapen your products perceived value by offering so many ways to 'get it for less' and use so many gimmicks that visitor feel that the only way you can sell your product is through gimmicks.
Make a goal, choose the best strategy you can think of to get there and then get it done.
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