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  1. How to Set Marketing Goals Based on Business Goals

    Every enterprise may have great marketing ideas and want to launch strategic marketing plans as soon as possible. However, defining marketing goals is among the most difficult tasks that all businessmen face when deciding to embark on a marketing strategy. If you are also struggling with setting goals for your marketing plan, following are 8 steps to help you identify your objectives more easily.

    Table of content
    Why do you need to align marketing targets with business goals?
    How to build up well-defined goals for your marketing plan?
    Identify revenue goals
    Figure out specific purchases you need to get
    Determine the closing rate and the the number of opportunities
    Identify the quantity of sales qualified leads
    Identify the quantity of marketing qualified leads
    Estimate the number of visitors to your website
    Set goals for other key elements
    Divide your goals into phases


    Why do you need to align marketing targets with business goals?
    It is important for marketers when deliver a strategic marketing plan to keep in their minds the business goals of their enterprises. Because everything they do is pay the way to the success of the company in general, activities in their marketing plan directly affect how they can obtain business goals. Many people think that aligning marketing activities with business objectives is good enough. However, the case is not. If you do not define specific goals for each activity, your company objective and marketing results are possibly independent from each other.

    For a strategic marketing plan, marketers should set SMART goals, which SMART is the acronym for specific, measureable, attainable, realistic, and time-bound.

    Some businesses underestimate the importance of alignment between marketing and business goals that ends up with poorly-defined marketing goals. For example, their targets are getting more traffics and sales, ranking the highest position in the search engine result pages (SERPs). These objectives are too general that making the way to their goals is vague and unrealistic. On the contrary, some enterprises really pay attention to setting realistic and meaningful goals. For instance, they want to get 500,000 visitors and 500 customers within the next 6-months from when the marketing plan starts so that they can reach the revenue target of $500,000 from the strategic plan. By setting specific objectives like that, the company knows where they are and where they need to go clearly.

    How to build up well-defined goals for your marketing plan?
    To figure out suitable marketing goals for your company, there are bundle of criteria that you need to take into your consideration. Here are 8 guiding steps for you to follow:

    Identify revenue goals
    To have a realistic and under-control target for sale, you need to consider revenues from previous years. If two years ago your company reached $1.8 million in sales and the year after that you hit $2 million in sales, your company expects this year revenue will increase by 25%. It means that your enterprise wants to get $2.5 million in this year for total revenues. You already know how to gain $2 million from typical activities like previous year, so your marketing strategy needs to fill in the gap of $500,000 to complete company target.

    Figure out specific purchases you need to get
    After you can identify total revenues that you have to obtain from your marketing plan, you have to clarify how many customers you need to reach that sales goal. If the average sale is $1000 per order and your sales target is $500,000, then you need approximately 500 buyers to purchase your products.

    Determine the closing rate and the number of opportunities
    To identify how many opportunities do you need to achieve your goals, turn back to your expected customers. If you want to have 500 consumers for you products and the closing rate is 50%, and half of your opportunities refuse to purchase, then the number of opportunities that you need is 2,000.


    Identify the quantity of sales qualified lead (SQL)
    A sales qualified lead is known as a prospective customer that already be researched and vetted. All sales qualified leads after being researched will be sent to sales team to start sales process. For example, if you need 2,000 opportunities, you should pass 4,000 SQL to sales team. Therefore, the percentage for SQL here is also 50%.

    Identify the quantity of marketing qualified lead (MQL)
    A marketing qualified lead (MQL) is a visitor who is likely to be a potential customer. A MQL is recognized when he/she shows interest to the website’s content or product and has engagement with company website for a certain amount of time. To identify the exact rate for MQL to become SQL is quite difficult for all enterprises. However, 50% is a safe percentage for a business to stick to. For example, if your e-commerce needs provide 4,000 SQL to sales team, you are expected to obtain 8,000 MQL.

    Estimate the number of visitors to your website
    In order to attract more people to visit your website, make sure that the content in the landing page is good enough. The more qualified content that the webpage has, the more web browsers will spend time at your website. Based on old statistics about the number of people visit your website and the number of real customers from them, you can figure out a suitable conversion rate. For instance, to have 8,000 MQL, your website needs to catch attention from 500,000 visitors.

    Set goals for other key elements
    After having general ideas about marketing and sales qualified leads, pay attention to other key factors in completing your business objectives. For example, identify specific sales for each product line or even product category, increase customer retention by creating a sense of satisfaction among customers, recruit more employees for deployment plan, remain revenues from current customers. These elements are sure to play integral role in realizing company’s targets.

