Are You Getting Enough Revenue for Your Per Hour Output?
It’s a simple question. How much money are you making per hour?
The calculation is elementary. You simply divide how many hours you worked by the revenue you earned to figure out how much you’re making per hour.
However, there’s a benefit to digging in deeper to this number. Do you know where your time is being spent? Do you know how much of your time is being wasted on tasks that could be automated versus how much time you’re spending on income generating tasks?
Let’s take a closer look.
Defining Your Per Hour Output
To get a better idea of how you spend your days, it’s important to understand where you’re spending your time. What tasks are eating away at your schedule? What jobs are filling your hours?
To get a realistic idea of these answers, I recommend using a free tool called Toggl.
Toggl lets you input which project you’re working on and then hit the “Start” button to track your time. Download it and try it for a week. Then, take a look at which projects are taking up the bulk of your workdays.
To find your per hour output, you’ll need to separate the tasks that bring in revenue and are necessary for your business’s success from those that could be better left to someone else or, better yet, an automated tool. Here are a few examples:
- Sending follow up emails to hot leads could be left to a CRM and automated email marketing system, such as Infusionsoft.
- Getting creative on a client scope to boost your sales should stay in your wheelhouse; it’s income generating and not something a machine can replicate.
- Managing social media channels should be left to a tool, such as Hootsuite or Buffer.
- Crafting social media posts to schedule should be done by you or an outside marketing agency you trust.
You get the idea.
Take a pulse on where your time is going and then use that to compare how much you’re generating with each hour you spend at work. Compare your output to your hourly revenue rate to determine whether you’re getting enough revenue for your per hour output.
Is there an opportunity to earn more revenue for your per hour output? I’d argue, yes, even without knowing what your numbers and workday looks like.
Get More by Doing Less
I’m passionate about marketing automation because I’ve seen it make so many businesses more money by increasing their revenues. For example, one of my clients used to spend an hour a day following up on incoming leads. Although he was generating interest about his business, which felt like a revenue generating task, he was failing to hand over the follow up process to a tool.
It sounds scary, doesn’t it? Handing over something as vital to your revenues as following up on warm leads? Hear me out.
Marketing automation doesn’t have to feel impersonal. What my client was doing was copying and pasting a standard letter into each email to the leads. It was a repetitive task better suited for a sales funnel. Once we got him set up in Infusionsoft, he was able to upload his standard responses and create paths for each lead to follow. If someone responded right away to his follow up request, they’d go down a separate path than the person who took longer to respond.
By automating this intricate sales process, he was able to focus more on other tasks, such as finding more leads from other places, which ultimately brought in more revenue for his business.
Marketing Automation Works
My client isn’t alone in benefiting from having more marketing tasks automated. eMarketer cites that 66% of marketers report “enhanced targeting” abilities with mature marketing automation. Moreover, 61% of marketers were more efficient.
It’s this efficiency and enhanced targeting that create the one-two punch for helping you generate more revenue for your per hour output.
Great. You’re sold. Now what? Here are the top tasks I recommend automating.
1. Email Marketing
I’ve already referenced this with the client who set up mature systems to target incoming warm leads, but let’s dig in a little deeper to what that looks like.
Mature email marketing systems are triggered based on how a customer behaves. Here’s an example:
- You have a sign up form on your website for people to be notified about a new product you’re getting set to release.
- Once you release the product, you send a blast to your entire email list letting them know it’s available.
- 20% of your list buys so they are put into one bucket called “customers.” These people do not need to get further sales emails for the product because they’re already a customer.
- The other 80% of your list does not buy, so you put them in a different bucket called “leads.” With this bucket, you can continue a drip campaign to generate more conversions.
This is only one example. Behavioral email marketing can be set up for a variety of common actions including abandoned shopping cart follow up, upsell recommendations, and reminders to repurchase products (if the product is consumable and will eventually run out).
By taking this task off your plate, you save hours of time sifting through data and manually sending follow up emails. The funnel does it for you so you can focus your efforts on more creative tasks.
2. A/B Testing
A/B testing is marketing jargon for split testing something specific to see which option works better. It’s often used to test:
- Calls to action
- Subject lines
And more. The goal is to find out which aspect of a landing page, website, email, etc. converts better.
Many marketers manually track data for A/B tests. This is time consuming and is something a robot can better track, manage and report. Various marketing tools have automated A/B testing built in. For example, LeadPages has an option where you can set up an A/B test and let it run automatically in the background, monitoring the results at your convenience. It’s easier, faster and takes up far less of your time.
3. Social Media
Is there anything more time draining than scrolling through a newsfeed? It’s so easy to get caught up in the cat gifs and viral videos that you forget why you were there in the first place. Your better bet, to increase your hourly output, is to automate as much of social media as possible. Here are a few examples of how to automate this marketing task.
Schedule Your Posts
Tasks, such as writing the social media post, should not be automated. This is where your creativity and human skillset comes into play. However, instead of going down the rabbit hole of opening up your newsfeed every few hours to make a new post, you can schedule your posts in advance.
You can also curate a variety of content to post on your channels. Tools, such as DrumUp, give you suggestions based on your industry and the topics you write most about. Choose the content that aligns with what your audience wants from you and start scheduling.
Posting is only half the social media battle. Listening to what others are saying about your business on social media is equally vital (if not moreso). Still, you can’t be expected to have your ear to the social media ground 24 hours a day. To help, I suggest using a tool, such as Mention. This notifies you when people are talking about your brand so you can respond quickly. Step away from the newsfeed without worry that you’re missing out on having a part in the conversation.
Ready to Increase Your Per Hour Revenue?
To make more money, you need to increase your per hour output. It’s that simple. Using automated marketing tools to manage your digital marketing tasks can save you significant amounts of time.
Need help getting started? We’re here for you. Contact a team member at Marketing Samurai to set up a free business consultation and discover how we can help you make more money with marketing automation.