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3 Steps To Understanding Whether Or Not PPC Will Work For Your Business

3 Steps To Understanding Whether Or Not PPC Will Work For Your Business

Pay-per-click advertising (PPC) can be one of the best ways to create a revenue stream for your business. However, it might not fit every business model or make sense for your budget. Rather than dismiss PPC due to uncertainty, it’s a better idea to conduct research and run the numbers to see if a campaign can possibly return a healthy investment.

Here are the three steps you should follow to figure out whether or not PPC can work for you and your business:

Step 1: Research Your Keywords and Estimated Costs

The first step is to conduct some keyword research for your targeted keywords. To do this, you want to create an account with Adwords and use Google’s Keywords Planner Tool. You want to start broad with your search and then dig deeper into more specific keywords. Then you will want to group your keyword list into related categories and export it to organize your work and get a better idea of what kinds of keywords you want to target.

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Many business owners make the mistake of starting with a popular keyword for their business and assume that they can’t make it work due to the high suggested bidding costs. In reality, you really have to take the time to try to get a good list of different keywords to get a better idea of what you can afford to pay for the traffic.

After you’ve collected a decent list of keywords. You will want to figure out if you can generate a positive revenue stream with PPC. If you’re selling a product, you will want to get an idea of what kind of numbers you need to make a profit. For example, if you’re selling a $100 product and you’re paying $1 per click, you need to make a sale at a 1% conversion rate to break even.

If you’re selling a service, you should get your figures by looking at the cost-per-lead. Let’s say that one in a hundred leads convert into a new client. If you’re paying $1 a click and getting 10 leads per 100 clicks, you are basically paying $10 a lead. If your average cost-per-lead for advertising is typically higher, or if you know you have a high value per lead, then it makes sense to continue advertising.

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Step 2: Get Your Numbers and Tracking on Point

The next step is to set up tracking for your campaign. You need to integrate the tracking to your landing page so that you can get the conversion rate for your leads or sales. You can do this with your Google Analytics account or go with a third-party service provider. At this point, you want to be very specific about your numbers to get a realistic idea of how your campaign is going to break down.

If you’re selling a product, you have to figure out how much of that product generates a profit after the manufacturing costs. Then, you have to add in all the other costs, like credit card processing fees, shipping, and other fees, to get the profit margin before any advertising expenses. From there, you need to deduct your PPC advertising costs (a projected 100 clicks is a good starting ground) from that balance to see how much you can possibly make from your campaign.

When coming up with your numbers, it’s good to start with a figure of a 3% conversion rate. That is a reasonable conversion rate for a new PPC campaign. If you want to get even more clarity, you can integrate your average cross-sell and upsell campaigns to see what the overall profit will be.

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Step 3: Focus on the Long-Term

The initial cost for any new marketing channel is high. That’s why you need to take into consideration that your costs should drop after a few months. You should also be able to optimize your campaign for better targeting and landing pages to increase your conversion rate. You can either learn to do that through the Google support forums or consult a PPC company or expert to do the heavy lifting (many offer free consulting minutes so take advantage of them).

There are also many things you can do to fine-tune your campaigns. For example, you can target the time and days where conversion rates are higher or use negative keywords to eliminate clicks from unwanted searches. Adding all these factors into your calculation will give you a better idea of whether or not PPC is worth it for your business in the long run.

Unfortunately, many business owners give up due to being too short-sighted or a lack of instantaneous results. You have to remember that PPC is a long process that can really pay off if you make the commitment to adjusting and improving on a consistent basis.

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Featured photo credit: Ethinos via ethinos.com

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Last Updated on March 12, 2019

20 Inspiring Vision Statement Examples (2019 Updated)

20 Inspiring Vision Statement Examples (2019 Updated)

There is normally a lengthy list of things you need to consider when starting a business, and if you don’t manage them properly, your excitement can quickly turn into overwhelm. What can support you to stay inspired and on the right track when starting out? You guessed it: this is your vision statement.

What Is a Vision Statement?

A vision statement is like a photograph of your future business, which gives your business shape and direction.

A vision statement provides the direction and describes what the founder wants the organization to achieve in the future; it’s more about the “what” of a business. It is different from a mission statement, which describes the purpose of an organization and more about the “how” of a business.

If you were to take a photo of your future business now, what would it look like? What do you want your business to be recognized for one day?

