Know Your Numbers

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7 min•0 پلے•0 پسندیدہ

Business & Finance

تفصیل

Numbers need not be everything and I, like you, often wonder whether a 10% conversion rate is good, bad or otherwise. As a client once told me... “one thing I can tell you for sure is that you can’t go to the bank and deposit a conversion rate - only MONEY.” So, what do I mean by “Know Your Real Numbers”? Podcast Transcript KNOW YOUR REAL NUMBERS I apologise in advance... a lot of marketers out there feel anxious at the simple mention of numbers. I agree, numbers need not be everything and I, like you, often wonder whether a 10% conversion rate is good, bad or otherwise. As a client once told me... “one thing I can tell you for sure is that you can’t go to the bank and deposit a conversion rate - only MONEY.” So, what do I mean by “Know Your Real Numbers”? Obviously, I have already quoted quite a few numbers on my way through this paper. In Steps 1 and 2, numbers figure quite prominently and I am sure they didn’t cause your eyes to glaze over. They simply allow us to make meaningful decisions and assist us to decide where to focus our resources and/or our attention. To grow your business, you will need to quantify the key metrics of your marketing’s performance. As mentioned in Step 3, there are four key areas in business, so you will need to chart and monitor relevant numbers analysing traffic, opt-ins, engagement and conversions. So, let’s look at the numbers of a medical client of mine (at the time of writing). The numbers look like this: <ul> <li>$800 worth of ads (traffic) gets 100 (opt-ins)</li> <li>From every 100 subscribers, 2.25 sales occurs (engagement/conversion number)</li> <li>The average client invests $9,500</li> <li>Therefore, from every 100 subscribers - 2.25 sales x $9,500 = $21,375 (total revenue) </li> <li>It only cost $800 in advertising to get $21,375</li> </ul> So, my client sticks $800 in and gets $21,375 out. Or, for every $1.00 sp

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ernie_wave

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