Nov 7, 2019
Data-driven decision-making is something many entrepreneurs struggle with. Many of us aren’t adequately tracking and analyzing data. But If Shark Tank has taught us anything, it’s that you need to know your numbers. In this episode of Just the Tips, Dean and I discuss tracking the steps in your process, analyzing data, and taking action steps to solve problems. Don’t miss this solution-packed episode!
Dean has operated for the last ten years simply on word-of-mouth and referrals for his business. Recently, he started spending time learning the ins and outs of Facebook advertising. He began spending 5 figures a month in ad budget and it has been a profitable move. So for the last 3 months, he’s been tracking whatever he can in the sales process: impressions, clicks, items added to the card, book purchases, and more.
Tracking the data for this length of time allowed him to begin noticing trends.
The metric that stuck out to Dean the most in this process was that of the people that purchased his book, only 11% filled out the application to work with Dean. That 11% did so within 12 days or less of ordering his book. No one started the application process after day 12. Tracking the data allowed him to pinpoint where their system was lacking and where changes needed to be made.
Dean learned that it takes time to build relationships with strangers. His team would reach out in the first 7-10 days after a purchase was made—but they were lacking in systems and processes for 10 days and beyond. Fostering relationships and building trust needs to be done over time.
You can’t expect to convert sales well when a customer knows nothing about your brand.
He decided to focus on the 89% of people who didn’t show interest in his program by continuing to market, advertise, and follow-up with them. You have to build a bridge. Dean and I talk about the different factors that affect the process, so keep listening.
I love creating and building out frameworks. It helps me make sense of the world in a meaningful and analytical way. I developed a pyramid for making decisions that helps you take actionable steps to optimize your business.
The longer you track and the more things you track, the more will be revealed to you. You’ll begin to see where your process is thriving. Perhaps you’ll narrow down even more holes that you can go in and fix. But you’d never have known any of it if you hadn’t simply started tracking where your money is being spent.
This episode is packed with information and we don’t want to overwhelm you with details. If you take away anything, we want it to be what is summarized below.
Don’t make this more complicated than it needs to be. The goal is to work smarter, not harder. Tracking your data can be one of the easiest things you can do. It will give you a clear indicator of steps you can take to propel your business forward.
James P. Friel:
Audio Production and Show notes
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