I tell my clients all the time, you can't manage what you don't measure. In order to scale your product-based business you need to know your numbers.
If you can't measure something, you have little chance of improving it.
My mission is to help you put a strategy and systems behind all your sales and marketing efforts. I shared on my webinar last week a very detailed blueprint and strategy about how to plan your day and numbers you need to watch to scale your product-based business. I'm going to recap a few of the items here on the blog for those of you that missed it. If you want to catch the replay you can do that here.
To grow your business you need to focus on two areas.
1. Setting the right key performance indicators also known as KPI's and then tracking their metrics.
2. Make sure that you have an analytics system in place to measure all these metrics as accurately as possible.
In God we trust all others bring data. And, data is what we are going to talk about here- all the data that you need to know and measure so you can be strategic with your sales and marketing efforts.
Let's start with SALES
Start measuring your sales daily, weekly, monthly, quarterly and yearly. Even better yet, compare them to last year if you have the data.
If you know what your sales were last year you can plan your promotions with a goal to increase by a percentage you set. Here is a sample of a sales tracking sheet I used in my business to give you an idea. I broke out the various channels I sold to for more granularity. As you can see on this chart I measured wholesale, retail and online sales. I compared my sales to plan/my goal and then measured to my actual sales. If I was trending down I could run promotions to increase sales.
If you are proactive in watching your sales numbers you can react before you have missed your goal.
I also measured Marketing efforts. It helps keep you accountable and remind you to make sure you do all the tasks that you set out to do with your goals.
Decide what those metrics are for your business and then figure out a way to measure them. Here is an example of the marketing efforts we measured in one of the divisions of our business.
Social media is another area you should measure. Here is an example of the worksheet we used to keep track of our efforts in both our businesses. We recorded numbers of followers and checked off that we posted in each of the platforms on our worksheet. Decide what platforms you want to measure and figure out a way to measure it that works for you.
Other areas of your business I would measure would be email list size and activity rates. Track how many customers are on your email list as well as how many new subscribers you get each week. I would also track email open rate and bounce rates. If you aren't getting new subscribers or your list isn't growing, you need to plan your marketing efforts around list building activities. You would do the same for sales if your sales are not growing.
The next area of your business you need to measure is your traffic. Where is your traffic coming from? Google Analytics will tell where your traffic is coming from and break it down into such granularity that you can tell what city people are in. It will also tell you how many new visitors you are getting and how long people are staying on your website.
I hope you are able to get some ideas on areas in your business that you need to start tracking. Tell us in the comments, are you measuring your KPI's? If not, are going to start?
If you want to dive deeper into planning and measuring your KPI's make sure you watch the rerun of my webinar here.