Do you know your numbers?
Do you know ROI?
Do you know your conversion rates?
Coaches and Consultants building their business online need to know their numbers. Without those numbers, you are really gambling your hard-earned money.
I understand many coaches are geared to run a business they love, a business of passion. Many tend to trust their gut in important decisions or maybe even their business sense or intuition.
But the only true way to track the growth of your business is to track your numbers. Then you will know what is working and what is not working in your business. This allows you to tweak what is not working, and of course, GROW what is working my investing more in it.
1. Know Your Return on Investment (or known an ROI)
How do you figure out your Facebook ad budget? How do you know you should spend xx amount on developing a new product or service? You want to hire a Virtual Assistant, but how much value will they bring to your business. More importantly, how do all of these decisions affect your ROI?
You might see the money coming, and you have an idea of what you think it is. You might have an idea of what you want it to be…
But without the actual numbers, you know the stuff that is not so exciting you will not know your actual ROI.
In order to track a true ROI, you must track income and expenses for every product or service you develop. I highly recommend that you actually track them separately as much as possible.
2. Improve Your Marketing Campaigns and Launches
Keep track of your numbers on a regular basis. I highly recommend during a launch; you are tracking your numbers daily. (actually, I recommend this to anyone who is serious about growing their business)
Marketing has really improved over the years for us. And Split testing is essential to know what works and what doesn't work for your audience.
I recommend one split test at a time.
How do you split test?
It is a matter of driving part of your traffic to one version of an ad, landing page, or email.
With email marketing, you can split test your open rate to improve the open rate.
50% of your email list gets Subject line #1
50% of your email list will get Subject line #2
Recently I implemented Split testing with a client in Kartra; her email list is about 30,000 people. With an average open rate of 14%, which is about 4200 people opening her emails. You might be sitting there thinking I wish I had 4200 people open my emails.
But with one small tweak (Split testing subject lines), That open rate increased to 64%. That is 19,200 people opening her emails.
This resulted in 2 things:
- Her Sales Soared higher than they have been in any campaign
- We could clearly see what subject line her audience resonated with
We continue to split test the winning subject line until we get the “better” results. We would not have known this small tweak was needed if we did not track the numbers.
With my Facebook Ad clients, they know I am all about the results. Some of them call me a Facebook magician.
But the fact is it is not magic 🙂
I split test images; I split test copy until we find what their audience relates to.
Once the ad is converting well, we look beyond the numbers of the ad.
How is the opt-in page converting?
How many people landing on that page are giving us their name and email?
Once the opt-in page is converting, we look beyond that to the next step of the funnel. How is opt-in converting to sales?
How many opt-ins does it take to equal one sale?
At the beginning of this process, if you are breaking even, you are on the right track with your product/service. But the goal is to be profitable…, and you will not know if you are without tracking your numbers.
Tracking your numbers can take as little as 10-minutes per day, but this valuable info is really priceless as you Grow your business.
3. Find out what your audience will engage with makes it easier to develop content
You might be spending endless hours developing content just like all the experts say to do…
But you might be thinking in your head nothing you're doing is working.
Or vise versa, you might be thinking it is doing well. Yet you do not see new sales coming in.
How do you know what type of content to create?
How do you create content your audience loves?
Ready for it?
Track, Track, Track Your numbers.
This will tell you what you should do more of/less of. This lets you better use your time.
By tracking your numbers, you can see who is responding to what.
4. Segment Your Audiences.
This will allow you to specialize in the emails and offers you put in front of your audience.
By tracking the clicks in your emails and landing page, you can segment your audiences and tailor your marketing messages.
5. Improve User Experience.
There are thousands of online businesses. Why would your potential client want to work with you over someone else? It really comes down to the connection they have with you and the trust they built with you or your company through their user experience. Spit testing and tracking will help you improve on this process.
6. Make More Money
There is no hiding the fact that the main reason, aside from consumer happiness, to test and track is that you can make more money. When you give your audience what they want, how they want it, when they want it, you can't help but convert at a higher rate. You can use the data from testing and tracking to ensure that you're providing your audience with what they need and want.
7. Compile Valuable Data
All the testing and tracking you do is about the data you're gathering and compiling for your business. Demographics about your audience, ease of use of your product, and even case studies will provide the testing and tracking you need to improve.
If you are running a coaching or consulting business online (including membership sites), Split testing and tracking your numbers will help you understand what you should invest more in and what actions to take next—ultimately making you and your clients happy.
I would love to hear from you, how are you tracking your numbers in your business? Why do you think tracking your numbers is important?