Product suitability = opportunity = risk

Figure 4.8 Grid of product suitability against market adoption for transactional e-commerce (online purchases)

With SMART objectives everyone is sure exactly what the target is and progresses towards it and, if appropriate, action can be taken to put the company back on target. Typical examples of SMART objectives to support goal-setting for Internet marketing strategy include:

• achieve 10 per cent online revenue contribution within 2 years;

• migrate 40% of customers to online services and e-mail communications within 3 years;

• achieve first or second position in category penetration in the countries within which the company operates (this is effectively online audience or market share and can be measured through visitor rankings such as Hitwise or Netratings (Chapter 2) or, better, by online revenue share);

• achieve a cost reduction of 10 per cent in marketing communications within 2 years;

• increase retention of online customers by 10 per cent;

• increase by 20 per cent within one year the number of sales arising from a certain target market, e.g. 18-25-year-olds;

• create value-added customer services not currently available;

• improve customer service by providing a response to a query within 2 hours, 24 hours per day, 7 days a week.

Specific digital communications objectives are also described in Chapter 8.

Was this article helpful?

0 0
Passive Income Blueprint

Passive Income Blueprint

Passive income is a source of revenue you ideally create only once, to bring in fresh batches of income over and over, all on its own.

Get My Free Ebook

Post a comment