Goal Crusher Club – Part 4: Creating Key Performance Indicators
Episode 212: Show Notes
Welcome to Part 4 of the Goal Crusher Club Series! Today we are talking about one of Abbie’s favorite things on the planet – creating Key Performance Indicators in your business, otherwise known as KPI’s. We will be walking you through some of the things you need to be tracking on a month to month basis that will genuinely help you realize the health and wellness of your business and exactly what you need to be paying attention to. KPI’s are going to give you all the knowledge you need about where you should be spending your time; what needs more babying and perhaps what needs to be cut. If you aren’t tracking these things you may never be able to recognize what might be an issue in your business, or which aspect of your business you need to grow. This leaves you guessing over and over again and this is not where you want to be!
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Ultimately, it comes down to performance and numbers and this is where identifying your KPI’s come in! In this episode, we are going to get you tracking like you’re on safari. We’re going to be explain exactly how to track your data over a launch period and show you exactly how to calculate your earnings per lead, your cost per lead and the additional numbers you should be paying attention to. We are also going to be showing you how to analyze your monthly data; including your most popular posts and your most engaged customer and how you can use them to propel your business forward with confidence.
Guess First And Then Track, Track, Track!
It is so important to be looking at your numbers and if you’re not, you’re guessing! You are putting things out in thin air and hoping you’re making the right decision. However, there is nothing against you guessing – in the beginning that it. We remember being there. There is no other way to be successful in the beginning, you have to guess, you have to just pick a number. We get it, this is where you start. Once you do that, however, you can and must begin to track. We believe that there are two camps on this. The first, is a launch-based tracking system and the second, is one that is more based on dates and time. We use a combination of both. If you are working on an intentional launch, we think that you should be measuring things around your launch plan regardless of how it falls on the month. But you should also be looking at numbers on a monthly basis to figure out what is working.
Your Launch: How To Calculate Earnings And Cost Per Lead
Launching could look different for you depending on whether you have a physical product or a service. But what launching essentially means is a time when you are going to increase marketing efforts toward a specific line of product or service. Launching meaning it has a start and an end. Whether that product or service is still for sale after the fact – we want you to measure that in a different way. The first number you are going to need to know in order to make all of this make sense, is how much money you earned during your launch. The first thing we want to help you calculate is your earnings per lead. Likely, during this launch process, you brought new people onto your email list. So of those new subscribers, how much did you earn per lead? All you’re doing is taking the number of new subscribers and dividing the revenue by the new subscribers and you’re getting an earnings per lead number. This is why it is important to have a start date and an end date for your launch, so that you can measure the efforts you put in against the results that you got out. The other thing you want to measure is your cost per lead. If you went out and spent money on ads, how much did it cost you per person to bring in those leads? You can take the total cost you spent on advertising, divide it by the number of new email addresses and the people who expressed interest, and you’re going to get a cost per lead.
Additional Things To Track And What To Do With This Information
In addition to your earnings and cost per launch, other things you are going to want to take a look at is conversions happening on your landing page, how many people attended any sort of launch party, like a webinar, and knowing how many people converted from a particular sales mechanism. Once you have all this information, you’re going to be wondering what to do with it! What this information is going to allow you to do is, the next time you launch you are going to have something to measure it against. You will have some historical data to look at to see what is working and where you should be spending your time. This will ensure that the next time you launch, you won’t be starting at ground zero again and you will be able to improve, tweak and repeat rather than guessing or completely re-strategizing. Don’t give up on your launch after your first try, please! If someone bought it, even it was one person, that’s enough of an excuse to try again. Use this data to propel you forward. Don’t let it deter you.
Why You Need To Review Your Data Monthly And How To Do It
In addition to reviewing your launch data, we also want you to be reviewing your stuff monthly. This is because, the calendar is consistent and it allows you to compare last month to this month – revealing all sorts of amazing information. Some of the important things to be tracking are income by revenue streams. What products are bringing in what amount of revenue? And what is your product distribution? Of your total revenue, how much is each product bringing in? This allows you to see what products you should be paying less attention to and what products you should be paying more attention to. The next thing to look at is conversions. So how many conversions are you getting from your list, from students to paid clients? This is not launch specific. Other things you can look at are, what’s the value of each customer or subscriber? How much money are they bringing in? The next thing to track is your most popular content and your social analytics. It could be anything from a blogpost, to an email, to a video. What has your most “opened” rate? What is your most liked post and your most shared post? You need to find out what content is performing best. Once you know this, then you can turn around and say “Okay, I need to make more things like this.” Don’t get caught up in vanity numbers. What are people engaging with? Because that is where people are being rewarded these days. Not with the most amount of page likes necessarily.
Get To Know Your People And Ask Them What They Want From You
The next important thing to look at is your top clients, your top participants, your most engaged subscribers. Who are these people? It’s important to know, because they give you amazing opportunities. So get to know these people and start to build a relationship with them. These are the people you want to hop on the phone with and ask them what they want from you! (And we’ve literally done this.) No matter what type of business you are in, these types of relationship building techniques are going to be beneficial. Period. These are your dreamies, so nurture them and don’t be afraid to learn from them. It’s this data and this feedback from these people that is really going to propel you forward, more quickly and more confidently. If all of this information seemed overwhelming or confusing to you – then girl, please join us inside the Goal Crusher Club where we walk you through this process step by step together with a community that understands your struggles and will celebrate your victories.
Quote This
It is so important to be looking at this information and if you’re not, you’re guessing!
Highlights
Guess First And Then Track, Track, Track! [0:05:18.1]
Your Launch: How To Calculate Earnings And Cost Per Lead. [0:07:00.1]
Additional Things To Track and What To Do With This Information. [0:11:30.1]
Why You Need To Review Your Data Monthly And How To Do It. [0:21:20.1]
Get To Know Your People And Ask Them What They Want From You. [0:29:10.1]
ON TODAY’S SHOW
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
KEY TOPICS
KPI, Key performance indicators, Data analysis, Social analytics, Top customers, Relationship building, Track earnings, Cost per lead, Earnings per lead
