Tag: Reports

Prevent These Business Mistakes With the Right Global Markets Reports

Information, is the most important term in business – it’s what you need to stay ahead. Using the global markets reports related to your business, you can assimilate all your resources and use them effectively.

Business experience might not be enough to propel your brand into the market, or a new one at that. Data also needs to be utilized in a way that it creates a constant flow of solutions. It&rsquo’s important to gain a better understanding of your buyer, competitor and market – or what it really takes to stay competitive. Without the right ideas, answers and information at your disposal, you could find yourself facing these issues:

Maintaining over-optimistic strategies:

Most entrepreneurs start out with and noble idea of where they want to take their brand and often get carried away. Exemplary planning, without adequate research to support it, could destroy your business entirely. This is because, in addition to developing a really good business idea, you have tested out its viability – preferably before you set up your business.

Research will help you to understand the level of customer expectations or type of needs they have. It identifies the right product testing tools you should be using and ways to factor in the feedback or results of these preliminary tests.

Avoiding collaborating over business ideas:

A business idea cannot come into play overnight. You have to invest the right amount of efforts in sharing it with partners, colleagues and even customers. This is where you will find the suggestions or opinions necessary, to improve on your idea or find new ones altogether.

That being said, it’s important to share your prototype or idea with trustworthy people. You also need to understand how to protect your ideas from being stolen or being used in unscrupulous ways.

Not understanding your customers or market:

The biggest danger of overlooking research is that you end up selling your product in the wrong markets. You wouldn’t even know how strong your competition is, leading to the untimely failure of your product.

To prevent this, you can use research reports to gain access to data on government laws, social norms for developing your own business networks. You can even get an understanding of the sector you are in to discover prevalent purchasing trends.

Bad or inadequate financial planning:

Business capital is important too. The reluctance to prepare yourself with the right amount of it and have contingency plans ready could lead to a lot of problems. It might even prevent you from taking an idea forward, even if happens to be a very viable one.

Capital is what will help your brand to survive and shows that your business has a future. This is one part of your business plan that will appeal to investors, should you choose to look for any. Research report data is what you can use to structure your financial objectives. It identifies damaging situations that could lead to a negative result such as inflation rates, political instability and ways to resolve them.

How to Read Google AdWords Reports

I was writing a pretty lengthy email to one of our clients tonight about how to read their Google AdWords report and realized that I would probably be writing this same email over and over again. But, as my business partner Harry Casimir likes to say, “never do something more than once, automate!”

Many of our clients are not technologically savvy, but I realize that even those who are (and this particular client is) might have trouble reading the default reports generated by Google. Maybe it’s their use of abbreviation or that some of the main elements of their reports are formulas, but I’ve noticed many of our clients at Unique ID have asked me to explain, in some form, their reports.

I am a huge proponent of Google AdWords, and like Google AdSense, it has revolutionized the web (but on the opposite spectrum) and it has led to the success of many of our web sites and the elation of many of our clients. But, as Action International explained at a recent Small Business Development seminar “You Must Measure Everything!” Many of our clients have requested detailed reports of their Google AdWords accounts. My employees and I are very familiar with the system, and consequently, the reports are easy to read, but for those unaquainted with the system I can understand their frustration. So I put together a simple guide to reading Google’s Adword reports (an explanation of each column of the report, names and prices have been changed to protect the innocent).

Date: The date or date range of the data.

Campaign: Arbitrary information that lets you know under what campaign the reporting information is for. In the examples’ case we only have one active campaign “Regionally Targeted”

Ad Group: Arbitrary information that lets you know under what ad group the reporting information is for. In the examples’ case we only have one active adgroup “Sounds.” In the case of other reports (depending on how your or your search marketing company have set up your account) there might be additional items.

Keyword Matching: The type of system the keyword was displayed on. Broad means Google’s search engine or search engine affiliates (companies that use Google’s software and utilities to drive their own search engines). Content means those sites that have agreed to run Google’s ads through the AdSense network.

Keyword Status: Shows the current status of the Keywords for that month (active, deleted, paused, etc.).

Keyword Min CPC: The minimum cost per click that was paid for term(s). This is just the absolute minimum Google charged for the specific term (most likely based on competition for the term you were bidding on).

Current Maximum CPC: Current maximum cost per click. This is the item that is adjusted to increase or decrease our terms rankings. This is the maximum amount we are willing to pay Google for a single click for that term. Most of the time this is edited on a Ad Group wide level so every maximum cost per click should be the same. You can edit each keyterm individual and the report may reflect that.

Impressions: The number of times an ad was shown.

Clicks: The number of clicks we received.

CTR: Click through rate, clicks divided by impressions. This is one of the biggest measurements of the success of an account. A high click through rate means our ads and keywords are very well matched and targeted. Our standard measure for CTR is 0.5% or 1 click for every 200 impressions.

Average CPC: Average cost per click. The average price you paid for a click for that specific term.

Cost: Clicks x Average CPC (cost per click).

Avg Position: Average Position, or the position on Google the ad appeared at. Typically a higher position means a higher CTR. And alternatively, accounts with higher click through rates typically receive better placement.

Conversions: the number of direct web contacts received through google. These are the number of people that fulfilled every step, they searched for your term found your ad relevant, clicked through to your site, and either signed up or purchased something. Click through rate is only a measure of web leads or contacts, some visitors might have been ‘converted’ through the telephone or direct email.

Conversion Rate: Conversions divided by clicks. If you had 3 people click through to your site for “chicage killgrass7” and 1 person actually contacted you through the web contact form you would have a conversion rate of 33% for that term.

Cost/Conversion: Cost divided by conversions. This is done on a per term basis and also as a total at the bottom.

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