It’s March, which means the first quarter of 2024 is coming to a close! This month, let’s discuss staying on track to meet annual goals and ways to improve growth as a company. Instead of coming up with a cliché pun about “springing into it,” we’ve decided to stick to the cold, hard facts in an all-new, completely serious edition of The Bayou Bulletin. Growth can be a very vague term, but today, we will discuss two main types of growth. Growth in your conversions and growth in your goals themselves.
What better way to discuss conversion than online advertising? The average conversion rate for general pay-per-click advertising hovers around 2%, while the top 25% of companies using this method average a conversion rate of 11%. Not everyone can be in the top 25%, but everyone can aim to be! A much more attainable conversion rate is 5%, which is solid, especially if you can sustain this for multiple quarters. Sustaining growth is a crucial aspect of any endeavor. Look at it like setting a record for yourself and raising the bar one notch at a time. You can’t reach 5% without progressing through 4%, 3%, or even 1% first. If you sustain a 5% conversion rate for one quarter of your fiscal year, try cranking it up to 6% in your next quarter. Achieving higher conversion rates can entail an almost endless number of options. We’ll let you in on a little secret here at the Bayou Bulletin…Offerings, Artwork, and Demographics are your three key points.
Review what you’re offering in your advertising and see if it needs to be altered depending on the time of year or your demographic.
Swap out your artwork for a fresh new message to continue capturing your viewers’ attention.
Don’t be afraid of experimenting with the demographic you’re trying to reach. These are some of the best ways to start your journey to the coveted 11% conversion rate.
Now, let’s talk about growth in goals and what that means for your business. Generally, everyone’s goal is to sustain their profitability and scale within it while fulfilling a need in their community. What measures can you implement to achieve these overarching goals over long periods? For example, ensuring customer and employee satisfaction is a big step in the right direction. Measuring the satisfaction with your customers or employees via a survey could give new insight, and keeping the inner workings of your company happy is just as important! The people who help you achieve ALL your goals deserve to be lifted, which can look different for every business. Taking the time to monitor your actions and making informed decisions can almost effortlessly bring you closer to your new goal.
