How Can You Measure Quantitative Goals?
Quantitative goals are just a fancy way of saying "how much" you can measure your progress in your email marketing campaign. You probably already know off the top of your head some of your quantitative goals. But here are some examples.
- Sell my products or services. (This is foremost as a goal.)
- Make a set amount of money in revenue per month. For example, "I have a goal of making $3000 in revenue per month."
- Make a set number of sales per month. For example, "I will sell 250 units of product per month." Or "I will teach 20 training classes per month."
- Deliver a certain number of quality leads per month, with a set percentage of them turning into sales within a set amount of time. For example, "I will get 30 qualified leads per month, with 50% of them turning into sales within 3 months."
- I will get prospective and existing customers to register for my events. For example, "I will get 40 registrations per month per event."
- I will drive traffic to my website. For example, "I will get an average of 2 site visits per visitor per month."
- I will generate advertising revenue. For example, "I will get $25,000 in ad revenue per month."
- I will build my reputation as an expert in my industry. For example, "I will publish 6 articles in industry trade journals this year."
- I will develop a speaking schedule. For example, "I will have two speaking engagements per month."
- I will keep my company at the top of mind with prospective customers. For example, "I will have 5% brand awareness in primary markets."
All these business-related, bottom line goals need to be developed and analyzed. Then you need to develop some assumptions that will become your means-to-an-end goals. These are objectives or marks that you think you need to hit to meet your bottom line goals. Here are some examples of means-to-an-end goals:
- Achieving an average delivery rate of 20%
- Achieving an average unique open rate of 5%
- Achieving an average clickth-rough rate of 20%
- Converting 15% of clicks to sales
- Growing your list by 10%
Adjust the assumptions and means-to-an-end goals as you learn more about the e-mail list's actual performance. It is very hard to come up with the numbers for your targets.
Benchmarks can help you reduce the guesswork.
Benchmarks are industry-based guidelines by which you can measure your quantitative goals. Many online sites can give your guidance in going through this sometimes difficult process.
Here is an example taken from a site. To make $100,000 (actually, a little more) in monthly revenue from sending 800,000 e-mail messages per month, we'll shoot to hit the specific means-to-an-end goals, including the number of bounces, opens, click-throughs and purchases.
Always use benchmarking methods as a guide in developing your goals.
About the Author:
Stephen Kelly is a entrepreneur and freelance writer. Be sure to check out this Boston Website Design website for more great articles like this one.
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