7. How to measure success — 30 Days Of Medium
Welcome back to 30 Days Of Medium
Today I am going to teach you how to measure success online.
You can catch up on the first 6 days of my Medium challenge below if you missed them:
0. 30 Days Of Medium
1. What do you need to build your own website? — 30 Days Of Medium
2. How to find a business you love — 30 Days Of Medium
3. How to build your own website — 30 Days Of Medium
4. How to measure your website’s performance — 30 Days Of Medium
5. How to get more customers by answering their questions -30 Days Of Medium
6. The successful business website cheat sheet — 30 Days Of Medium
7. How to measure success — 30 Days Of Medium
8. Understanding the Online Sales Funnel — 30 Days Of Medium
9. What is traffic and why is it important? — 30 Days Of Medium
10. What is Google URL Builder and why should you use it? — 30 Days Of Medium
11. Double your traffic by automating your social media schedule — 30 Days Of Medium
12. How to tell what sells — 30 Days Of Medium
13. How I grew my Medium following 6,500% — 30 Days Of Medium
14. How you look at things matters — 30 Days Of Medium
15. How to SELL services to small businesses — 30 Days Of Medium
16. How to win more deals with effective proposals — 30 Days Of Medium
17. How to setup an online store in 10 minutes — 30 Days Of Medium
18. How to work from anywhere — 30 Days Of Medium
19. Why your website is sabotaging your sales — 30 Days Of Medium
20. Where does your traffic come from? — 30 Days Of Medium
21. How to actually recognise burnout — 30 Days Of Medium
22. How to hack your schedule and get twice as much done — 30 Days Of Medium
23. Don’t copy your competitors — 30 Days Of Medium
24. How to SEO optimise a blog post — 30 Days Of Medium
25. Be unique or be forgotten — 30 Days Of Medium
26. Going with your gut — 30 Days Of Medium
27. People don’t pay for average — 30 Days Of Medium
28. How to do keyword research — 30 Days Of Medium
29. Why The Pareto Principle is the world’s biggest hack — 30 Days Of Medium
30. Your content is more profitable than your telephone — 30 Days Of Medium
How do we define success?
Specifically today I’m talking about online marketing success. By that I mean, growing your business online and acquiring new customers through online marketing.
What does online marketing success look like?
Online marketing success for a small business or freelancer is simple and looks like this:
- Increased number of unique visitors (targeted traffic) to your website
- More leads
- More sales
Each of these metrics feeds the other. You need traffic to generate leads, you need leads to generate proposals or sales.
The bottom line is easy to measure, where it gets tricky is figuring out why the bottom line is improving.
How do measure online marketing success?
It’s simple. You measure the above metrics.
As Einstein was famously known for saying:
“If you can’t explain it simply, you don’t understand it well enough”.
If you don’t understand what these metrics are or how to measure them, you can’t begin to improve your online marketing success.
Connecting online marketing metrics to bottom line growth
The key to achieving bottom line growth through any channel is to connect your channel metrics to your bottom line growth and know these metrics inside and out.
If you want to grow online, you need to rigidly measure your metrics.
If you want to grow through outbound sales, you need to know your metrics inside and out.
For example.
100 calls will allow us to generate 3–5 proposals which will allow us to close 1–2 sales.
The same is true with online marketing success.
100 unique visitors will result in 3–5 leads, which will us to generate 3–5 proposals and close 1–2 sales.
Once you understand your metrics, you can forecast. Once you can forecast, you can set targets. Once you can set targets, you can hit them, or then figure out why you didn’t. Which allows you to critique your process and figure out where things are going wrong.
If your target is 2 new customers per month, reverse engineer it.
Did you get your necessary 100 unique visitors? If yes:
Did you get your necessary 3–5 leads? If yes:
Did you put out your necessary 3–5 proposals? If yes:
Did you get your 2 new customers? If no:
We can logically assume something went wrong at the proposal stage.
Ask the customer why. Was the price too high? Did we not factor in some requirement that another vendor did?
Figure out where you went wrong, then next month, don’t make the same mistake. If you keep the rest of your metrics steady, you should then logically close these customers and grow your business.
Hopefully you found this useful. Follow me for the next article in 30 Days of Medium where I will talk about the Online Sales Funnel and expand upon this topic.
Any questions on this topic? Let me know in the comments.
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