Wanna Know How To Reduce Risk?
(Just Make Darn Sure You Know And Understand Your Niche Specific Numbers!)
Here’s an ongoing trend. Which probably isn’t going away any time soon. Profit seeking and extremely dedicated entrepreneurs just like you and I.
Will always want to know how to reduce risk, right? And believe it or not.
One of the simplest ways for them (or you!) to do this. Is understanding some of the performance metrics of your business or service. And since it doesn’t matter if you primarily market on or offline. These proven concepts are just part of the entrepreneurial success fundamentals, agreed?
Your Ongoing Advertising Costs Will Definitely Remain Out Of Control! (Unless Or Until You Get A Solid Understanding Of Your Numbers!)
Take a look at these strictly hypothetical numbers. Which are only being used for marketing illustration purposes only. Let’s say you or one of your major competitors sent paid or organic traffic to your webinar registration page.
And as a direct result an impressive 3,500 individuals actually signed up. And 983 actually attended it. ( For the moment forget about ‘how” many actually watched the replay.)
So “what” was your webinar front end attendance conversion rate? (Go ahead, I’ll give you a moment to calculate your answer. 😀 ) Hopefully you also have a front end webinar conversion rate of ,2809% or 28.09% as a practical matter. 983 / 3,500 = .2809 x 100 = 28.09%)
That is the figure you got too, correct? Or pretty darn close. Before going any further. This next 18 plus minute video . Comes directly from one of my expert multi six figure a year earning coaches.
And she’s as smart & savvy as they freaking come! Her name is Laurie Conrod. *And even though she started out in the “home based business niche.
Her awesome “how to” video teaches a critically important concept. For determining “how” many sales you actually need of any one particular product or service. Based off of your particular closing ratios.
You’ll better understand exactly what I mean. After you study her video. ( BTW, she calls it her “Ten and 3 Rule” presentation.)
While You’re At It Entrepreneur! (Make Darn Sure You Understand These Other Basic Metrics Too!)
(And just in case you may wish to invest in some of Laurie’s (highly recommended!) paid expertise. Be sure and mention yours truly sent you. I’m not an affiliate of any kind. For any of her paid coaching programs. (I’m not even sure if she’s currently accepting any paid coaching clients. 😀 )
But I’m one of her many satisfied student customers. And I’m also not currently in the “home based” business industry either. That said, suppose you or your major competitors invested or a directly competing startup invested a total of $8.500 dollars into a social media ad campaign for the month.
And it generated 300 actual leads. Entrepreneur “what” was your cost per lead (CPL) for that specific campaign? We’ll wait while you tabulate your answer. 😎
Hopefully, you also got $28.33 dollars per lead, correct? ($8,500 / $300 dollars = $28.33 dollars per lead. $28.33 dollars per lead X 300 leads = 8,500 dollars, correct?
(You’d definitely be surprised “how many” aspiring entrepreneurs. Have absolutely no clue whatsoever. How to calculate these basic numbers.)
You Learn How To Accurately Tabulate These Basic Calculations! (And You Are Definitely On Your Way To The Very Next Level Or Two!)
Just for fun. And as a final exercise. Just like in Laurie’s right of passage exercise. Ladies & gentlemen. Based on Laurie’s awesome 10 and 3 Rule concept. (Which I’m pretty sure she originally learned from some of her expert coaches & mentors! )
Anyway, let’s suppose your gross monthly income goal is $80,000 dollars. And you gross 5,000 dollars per sale.
(You gotta stretch your beliefs as to what’s truly possible for you entrepreneur.) Anyway, “if” your opt in rate is 10%. Just like in Laurie’s example.
How many qualified leads do you need per month, in order to close enough sales. At $5,000 dollars each. In order to gross$80,000 dollars per month. 😀
Simply use her formula. And share your results in the comments below. Your correct answer will prove you at least have the basics down.
Hopefully, you’re starting to fully appreciate. Understanding how to reduce risk. Is a positive by product of understanding the metrics (numbers) in your specific niche. Don’t you agree?
Let Your Major Competitors Continue To Operate In The Dark! (And Totally Clueless To How Close They Actually Are To The Edge!)
P.S. Now as is customary during this part of our show. Please share your extremely valuable comments (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
As always if you got any value out of this post, please share this on your favorite social media sites or tweet this. Thanks!
And if you’re currently registered on Linkedin or twitter, and you’re serious about doing some type of power networking. Let’s get connected asap!
Extremely important note: And if by chance, you happen to know any of the lesser known podcasters,(or radio show host) who also target small business owners, service providers or aspiring startups entrepreneurs etc.
And they’re pro-actively looking for potential guest speakers. Please don’t hesitate to-either- pass their name and contact information directly to me or vice versa! Thanks!
(And be sure you head over to Spotify.com and setup your free account. This way you can listen to my podcast “The Marketing Minute” and leave me a greatly appreciated 5 star review. Provided you honestly feel it warrants it. Thanks!)
(Click the link just below, and watch the first video at the top of the page, if you’d like to see the entire 33 minute replay, of a guest podcast on marketing your small business or service. I Recently appeared on.)
(And speaking of you consistently generating some type of reliable passive income. This may just be what you need right now. Click the link to “discover” the real secret of the ultimate insiders.)
And be sure you grab your explosive free 22 step small business marketing mastery kit series, because it will help you increase your gross profits by as much as 25% in the next 90 days or less. (Provided you’ll consistently implement as instructed.)
And help you master your effective communication in marketing skills.(No matter what your particular niche market is.) It’s a $97 dollar value and it’s FREE! Please note some links on this page are affiliate (income producing) links.
