E491: Strategic Goal-Setting for Your Ecommerce Business

Mike and Dave discuss the thought processes and nuances of their business goals for 2023 and beyond.

 

Setting a trajectory and an overarching vision for your ecommerce business is not as simple as it sounds. There are myriad factors that can influence how and why you set your goals and, more importantly, whether they are realistic and achievable for your company. 

 

In this episode, Dave and I will not only be talking about what our goals are, but we’ll be talking in-depth about the thought process behind those goals and the various nuances of effective goal-setting for an ecommerce brand—from the quality of your employees, to your team structure, to which aspects of your finances play key roles in your company’s growth prospects. 

 

Timestamps: 

• Intro - 0:00 

• The driving force behind Mike's diligence when it comes to 2023 planning - 1:56

• How involved should you be when it comes to setting goals? - 2:56 

• Goal #1 – Dave’s first goal of the year and the dilemma about goal-setting - 4:08

• Mike's accomplishments in 2022 - 5:32

• Our goal for EcomCrew in 2023 - 6:37

• Why goals-setting depends on what type of team you have - 7:35

• Dave's big mistake when setting goals - 8:18

• How to draw the line between leading and doing - 10:42

• Should you have a CEO/COO? - 12:52

• Goal #2 - Focusing on defensible products - 17:58

• The strategy of launching products monthly - 19:32

• Big ecommerce opportunities in 2023 - 23:12

• What qualifies as a ‘moat’ around your products? - 26:16

• How long can that moat around your products last? - 32:12

• Goal #3 - Being more hawkish on costs - 38:11

• Should you turn off all auto-campaigns on Amazon? - 39:56

• Is the Peel, Stick and Block method still as relevant as before? - 42:00

• Dave's thinking of a brand sale - 46:11

• Are FBA Aggregators looking to go public this year? - 50:00

• Is investing in Amazon Businesses better than Treasury Bills? - 51:19

 

I hope you took away some valuable insights from this episode that you can use to sort out your business goals for this year. Don’t forget to leave us a review on iTunes if you enjoy our content. 

 

Happy selling and I’ll see you on the next one!