Improving your business performance can be a challenge.
Yet, many people turn this challenge into a Mount Everest type of problem.
It doesn’t have to be that way.
If you’re still guessing on how to grow your business, then this post will absolutely make a difference.
Let’s get 1 thing clear – there is a payoff (albeit a negative one) for continuing to guess. You don’t have to take responsibility for your results and you can blame it on someone else.
Now, some people choose to run their business that way and I’ve learned they are almost impossible to help.
I’m here to tell you that you have a choice in whether or not you are successful.
You have to replace guessing with proven best practice tactics and data to drive your decisions.
Using this data is one of the insider secrets that 7 figure business owners master. If you look at a business struggling to break six figures, almost always what is missing is mastery of using this data.
Here are the data areas that must be perfected to break 7 figures:
1. Target Audience:
Do you know exactly who would buy your product or service? How many people are looking for solutions like yours? Do you know the exact interest groups and other psychographics to use to target your advertising?
Blind advertising is like trying to win the lottery. You hear a few success stories, though you don’t know about the other 99% of people who lose.
Many people come up with offers based on their product and service.
This it the best way in the world to go broke.
Because your audience doesn’t buy your product and service.
They buy solutions to THEIR problem.
That’s worth repeating – your audience only buys solutions to THEIR problems.
The good news is, they articulate these problems if you just LISTEN to them.
You need hard data (Google search trends, search volume data) to validate the problem that your market has articulated.
You’d be surprised how many struggling campaigns have no idea what the search volume is or what exactly their market is looking for.
Blind marketing is a business killer.
Once you research your market, you’re on to the next biggest place where businesses guess.
2. Sales Closing Percentages:
Something I’ve learned is that most people hate to track their sales stats.
This keeps them stressed and keeps them from taking control of their business.
People that are addicted to the Dopamine drip particularly struggle with statistics in sales.
The brain wants to continually search for more information to “solve” the problem.
When it hears something new, it gets excited and dopamine starts producing in the brain.
It searches for the answer until it finds a logical “solution” to the problem.
Once it thinks it comes up with a solution, the dopamine stops.
The brain then looks again for another problem (even if there isn’t one).
This continual process happens and people never get accurate results on the real issue.
They fail to track statistics because…. What for it…. They need to find a way to create affect again.
It literally becomes and addiction. It’s no different that drugs and alcohol. It just looks different.
Once sales numbers are accurately tracked, it’s very easy to solve the issues in the sales process after listening to 1-2 calls.
Once companies have their sales tracked, the last area can absolutely ignite a business.
3. Customer Lifetime Value and Repeat Customers.
If you don’t track your customer lifetime value or percentage of repeat customers, you’re killing your profits.
Plain and simple.
If you don’t have at least 20% of repeat customers and a customer lifetime value that is 20% more than your core service sales price, you are ABSOLUTELY losing money.
All businesses should be able to meet those thresholds.
Working in these areas is the fastest way to spike profits. It’s also the best way to improve long-term competitive advantage.
If you were able to add 20-50% more profit per customer, how much faster would you be able to grow your business?
20%-50% more profits allows you to hire the best talent, spend more on marketing, and invest in your company.
This allows you the business owner to work less and focus on higher value tasks to grow your business even more.
These profit increases also allow you to be much more aggressive in other areas of your business.
These 3 statistics are absolutely vital to grow any business. Start tracking each one and your business will absolutely start growing.
Would you like to use the spreadsheets that we use to track our and our clients business?
Click here to download your free tracking spreadsheet so you can stop guessing in your business and start growing your company.