You need to have a crystal clear vision when you start out, otherwise you can get easily lost in deciding the best way forward. When you are making strategic decisions for your business and even daily operation decisions, your vision statement will give you the inspiration and targeted direction you need.

The Importance of a Vision Statement

Without a vision statement, your business will lack motivation to keep going.

If you don’t aim for anything, you might not hit anything. The more specific and clear you are, the better your chances are at seeing your vision turn into reality.

The importance of a vision statement cannot be overlooked; not only does it provide long term direction and guidance, but it also gives you the inspiration and the necessary energy to keep going when you feel lost.

Always keep your vision statement alive by revisiting it regularly and communicating your vision with other members of the team, to inspire and motivate them as well.

How to Craft an Inspiring Vision Statement

1. Dream big and use clear language

An inspiring vision statement should inform a clear direction and priorities for the organization, while challenging all the team members to grow together. Based on our expert sources’ advice, we’ve got some great tips for you:

  • Imagine how you want the business to be like in five to ten years.
  • Infuse the business’ values in the statement.
  • Make sure that the statement is implying a clear focus for the business.
  • Write your vision statement in the present tense.
  • Use clear and concise language.
  • Ensure the statement is easily understood.

There are many different types of vision statements and there is no wrong or right way to do it. The most important thing is to resonate with it. It will always inspire you and give you a clear targeted direction.

2. Get inspirations from the successful companies.

Having researched on a number of successful companies’ vision statements, I’ve shortlisted 20 good examples for the new startups:

Short vision statements made up of a few words only:

1. Disney

To make people happy.

2. Oxfam

A just world without poverty.

3. Ikea

To create a better every day life for the many people.

Quantitative statements are based on numbers, quantities:

4. Microsoft

Empower every person and every organization on the planet to achieve more.

    5. Nike

    Bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are an athlete.)

      Qualitative statements are based on qualities that you want to have:

      6. Ford

      People working together as a lean, global enterprise to make people’s lives better through automotive and mobility leadership.

      7. Avon

      To be the company that best understands and satisfies the product, service and self-fulfillment needs of women—globally.

      Competitor based statements – this type is becoming less common, but famous examples are:

      8. Honda – in 1970

      We will destroy Yamaha.

      9. Nike – in 1960s

      Crush Adidas.

        10. Philip Morris – in 1950s

        Knock off RJR as the number one tobacco  company in the world.

        Role Model Vision Statements – using another company as an example:

        11. Stanford University – in the past

        To become the Harvard of the West.

        12. Reach for Success – in the past

        To become the next Tony Robbins in self development.

        Internal Transformations vision statements:

        13. Apple

        To produce high-quality, low cost, easy to use products that incorporate high technology for the individual.

        14. Giro Sport Design

        To make sure that riding is the best part of a great life.

        15. Tesla

        To accelerate the world’s transition to sustainable energy.

        16. Sony

        To be a company that inspires and fulfills your curiosity.

        17. Facebook

        To give people the power to share and make the world more open and connected.

          Longer and more detailed vision statement:

          18. Walmart

          To give customers a wide assortment of their favorite products, Every Day Low Prices, guaranteed satisfaction, friendly service, convenient hours (24 hours, 7 days a week) and a great online shopping experience.

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          19. Coca Cola

          To achieve sustainable growth, we have established a vision with clear goals:

          Profit: Maximizing return to share owners while being mindful of our overall responsibilities.

          People: Being a great place to work where people are inspired to be the best they can be.

          Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy peoples; desires and needs.

          Partners: Nurturing a winning network of partners and building mutual loyalty.

          Planet: Being a responsible global citizen that makes a difference.

            20. Heinz

            Our VISION, quite simply, is to be: “The World’s Premier Food Company, Offering Nutritious, Superior Tasting Foods To People Everywhere.” Being the premier food company does not mean being the biggest but it does mean being the best in terms of consumer value, customer service, employee talent, and consistent and predictable growth.

            The Bottom Line

            Remember, always keep your vision statement up-to-date to direct your company’s actions.

            Remember, once you reach your vision, it needs to be changed. General Motors overtook Ford as #1 automotive company in the world because once Ford’s goal was reached, they never updated it.

            Keep your vision statement alive and visibly in front of you, revisit it and let it help direct your actions and activities. This is the fun part: this is where you get to dream really big and allow your imagination to fly as high as you want.

            Don’t hold back, let your creative juices flow and give yourself permission to explore what is possible for your business.

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            To your success!

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