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. The goal is to increase visibility and traction to establish product-market fit. 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 ranking. Goal is to maximize profits by continuing to win the existing market (maintain). Defined by decrease in spend, reduced ACoS, stable sales.
Liquidate (Decline): Product is underperforming or no longer relevant in market. Shift your focus to reducing costs and budget reallocation to minimize profit loss. 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.
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
Goals will shift as your product advances throughout the different lifecycle stages. They may also be affected by changes in seasonality, competition, supply, 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, they're now displayed on the Product Settings page. You can edit them there.
- Making changes to goals for products in campaigns created by Flywheel does not impact or change your MACS setting.