Know Your Numbers
“Well, we do about 400 sales per day, and make an average of $60 per sale. Our monthly revenue is $120K, with about 1/3 of that from affiliate promotions. And yesterday we made $4000 in sales.”
None of that makes sense.
And yet that’s what the owner of one of the biggest Clickbank products in the world tried to tell Matt Smith and I during a coaching session we had the other week.
The TRUTH was that they had NO clue about their numbers.
No wonder their business was a mess.
I should have recorded the advice that Matt gave these guys, but since I didn’t, I’ll try to get Matt on the phone for the March FIM interview and he’ll explain why you need to know:
– Number of sales made per day
– Revenue per sale
– Total daily revenue
– Monthly revenue
– Conversion rate
– Upsell conversion rate
If you’re not tracking these, you’re not taking your business seriously.
Fortunately, at least they knew their list size, open rate, and the percentage of sales that came from affiliates.
“I’m terrible with statistics,” one of the founders sighed.
All he needs to do is track a few simple numbers.
Even my DOG could do it. And my dog is insane. Cute, furry, loveable. But insane. And not very smartz.
So not liking numbers is no excuse.
All they need is a simple little spreadsheet that a customer support agent can fill out.
Here’s a weekly numbers chart that we have for ETR:
And here’s a week of daily running Front End sales for Turbulence Training:
And that was for a week when I was promoting an affiliate offer, and not my own products.
I also track how many Front End sales come from affiliates. Here’s the same week for that chart:
And here’s a week of me tracking email open rates:
Know your numbers.
It’s really easy.
Don’t give immature or lazy excuses.
Without the right numbers, we can’t give you the right advice.
And when you join our Mastermind and come to your first meeting,
make sure to come prepared.
Even if you are just a beginner, know your list size, open rate, daily-weekly-monthly revenues, and as much as you can about your business. Get serious…because it is.
If you really want to get the most help you can so that you grow a real business that can support you for life – rather than just one that relies on you chasing promotions – then know your numbers!
If you do, we really look forward to helping you accelerate your success.
Eventually, we got to a point where Matt was able to dive in and really
give these guys great advice. At 3pm he left for another meeting and I
continued to coach them for another hour on strategy and organization.
It was a learning experience for everyone, and a lot of fun.
Matt and I then ended the day with the most fantastic time of all…a dinner
with our good friend Barry Dunlop (father of Michael Dunlop, the kid that
brought Pop-Up Domination to the market).
We hit Morton’s for some great steaks, but even better conversation. Matt
is planning a trip to London for he and I in June, and we’re going to meet
up with Barry for a classic London experience.
But every single day Matt and I will do two things:
1) He’ll coach his employees at Stansberry while I write.
2) We’ll both be checking and knowing our numbers.
And that makes all the difference in setting us apart from the average entrepreneur.
You can do it too.
My dog, not so much.
Get to know your numbers,
“For maximum profits, identify and market universal needs,
wants and trends. Creating desire, satisfying needs and wants
and replacing problems with creative innovations are the
essence of the profit generation.” – Kekich Credo #70