To succeed in 2018, e-commerce businesses should focus on strategic growth initiatives across product development, international expansion, and operational efficiency. This episode outlines a framework for setting ambitious yet achievable goals, including revenue targets, marketplace optimization, and new product launches, emphasizing the importance of clear objectives to drive significant business growth.
Key takeaways
Set clear, quantifiable goals across different facets of your business (product, marketing, operations, personal) to maintain focus and measure progress.
Prioritize new product development with a target of 50 new products to consistently offer fresh inventory and drive sales.
Expand market reach by launching on international Amazon marketplaces like Canada, UK, Germany, France, Italy, and Australia to tap into new customer bases.
Optimize existing Amazon listings and PPC campaigns to increase sales by 50%, directly impacting profitability and market share.
Implement structured business methodologies like the Traction model to improve operational efficiency and achieve revenue targets effectively.
Focus on achieving a $10 million revenue goal with a 10% net profit margin by aligning all business activities towards financial success.
"Never lose sight of the bigger picture--life is short, so make great products that customers truly enjoy and enjoy coming to work." - Mike on one of his most important 2018 goals 2018 just rolled in and there's no better time to set goals for the fresh year than today. I think everyone should be doing something like this, as having clear and sharp goals keeps you from getting distracted by seemingly important but meaningless things. It helps you focus your time and resources on the things that truly matter. I put together 18 goals (yes, I did 18 to be cheesy) that I'm going to work towards achieving this year. It's a collection of goals for Terran (our holding company for ColorIt, IceWraps, Tactical, and WildBaby), for EcomCrew, and for my personal life as well. Below are my 2018 goals (in no particular order) which I will explain in detail in today's podcast: Develop 50 new products Launch on Amazon Canada, UK, Germany, France, Italy, and eventually, Australia Optimize our Amazon listings to increase sales by 50% Improve PPC Implement the concepts in the book Traction in our business Reach $10 million in revenue with a 10% net profit Lose 12 lbs Record 100 episodes of the podcast Launch a new version of ecomcrew.com Launch 4 new courses Speak at at least 4 industry events Hike 80 miles of the Pacific Crest Trail Take an epic 2-week vacation Visit the Philippines office at least once Read 4 books (I know, I know... 4 books aren't a lot but I'm not really a book reader so please don't laugh at me) Hand off my Facebook
What does this episode say about product & merchandising?
Set clear, quantifiable goals across different facets of your business (product, marketing, operations, personal) to maintain focus and measure progress.
What does this episode say about amazon & marketplaces?
Prioritize new product development with a target of 50 new products to consistently offer fresh inventory and drive sales.
What does this episode say about finance & fundraising?
Expand market reach by launching on international Amazon marketplaces like Canada, UK, Germany, France, Italy, and Australia to tap into new customer bases.
What does this episode say about founder & leadership?
Optimize existing Amazon listings and PPC campaigns to increase sales by 50%, directly impacting profitability and market share.
What does this episode say about product & merchandising?
Implement structured business methodologies like the Traction model to improve operational efficiency and achieve revenue targets effectively.