    Divide your goals into phases
    It is important for your deployment plan to be separated into smaller phases. Your goals for the whole marketing plan also need to be identified for each phase as well. One tip for you is trying to set higher goals for the following phases rather than the first phase immediately. After you have time drowning in the marketplace and gaining hand-on experience, you will undoubtedly get more customers.

    In conclusion, how to get well-defined goals for your business is not an easy question. Therefore, trying to gather accurate data from previous phase of time, understand your company capabilities, and consider carefully to set realistic targets. After that, carry on your strategic marketing plan soon to draw a lesson by yourself. Because your goals can not be perfect in the first place, you can modify your objectives after certain amount of time or after each phase of your plan

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  2. Top 10 Analytical Tools for Business Analysis

    Business Analysis is popular to many company owners with the functions to analyze, examine data, and figure out the most appropriate plan or priority for the company to achieve their goals. There are several analytical tools used to support businessmen to perform a business analysis. Here are 10 most effective analytical tools used in analyzing process of a business that you can take into your account.

    SWOT analysis
    PEST analysis
    MOST analysis
    Heptalysis
    De Bono’s Six Thinking Hat
    Catwoe
    Five whys
    MoSCow
    SCRS analysis
    VPEC-T analysis
    SWOT analysis
    A SWOT analysis is defined as a set of methods used to examine both internal and external factors that affect the performance of a company. This analysis is mostly applied in the initial stages before the company launches any new plans, especially strategic marketing plans. In this analysis, there are four contributing elements need to be examined to complete the analysis, namely strengths, weaknesses, opportunities and threats. Among them, strengths and weaknesses refer to any criteria within and under the control of a company; therefore, they are also called internal factors. In contrast, external analysis focuses on examining outside factors. These factors are then grouped in opportunities and threats for the enterprise.

    Strengths and Weaknesses
    This analysis figures out all advantages and disadvantages that the company has regarding human resources, capital resources, infrastructure, organization structure and so on.

    Opportunities and Threats
    This step focuses on identifying the outside environment to figure out the supporting element as well as deterrence to the development of the company. This analysis concerns the effects from competitors, rules and regulations from local governments, economic situation, and so on.

    PEST analysis
    This analysis PEST standing for Political, Economic, Sociological, and Technological is a method used to analyze the outside impacts on the performance of any enterprise. In the analysis process, business owners are provided with various external factors that directly and indirectly exert impact on their businesses.

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    Political
    Political situation is the main subject to study in this analysis. Current situation and projected situation in the future are considered carefully to predict how it affects the workflow of the company

    Economic
    This economic factor concerns in both local and global scale.

    Sociological
    This factors studies how community affects decision making process of the company. In this analysis, customer demands and hot trends are the most popular examined criteria.

    Technological
    This factor is greatly important to examine, especially the outburst of the fourth industrial revolution is on the way to come. Examining emerging technology and the most favorable technology help business owners to keep up with the past pace of advanced technological development.

    MOST analysis
    This method is suitable for any company looking for performing internal analysis since it helps the owners sure that they are on the right pattern. The name MOST is an acronym for mission, objectives, strategies, and tactics. The business needs to define where they want to drive their business to, what goals do they need to obtain to achieve their mission, what is the detail plan, and how to perform the defined plan.

    Heptalysis
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    This is a model that studies the important factors of a business venture at the beginning of assessment process. This analysis is completed by analyzing 7 fundamental elements which are; market opportunity, product or solution, execution plan, financial engine, human capital, potential return, and margin of safety.

    De Bono’s Six Thinking Hats
    This method is mostly suitable when you want some new ideas for your business. Using this analysis during brainstorming process helps you generate different ideas and examine them to figure out the most appropriate one. However, this analytical tool restricts people to think in certain directions. To complete De Bono’s Six Thinking Hats, there are 6 moods you should think about: pure and logical facts, creativity, positivity, negativity, emotions, and ability to control.

    Catwoe
    This business analysis used to force businessmen to brainstorm their goals within limited time. There are 6 essential factors: customers, actors, transformation process, world view, owners, and environmental constraints to make this analytical tool, which also make up the acronym for its name.

    Five whys
    This analytical tool is usually applied when the company wants to identify the causes of a problem. It provides the owners the general overview about what is really happening to their businesses.

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    MoSCoW
    A business often chooses this analytical tool when they have numerous tasks to handle and they need to decide which task will receive priority. By listing the tasks and analyzing them, business owners can quickly make decision based on the validity of requirements for each task. There are 4 factors in this analytical tool, which are: Must have, Should have, Could have, and Won’t have.

