What To Measure To Hit Your Goals For The Quarter
TRANSCRIPT AUTOMATICALLY GENERATED Hey, Hey, well, it is new quarter. And so I'm seeing loads of things on the social medias and the interwebs about new goal setting and 90 day plans and Q2 revenue, and you know how to plan your content, et cetera. And I wanted to take a moment to just. Reassess how we do planning. Don't get me wrong. I am an accountant by profession. I believe in revenue goals, I believe in profit margins, but I think what happens in the entrepreneurial space is we get super caught up in the revenue number and whether or not we've hit it, but the problem with a revenue number is it is such a. Measure of the past. Let's say your Q2 goal just to make it super easy for me to say 30,000. So we're going to come to the end of April. You're going to look at your revenue and you're probably going to go, Hey, did I make 10 grand? There's nothing wrong with that per se, but it doesn't give you the ability to spot in the first week of April, the second week of April, the third week of April, when you have a problem that you can still adjust you don't have anything that's indicating to you that, Hey, you're knowing you're the 10 K and you need to do something different or that you all way over the 10 K and you need to go all in on whatever strategy you just tried. What I want you to think about is not just your revenue goal for this quarter. I want you to think about what other signs that are good and tell you if you are on or off track as quickly as possible. So let's say you're doing one-to-one. If you're doing one-to-one, you're going to take that 30,000 you to be like, how many clients does that require. So let's say you need 10 clients. If you close 50% of your calls, your strategy calls or discovery calls, you need 20 calls booked. We know from funnel stats that about 10% of the people who get into your funnel are going to book that call with you. So if you need 20 calls, you need 200 people in your funnel. Now we start thinking about, okay, so that's 200 leads that you need to get this quarter. If you make that into a monthly goal and then a weekly goal that gives you a real area of focus. Am I getting those 200 leads? What do I need today to get another lead, to get to that core? If you're doing something more evergreen, maybe it's a course or a membership. You are in the same way, looking at your conversion. But instead of looking at it from a Cole's perspective, you know that your evergreen webinar converts at say, I don't know, 20% and you can do that same calculation. And the same goes for your launch, right? If you were thinking, I'm going to launch in June. You want to be thinking about, okay, how many people do I need to have on my list now? Normally of your overall list, you're looking at like a one to 2% conversion so you're not exempt from this year then thinking, what do I need to get in in terms of leads to build my list so that when I'm ready to launch in June and make that city thousand of revenue all in one, go. My audience is there to support it. And this could really be done at for any goal or any strategy that you're employing. We talk about revenue being like a measure of history. We call that like a lagging indicator. it can only tell you after the fact how well you've done, what you want to find is something that tells you immediately, or way, way sooner. That something's going on and we call those leading indicators. Do you want to keep going from, from what your outcome is? So let's say the 10,000 of revenue and you want to jump backwards, like maybe it's cold. Maybe it's people who watch the webinar. What comes before that? For calls it's, who's opted in for the webinar it's, who's clicked on the sales page and then maybe you would go all the way back to where is my traffic coming from? You want to be measuring that very first step in the journey that you see people taking so that, you know, as soon as possible, if you are on track or off track so that you can make any adjustments that you need, and these can be good adjustments as well. Right? You could see that you're on track to make 25,000 in April. And you want to be able to pull gasoline on that fire because you can see that it's working. If you just got to the end of April and saw you made 25 K you'd be like, Hey, that's amazing. How did I do that? Now, let me figure out how to do some more of that in may. And you've kind of missed that opportunity. So people tend to get really like, Oh, keep a Formance indicators, leading lagging, panic, panic, spreadsheet, fear, all the things is really, really simple. I just want you to keep going backwards to the very first step you ask people to take in your customer journey. And that's probably to click on a link. So give you traffic in some ways, your website, and then to opt in. And I want you to ask yourself, how are you measuring that? And how often are you reviewing it to make sure that you hit these Q2 goals?
If you’re only measuring your revenue, you’re too late to make an adjustment to your strategy.
You need to find and measure the earliest indicator in your customer journey to ensure you can either make a quick pivot or pour gasoline on a fire strategy
In This Episode
- Why measuring revenue is too late
- What to measure instead
- How to make this work this for 1:1, evergreen and launching
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The information contained above is provided for information purposes only. The contents of this podcast episode and article are not intended to amount to advice and you should not rely on any of the contents of this article or episode. Professional advice should be obtained before taking or refraining from taking any action as a result of the contents of this article. Diane Mayor disclaims all liability and responsibility arising from any reliance placed on any of the contents of this article.