Or better said what’s your goal? What are you trying to achieve with online marketing. Unfortunately too many online marketing campaigns are started with out a clear goal or set of goals in mind. If there are goals in place often they are too vague to be meaningful.
Let’s look at an old favorite.
Our GOAL is to sell more stuff.
That’s great! You and everyone else, but we need to dig deeper to get any meaning out of this.
- What exactly do you want to sell?
- Who do you want to sell to?
- How much is each sale worth?
- How many sets of eyeballs do you need viewing your products online to get a lead?
- How many leads do you need before you make a sale?
- What’s your conversion rate?
These are only a few of the question you need to ask before you start a campaign. Once you start answering these questions, you’ll be able to move through the simple diagram below.
- Determine or define the average value of a new client or sale. (Let’s use $1,000)
- Next if you know your typical close rate (We’ll use 50%)
- Then you can figure out how many leads you need to get 10 sales. (In this case you need 20 leads)
- If you know that 1% of visitors become leads, then you need 2,000 visitors.
- So finally, how much do you need to spend to get 2,000 visitors?
As you can see it is quite easy to create a budget and see the return on investment, once you define your goals and you understand the steps you need to take to reach them.
Need help defining your goals or working through the diagram? Let us know and we’ll set up a free first consultation: Contact Us