Next year is fast approaching and you are probably close or finished setting your marketing budget. It’s this point in the year that will determine 80% of your success in the coming year. Tracking your business results with KPI’s is one of the most important technique you can use.
You will be able to adjust, but the first half of your year’s success is determined by your vision right now.
Last week I sent an email to a client asking for his 2016 KPI (Key Performance Indicators) goals.
For example he wanted to triple his email list from 10,000 to 30,000 by the end of the year. That means he needs to add 1,666 emails per month, plus 200 more to account for unsubscribes each month.
That’s 1,866 emails each month to reach his goal.
He add about 25 emails a day, which means he needs about 37 emails more each day, so it’s a bit of stretch.
A stretch goal is good if expectations are kept in check.
If he reaches 22,000 email subscribers by the end of 2016 then that will be a success for us.
Think about what you want out of your website this coming year.
Look at what is the bigger driver of your sales then start to work backwards.
My client’s biggest driver of sales is his email. So simply put he wants to triple his emails so he triple his sales.
Now look at what drives sales in your business.
Is it referrals?
Is it your website?
Is it a combination of both?
Whatever starts your domino effect is where you should put a large portion of your dollars.
I like to start with getting feedback from customers. It’s the customer experience that is a key indicator of future sales.
I use NPS to help keep an overview of the trending feedback that we receive from customers.
Tracking the ROI
The next step is tracking the ROI.
Look at how much you are spending to attract a lead then look at how much the lead is worth to you. You can do this for this for your past year.
Once you see what is working well and what isn’t then it’s time to decide how to improve.
Is it worth having someone take over your ads so they perform better for you?
Is is worth having someone look at your analytics and give you a better idea of how you can improve your User Experience?
Is it worth bringing someone in to help you covert more visitors to your website to paying customers?
These are questions that I can’t answer for you.
I know most businesses don’t need to redesign their website. This is an expense that they can use to improve their sales funnel.
Being smart about where you put your focus and marketing dollars will determine your success next year. That’s why it’s important to gather as much data (sales breakdown, website analytics, A/B testing, customer feedback, etc.) so you can make informed decisions that will give you a jump on your coming year.
Informed decisions is the key phrase here.
Being smart about the choices you make will determine your success.
To a prosperous year!
If you need help setting up your KPI’s for 2016 so they are trackable and achievable then let’s set-up a time to chat.