The business value of your company has increased by 213,531 euros. In the past year, the average profit margin grew to 13.5%. Your company now has no less than 6.3% of the market share.
The accountant compliments you on the results achieved. Then you walk to the floor and share the most important numbers in your enthusiasm. The staff nods in agreement, less enthusiastic than you hoped.
What is success? As an online shop owner or entrepreneur, you may consider yourself successful if you achieve your quantitative goals. The results mentioned above are essential in assessing how effective and successful your company is. No doubt these are paramount.
Quantitative goals focus on numbers and data. They are measurable and clear. You can monitor and adjust if necessary. Very useful, but are you successful if you only achieve quantitative goals or objectives?
It strikes me that within e-commerce there’s an obsession with data. Think of metrics such as conversion ratio, order value, and cost per acquisition. As many orders as possible at the best margins. Such metrics are vital but are aimed at only the internal performance of the shop.
That’s such a shame because numbers tell part of the story. Isn’t success more than just achieving numerical goals? Within marketing, there are plenty of goals that focus on quality.
Change your mind
These qualitative objectives are characterized that they put others (your customer, your colleagues) first. They strengthen your business too! How is your company customer oriented? It’s one of the first questions I ask my clients.
For e-commerce and online stores you can include excellent quality goals. To what extent does a buyer recommend your store to others? What positive associations does your target group have and how can your store or brand respond to them? In the market research for my customers, I always take into account the value that your company adds for your target group.
To me, being successful is a healthy balance between quality and quantity. A client who progresses, achieves sustainable results and shares his or her enthusiasm with me gives me joy. That’s what I do it for. What does success mean to you?
Let me help you shape the marketing foundation of your company. Get in touch. Excited to hear your story.