Today, most marketers don’t have a data problem — they have a filtering problem.
There is an endless sea of data to be gathered; from referral traffic to user engagement and every granular detail in between.
However, even with all of this data, B2B content marketers still face significant performance challenges:
- 60% report difficulty producing engaging content…
- 57% have problems measuring content effectiveness…
- 52% struggle to measure the ROI of their content marketing…
The truth is, data is only as useful as your ability to put it to work. However, this issue is solved with the framework I call the “One Metric That Matters” (1MTM).
Pursue Your 1MTM
The crux of the 1MTM framework is relentless focus on growing the metric most closely related to growth.
Now, the growth a company like IBM is after will look a little (or a lot) different than a new startup. While the metrics that define success and growth may differ, the principle of 1MTM will not.
Regardless of the stage your business is in, the 1MTM framework applies. Here’s an excerpt from The 10x Marketing Formula to explain:
Author and financial mastermind Dave Ramsey has a system that’s helped thousands of people climb out of financial debt — sometimes millions, a true 10x accomplishment. There are seven “baby steps” he guides people through to get there:
Baby Step 1: $1,000 cash in a beginner emergency fund
Baby Step 2: Use the debt snowball to pay off all your debt but your house
Baby Step 3: A fully funded emergency fund of 3 to 6 months of expenses
Baby Step 4: Invest 15% of your household income into retirement
Baby Step 5: Start saving for college
Baby Step 6: Pay off your home early
Baby Step 7: Build wealth and give generously
As people in the program progress from one step to the next, their goal shifts. Those in debt don’t start by focusing on building wealth and generous giving. Instead, they start all the way back at step one: get $1,000 in the bank as a starter safety net.
While the long-term goal is huge, financial independence and the ability to invest buckets of money into worthy causes, it’s reverse-engineered in steps and stages. This is how startups and marketing teams alike should view their goal-setting and analytics activities. Bottomline, your goal metric should reflect the stage your team or company is at. I call this your “One Metric That Matters” (1MTM).
Focus And Discipline
Dave Ramsey’s debt snowball works because it encourages two things: focus and discipline. People working the system focus on one step, and one chunk of debt, at a time. They pour all of their efforts and extra cash into one immediate goal after another, eventually leading them to their ultimate goal of living debt free. The 1MTM framework operates in exactly the same way.
One metric that matters forces you and your team to focus with laser-beam intensity on the one thing that matters most. This is different than normal analytics methods which usually dilute focus across popcorn KPIs. Meaning we look at our analytics dashboard and grab the numbers that corroborate the story we want to tell. Having one primary metric will keep our eyes locked onto the focal point, the one part of the business we have decided to value more highly than any other.
This doesn’t mean the rest of your other analytics are useless. They are still very useful. They simply aren’t the one metric that matters. In The 10x Marketing Formula, we want one metric to be your north star. At the same time, the other analytics in your purview become diagnostic tools. They should help you understand why, or why not, the metric is improving. They will help you diagnose what works and what doesn’t. In sum, they still matter, but aren’t the one metric that matters most.
Dave Ramsey says to take one baby step at a time, and one step only. This creates discipline. Disciplining ourselves to focus on one metric makes us 100 percent accountable to increasing it. Plus, it becomes a singular lens to evaluate all projects through. We will instantly know if a strategy or method is good or not depending on how well it serves our one metric. Either it will serve to improve our one metric, or it will not.
Put Your Data To Work With 1MTM
There’s a fun Russian proverb that reads: “If you chase two rabbits, you will catch neither one.”
The same is true for marketers and their metrics. To get results, you must focus on the one metric that matters most for your current stage.
What is the metric most closely tied to growth for your company?
Let’s say your ultimate goal is 500 qualified leads each month. The first step is to reverse engineer what you’ll need to get there.
The destination may be 500 leads, but how much traffic is your website getting?
What if you only have 2,500 visitors each month… Can you really convert 20% of them into qualified leads?
Probably not. But you can convert 5%, right?
In this case, you need 10,000 visitors per month for your website to produce the 500 leads you’re after. So, your 1MTM is website visitors. Your sole goal is to increase your traffic from 2,500 users to 10,000.
Ready To Go Further?
Getting tenfold results requires extreme focus and discipline. But by implementing 1MTM, you can get 10x results every time.
You can learn more frameworks like 1MTM in my upcoming book, The 10x Marketing Formula.
It hits the shelves in early 2018… But you don’t have to wait to start putting the formula to work. Pre-order now and get chapter 1 in advance.
You’ll also get an invite to our private 10x Marketers LinkedIn Group plus other exclusive content (like the stuff you just read)!