    SCRS analysis
    Another useful business analytical tool is SCRS. Using this method, it means that the company will follow the order of the current state and requirements from a business strategy to look for suitable solutions. The name of the tool is also an acronym for four steps respectively: strategy, current state, requirements, and solution.

    VPEC-T analysis
    This analysis allows users to make decision when they have to examine different expectations from several opinions about a system. The name of this tool stands for values, policies, events, content, and trust.

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    Values
    This step requires all members to present their opinions about goals, beliefs, and current problems no matter they belongs to human resources or capital resources, tangible or intangible issues.

    Policies
    This factor indicates the scale in which what manners cab be performed.

    Events
    Of course, this step point out a chain of activities.

    Content
    Make sure the content is suitable and meaningful enough.

    Trust
    It is an important step because making all participants have the same belief will make your business more successful.

    In summary, there are various tools available for a company when they want to do a business analysis. Because each analytical tool is suitable with a particular business depending on the aim of the company, current situation, and so on, business owners should think carefully before choosing the most appropriate tool for their companies. Once they can select the best method for their enterprise, it will be much easier for them in decision making process or generating a strategic marketing plan.

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  3. Why Your Ecommerce Needs A Product Recommendation Engine

    Along with the fast development of advanced technology, e-commerce has been increasingly popular in the market place. Therefore, there are several tools, applications, extensions, and so on to support the work of online merchants. Among these supporting tools, a product recommendation engine is highly appreciated by users because of numerous advantages as following:

    Personalize every customer’s web experience
    One of the greatest benefits of applying a product recommendation to a product page is generating an individual web experience for every web browser. Typically, people have a tendency to have the good feeling with the company that gives them more attention. In other words, customers all expect to receive special care from online stores. With support from product recommendation engines, online store system can track all customer shopping behaviors and set up personal mode for every consumer. It means that, when a web browser visits your web page, he can have a bundle of products and recommendations from customers who already purchased your products. Besides, visitors are also supported to see a wide range of best seller items.

    Auto Related Products

    Furthermore, after a consumer decides to buy a product, a product recommendation engine such as RELATED PRODUCT EXTENSION will offer him different choices related to his products or his interest. For example, after purchasing an Iphone X, consumers will see recommendations about earphones or cases for their phone. All the keywords used by consumers are saved to build up their own personal experiences and shop owners do not need to waste their time finding related products or setting up.

    Select the best products with minimal effort
    Auto Related Products

    An online merchant may sell hundreds or thousands of items; however, only a few among them work effectively. With the help of a product recommendation engine, a short list of most popular products with buyers will be created. In other words, a product recommendation engine is a multi-task taker who helps admins to analyze product performance and purchase pattern to finalize the best choices. Shop owners, as a result, can depend on this list to generate their better inventory to attract shopping doers.

    Increase Customer Loyalty
    Auto Related Products

    Customer loyalty is integral part in any company’s targets since a number of instant consumers will help an enterprise to go through thick and thin. Moreover, these customers when being happy with both products and services offered have a tendency to recommend the company to their friends, who may be ideal buyers in the future. If a brand wants to raise customer loyalty, they need to treat every target customer as special one or instead make them feel valued. Using a product recommendation such as related product extension in this case is the best choice for any e-commerce enterprise. For every customer, they will receive a suggestion for products which are “just for” them via store website or their emails. This is an intelligent strategy that makes every shop buyer feel that they are important and they want to continue business with this store.

    In summary, a product recommendation engine is vital to any online merchant to survive and perform well in the market place. Automatic related products extension is the product recommendation engine that is definitely necessary for every e-commerce enterprise. If you want to find more about how remarkably this extension can support your online store

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  4. How to design a special gift voucher template with Gift Card extension

     Plugins Planet always perceived as one of the most effective tools to help online stores release cool gift voucher templates. Give this guide a look to know how to impress your customers in this holiday shopping season.

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    How to configure notification emails in Gift Card extension
    Personalized Gift Cards - Why not?
    Taking advantage of technological development, many enterprises boost their sales by delivering virtual gift cards. It is an excellent idea in marketing plan because it makes current buyers be engaged together with approaching potential customers. To impress people being interested with gift vouchers, it is important to design outstanding templates for those gift cards. PluginsPlanet Sellers known as one of leading in Magento vendors has come up with an ultimate gift card extension. Here is a guideline in designing gift certificate templates that may be helpful for your magento stores:

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