Part 3: Winning The Measurement Marketing Game – How To Optimize Your Business With Confidence
PILLAR #4: Forecasting
(What Is Your Benchmark Numbers)
This is where we look at your current numbers and use it as a benchmark.
With that benchmark…
You can anticipate how your funnel is probably going to work, tomorrow, next week or next month.
Just take a look at our example in the last lesson…
From this example…
My current CRtC (Conversion Rate to Cart) is 22%.
If that’s the case, I can set my benchmark at around 20%.
And if that’s my current benchmark, I can assume for every 1000 people to my sales page next week, 200 people will go to our cart.
From there, I can expect that 70% (140 people) will most probably not pursue their purchase…
And that means, for every 1000 people who go through my funnel, 60 of them will become a buyer.
Imagine…if you can, sort of, predict how much money you can make next week or next month, what would it mean for your business?
Imagine if you can make assumptions based on facts and not just from intuition, hunches or guesswork…
How valuable is that for your marketing decisions?.
If you can how your business is currently doing and doesn’t like what you’re foreseeing…
Now it’s time to…
PILLAR #5: Optimize
(How Can You Grow Your Numbers)
This is where you start navigating your business… based on your numbers.
Do you need to go left or right? Up or down?
Are you hitting your benchmark? GOOD! Let’s send more traffic to your funnel and see how much money you can earn
If NOT, thank God because now… you can finally fix it!
Just take a look at this example…. Let’s say these are your current numbers…
If suddenly your CRtC became 2% …
Your Abandonment Rate is 67%…
And your Core Conversion Rate is .7%…
The question is…
What action would you take?
If we’ll based it on your benchmark of >20%, <70% and >5% respectively…
Where would you put your time, effort, resources and energy?
As a smart marketer, you’ll definitely fix the sales page
I mean, it’s so obvious when you have that kind of dashboard, correct?
Now, what if the Cart is not hitting the mark?
What will you do?
Fix the cart!
No more guessing or making decisions based on gut feel.
As long as you do the PLANNING, BUILDING, REPORTING, and FORECASTING properly…
You can OPTIMIZE your business quickly!
A True (and a Bit Embarrassing) Story
There’s a funny story that demonstrates the power of Measurement Marketing.
And bear with me, because it’s my own story (Haha!)
Once upon a time, we have a funnel for our widget product that has a VERY HIGH our CRtC.
It’s way more than 50%!
I mean, compare it to our benchmark in our earlier example which is around 20%… you would probably think that that was really AWESOME!
However, that’s an unusual behavior in our funnel because our Abandonment Rate is high as well (a lot higher than 70%).
Meaning, a lot of people are going to our cart but doesn’t buy.
So it got our team thinking…
(Which is a very good side effect of knowing your numbers… it will make you ask amazing business questions)
“Why people are going to our cart but not actually buying our product?”
“What’s the stimuli that’s causing this behavior?”
So we keep on asking this questions while looking at our funnel until we found the answer…
And guess what?
To our surprise!
We found out that the REAL cause of this behavior is we didn’t put the price anywhere in the sales page.
Meaning, in order for them to see how much the widget is, they have to click the buy now button and see the checkout page.
I know… it’s embarrassing… LOL!
But there’s a moral in this story.
Because of that process, we did fix our page right away and suddenly… our CRtC andr Abandonment Rate goes back to normal.
And our numbers told us that.
Can you see the power of knowing your numbers (and predicting your results)?
Can you see the value of knowing EXACTLY what to fix and what to optimize just because you have your benchmarks?
So that’s what Measurement Marketing is all about.
If you want to learn more about how to implement this system to your business, here’s…
The Measurement Marketing “Quick Start” Plan
We’re almost done!
And before we wrap this thing up, there’s a very important point that I want to discuss.
If you want to take your business from where you are right now, to six-figures or seven-figures and beyond…
Your MINDSET is very important.
Sure, what we discussed so far can be eye-opening for many.
For some, it’s mind blowing.
But even though you get the best resource on how to create a Measurement Marketing system…
If you don’t have the proper mindset…
You’re gonna fail miserably.
So what I want you to do now is to give you 10 simple tips to quickly measure your marketing so you can fast track your scaling.
1. Review this report a couple of times more to get the concept of Measurement Marketing
2. Check your email service provider’s dashboard and start looking at your numbers.
3. Do something every day to track your business better today than you were yesterday.
4. Be patient
5. Don’t just think on about setting up Google Analytics, Google Tag Manager or Google Data Studio. Think about building a powerful dashboard that helps you make smart marketing decisions
6. Make goals that you can control (i.e. invest in learning proper tracking) vs those you can’t (i.e. Increase my conversion rates by 20% tomorrow!)
7. Surround yourself with like-minded people. Join a mastermind group.
8. Create your OWN customized tracking platform so you can have the full control over your business
9. Read this list a couple of times, and think about how to apply each to your business
10. If you want to have a head start, then you might want to…
This is where you get free access to our weekly training to ensure you’re ONLY getting information you need to track your numbers properly.
As a member of Workshop Wednesdays, you’ll get a step-by-step training on how to use tools like Google Analytics, Google Tag Manager and Google Data Studio so you can avoid frustration and overwhelm by getting unnecessary information.
The more you learn about measuring your marketing, the more confidence you’ll gain to grow your business.
So what are you waiting for?