Understanding Amazon goal setting will put you on the road to success leading to increased revenue and maximized profits. Amazon is not a set it and forget it platform- sellers that have thriving brands/products are consistently working on their business, which includes setting goals and tracking progress.
We’re reviewing how to analyze your current performance in order to set the right actionable goals, as well as how to establish a system to track your progress over time.
Conduct a SWOT Analysis and Establish Priorities
When it comes to Amazon goal setting at any level, you must understand and consider what your big picture objectives and top priorities are.
A SWOT analysis is a great way to clearly analyze your current performance by addressing your business’s strengths, weaknesses, opportunities, and threats. The image below shows a potential SWOT analysis for an Amazon brand…
After conducting your SWOT analysis, outline your business’ big picture objectives and top priorities. After establishing your long term goals, you can then break them down into shorter term goals with time frames that could range from a month to a year.
Set SMART Goals for your FBA Business
Structured Amazon goal setting will put you on the path to success and encourage you to drive your business forward. Having formal goals in place will also let you track your progress and see when improvements and adjustments should be made.
Using the SMART goal outline is a great way to ensure that you are setting clear and attainable goals for your business. Each goal you set should address the following questions…
- Specific: What exactly are you going to do?
- Measurable: How will you track progress / how will you know if you are succeeding?
- Achievable: How will you implement the goal? Do you have all of the resources required?
- Relevant: Does the goal connect to your overall objectives?
- Timely: When will you achieve the goal by?
Steps for setting goals for your Amazon FBA business…
- Establish your long term goal(s), which can then be broken down into shorter term goals with time frames that could range from a month to a year.
- Breaker your shorter term goals down into specific and actionable objectives which will bring you to your goal.
- Use the SMART goal structure to outline your objectives, ensuring that they are measurable and have specific targets which will allow you to assess your progress over time. Also note that all of your SMART goals should tie back to your long term business goal(s).
- Establish a plan to check in on progress by measuring KPIs over time.
Set Amazon KPIs
After outlining your objectives and converting them into SMART goals, you need to consider two key components of goal achievement: measuring your goals and setting timelines.
The most common way of measuring whether or not you’re on track to achieve a business goal is by setting KPIs (or “key performance indicators”).
When using the SMART outline, you will already have established the KPIs you need to measure, as well as your timeline. Regularly review and analyze your progress, and resolve any issue that may arise. You may also want to adjust which KPIs you are tracking. Constantly optimize your processes to improve when applicable.
Utilize the myHorizons Goal Setting Tool
Goals are not effective unless you track their progress, and Amazon is not a set it and forget it platform. Whether your goals are tied to profitability, organic rank, or advertising, you must be continually reviewing and adjusting to achieve your end goal.
With Envision Horizons’ Amazon Brand Management platform, myHorizons, understanding your brand’s performance on Amazon is easy.
myHorizons new Goal Setting page gives sellers the ability to set up goals for any performance metric and track progress towards them over time, all within the myHorizons platform.
The screenshots below display the “Create a New Goal” page, where you enter your goal title, your focus performance metric, goal type (i.e. grow to, stay under, decrease to), the number or percentage associated with your performance metric, and your time frame. Image two below shows an example of a goal to reduce ad send by keeping it under $100,000 for this month / next 30 days. The third image shows how the goals you set are displayed on your myHorizons home page in a graph with your progress and target over time.
Get Started with myHorizons for Free
myHorizons is the perfect Amazon brand management tool for businesses of all sizes. With myHorizons, you can easily and effectively manage your Amazon listings, discover key insights, track your progress, and more.
Now you can try myHorizons for free with our month-long free trial. myHorizons free trial pulls 60 days worth of data into the platform for your analysis, upgrade to a paid account to access all historical data.
Take your business to the next level by making Amazon less stressful and more profitable. Whether you’re just starting out or you’re a seasoned pro, myHorizons will help you reach your goals. Sign up today to see the results for yourself!