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Jason Simon provides insight into how to establish marketing goals for an eCommerce business

FinTech and eCommerce expert Jason Simon suggests different methods eCommerce businesses can use to create and maintain marketing goals.

San José, Costa Rica – WEBWIRE

It is important to build up a system for characterizing eCommerce organization objectives as well as related exercises to help the eCommerce organization achieve those objectives when defining eCommerce organization objectives. Different systems are available to assist in achieving these goals, and the OKR (Objectives and Key Results) system has emerged as a popular choice among many. In this way, teams can remain in sync and on the same page despite working on separate projects, as it allows for an in-depth approach that can keep them on the same page. Jason Simon, a global expert in eCommerce operations, discusses how to set and manage eCommerce goals while maintaining the OKR framework in mind.

The first step is to carefully choose the objectives. In order for eCommerce marketing objectives to be successful, they should be qualitative, actionable, time-bound, and ambitious, as well as one of three goals - promoting revenue, increasing customer loyalty, or reducing costs.

Explains Simon, “I believe all objectives should be based on a similar timeframe to ensure clarity and consistency. I normally suggest keeping all of your objectives in mind on a similar timeline, no matter what the particular goal is that has to be achieved.”

Among all OKRs, Key Performance Indicators (KPIs) are an integral part. KPIs are usually designed to be aggressive, but with the understanding that 70 percent of the goal has to be achieved as a standard. Based on a few considerations, KPIs are meant to be a reasonable gauge of what is expected to be achieved, and they are intended to provide a reasonable benchmark of what we expect to achieve.

It is important to determine what will happen should the KPI not be met, if there has been a similar outcome sought (or achieved) previously, and what is the driving force behind the KPI. As soon as you have identified your OKRs, it is time to describe what precisely you will do in order to accomplish each objective.

These activities are referred to as initiatives, and they are the next step in the process. It is important to keep in mind the other initiatives you and your team are leading while you create a high-level list of projects and initiatives. Do not lose sight of these initiatives.

Some of the initiatives include setting up “abandoned cart” and win-back systems or implementing surveys or polls on the site for returning customers. For returning customers, generally, three tests are created in order to test their behavior on the site.

Having identified the project objectives and initiatives, set up a secure data storage and sharing location to ensure that the team and all stakeholders of the project are kept informed once the objectives and initiatives are in place. Many ready-made platforms are available today, many of which can be easily integrated with KPIs and/or OKRs to allow seamless oversight to take place.

It is important to keep in mind a number of things when creating OKRs, according to Simon. For example, Simon advises that you do not pick more than five goals for a yearly cycle and make sure everyone from all levels of the organization is involved. It will ensure that a lot of alignment will occur, which can make sure success. Furthermore, the key results should be realistic and should be weighed against reality as well.

When companies are committed to long-term growth and success, defining their eCommerce marketing objectives is an absolute necessity. By implementing such a strategy, you will be able to enhance team alignment, create buy-in power across the entire organization, and keep all team members focused on the desired end result. It is possible to focus on the objectives, key performance indicators and activities required when you use a structure such as OKRs.

About Jason Simon

Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When he’s not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.

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 Jason Simon

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