Know Thy Numbers
Last week I was at a networking luncheon put on by my friend Kurt Scholle. During the presentation, he asked how many in the room of 17 attendees ran their P&L on a regular basis. Only 4 of us raised our hands! MIND BLOWN!!
How can anyone run a business without numbers? Has Mr. Wonderful (of Shark Tank fame) ever said anything like, “Tell me about your gut feeling.” No! He’s famous for saying, “Tell me about the numbers.” That’s because the numbers tell the story.
And numbers aren’t just for your P&L and Balance Sheet. Marketing is all about numbers as well. The most important marketing number is Customer Lifetime Value. Once you know how much your average customer is worth to your business, you’ll know how much you can spend to reach them.
Recently a friend told me about a conversation he was having with a marketing consultant who told him his Facebook clicks were too expensive. He’s paying $1.18 per click. His answer….SO WHAT!? Those $1.18 clicks have cost him a total of $46 in ad spend – for which he sold about $20k worth of product.
Was the $1.18 too expensive? Hell no!
But if he didn’t know his numbers he might be off chasing cheap Facebook clicks that don’t convert.
How do you get a handle on your numbers? Well if you’re using Ontraport or Infusionsoft, you need to check out Wicked Reports. [Warning: Affiliate Link]
I recently met Scott Desgrosseilliers and his crew over there. They’ve built an amazing reporting platform that can track each of your Facebook ads, Google PPC or social media posts right down to the Customer Lifetime Value each one generates.
If you’re running $1,000 or more a month in ads, Scott can save you a bunch of money and keep you from chasing “cheap” clicks. Imagine knowing if the Facebook ad with the expensive click-throughs is actually a better long-term money maker than the ad with super-cheap clicks. It’s possible and something Wicked Reports points out to users on a daily basis.
I’ve been so impressed with Wicked that I feel the need to spread the word any way possible. In fact, I am so impressed that I got certified in Wicked Reports. Now I’m able to offer their reporting platform to my Ontraport Customers to improve their return on investment.