Start measuring product performance in relation to goals! Easily set and manage product goals for your catalog on the Product Settings page within My Products.
What are Product Goals?
Product goals represent where a product is in its lifecycle stage. The current lifecycle stage of a product will inform you on how to think about your advertising strategy and how much of your product margin you may need to sacrifice to generate ad sales.
There are 4 lifecycle stages:
Launch: Product is introduced to the market, goal is to increase visibility and traction. Defined by low sales, high spend, high TACoS small/negative profits.
Growth: Product is accepted by customers, goal is to increase product's market share. Defined by increased sales, reduced TACoS, slim profits.
Profit (Maturity): Product is established. Demonstrates steady sales velocity and healthy base (ranking), goal is to maximize profits by winning the existing market (maintain). Defined by decreased in spend, reduced ACoS, stable sales.
Liquidate (Decline): Product underperforming, no longer relevant, focus shifts to minimizing costs and reallocation of marketing budget. Defined by decrease in sales and spend.
For more information on the 4 stages (and to learn when to advance to the next stage) read “What are Product Goals”.
How to Set Product Goals in Flywheel
You have the ability to set product goals on the product settings page and also within our Campaign Creator.
On the product settings page, you have the option to set or update product goals and COGS at the SKU level, simply select the value for either field and your changes will be automatically saved.
If you have a large catalog and are looking to make many changes in bulk click ‘import settings’ to use our bulk upload functionality.
Step 1: Download Template: An export of your current catalog will be downloaded as a csv. file and emailed to the email address you used to sign into Flywheel.
Step 2: Complete the Template: Assign product goals and COGS (if applicable) to each SKU. The accepted values for the
ProductGoal column are: launch, grow, profit, liquidate. (You are not required to fill in all values)
Step 3: Upload Template: Using your completed template, select 'Upload Template' in the 'import settings' dropdown to upload your csv. file.
Step 4: View Product Goals and COGS: Upon successful upload, you can view product goals, along with other key metrics, on the Product Metrics page.
Changes submitted in bulk typically populate in Flywheel within 30 minutes.
For more information on how to use the bulk upload functionality read "Set Goals and Enter COGS in Bulk".
Maintaining Product Goals
Product goals are not stagnant. They could shift for a variety reasons, such as changes in seasonality, competition, supply change considerations, and advertising objectives. Some tips for success:
- Review and update product goals every 30 days or whenever product strategies shift.
- Use Flywheel Analytics to view and track relevant metrics. Learn more here.
Campaign Creator & Product Goals:
- If you've previously set product level goals using Campaign Creator, those goals will be displayed with the ability to edit on the Product Settings page.
- Applying edits to goals for products in Teika created campaigns does not impact or change your MACS setting.