Setting business goals has become a staple in preparing for the new year or quarter.
It almost feels like the year or quarter cannot begin without knowing what goals you are working towards.
But just as important it is to set business goals, setting the right goals matters even more.
Setting Business Goals that Matter
When you think of setting goals for your business, I’m sure there are a few that instantly comes to mind. Such as:
- Revenue or income goals
- Social media follower goals
- Sales goals
I’m sure you already have those on your list right. But there are a few types of goals that business owners tend to overlook. Sometimes because they don’t know what they are but oftentimes because they are not sure how to make that thing a goal.
That’s why you have me :). So let’s jump into the business goals that matter most for your business.
It’s more expensive to attract new customers than it is to create repeat customers. Yet, business owners are constantly trying to find new customers versus showing love to the ones they have already gained.
A retention goal looks at how many repeat customers you are able to generate in a certain period of time. Are you able to make them buy again through upsells or cross-sells? If you are able to generate a high retention rate for your business, then you will build a loyal customer base while increasing your revenue and sales goals.
Average Order Value (AOV) Goals
Creating repeat customers is one thing, but being able to increase the value of that customer over time is another. This goal is more about your products, services, and offerings. Are they enticing enough for your customers to want to buy more of what you sell? Or do they tend to only spend a certain amount?
Everyone always cares about the end goal which is revenue or sales. But what about all the steps that lead you there? Leading up to your customers purchasing from you, there are points where they get closer and closer to becoming a customer. Those points are measurable and called conversions. Here are a few examples:
- Clicking on a specific call-to-action (CTA) button or link
- Joining the email list after visiting your website
- Adding items to the cart
By tracking your conversions, you are able to determine where you need to optimize to increase your conversions, sales, and income.
There’s no doubt that these three goals will have lasting and positive effects on your bottom line. Implement these goals now so you can start the year/quarter headed in the right direction!
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