The 7 Minute Mentor

513 - Deciding Which Marketing Metrics to Measure as a Founder

October 11, 2018

Hey, what's going on folks? Welcome to episode 513 of The 7 Minute Mentor. With me, Mark Asquith. And today on episode 513, I'm gonna continue to delve into why you as a founder of any business, as someone that is escaping their lifestyle prison, as someone that is looking to do some fulfilling work for the length that remains in their career, why you need to be a marketer. And today I'm gonna carry on that trend by talking about which marketing metrics to measure as a founder. And it's something I've kind of touched on before. I've talked about key performance indicators, KPIs, before and it's something that I'm gonna dig just a little deeper into today.

But hey, before I do that, just a cheeky little reminder that I will be live this Friday, tomorrow, in fact. I will be live tomorrow, the 12th of October, Friday the 12th. Thankfully not Friday the 13th. It is October and Halloween's coming around, so you know, maybe we would have dropped on with the Friday the 13th. But thankfully not, for a superstitious lot. But regardless, I will be live 4:00 pm UK, 11:00 am Eastern, 8:00 Pacific, to give you 30 minutes of my time. Now, the way that this works is that every Friday I turn up on Facebook Live and I help you with your marketing. I help you with your business. I help you with your lifestyle prison escape plan. I help you with anything that you ask me when it comes to business. I'll take a question from you, I'll help you to define it, to challenge, and to conquer it. And I do this for free every single week. So come along, join the session, join the community. It's wonderfully fun and we get some good stuff done as well. So come along at Excellence-Expected.com/freecoaching.

Do not forget as well that the team at AWeber are still giving away a 90-day free trial to their email marketing platform. Now, I've got a user test with Alyssa at AWeber next week. And the reason I'm mentioning this is that they're rolling out new feature after new feature to help people like you and me to grow our businesses. And I don't know any other business apart from my own that will jump on a call with you to talk you through new things, to talk you through changes, upgrades, and how best you can use them. And that's why I love AWeber. I trust them, so can you. Go and get that 90-day free trial at excellence-expected.com/aweber.

Vanity metrics or measurements that increase the bottom line. Which would you prefer to go in the right direction? Vanity metrics or measurements that increase the bottom line? Let me take a wild guess. I believe it's the latter, measurements of metrics that increase the bottom line. Now, there's so many vanity metrics out there, and often they actually get a little bit unfairly labelled. And what I mean by that is that things like Twitter following and things like social engagement, look, they are vanity metrics, they're things that you can tell people. You're like, "Oh yeah, I've got real good engagement, look at me, I've got 20K followers." But actually, they are a little bit vanity. Having said that, if used properly, if used properly, they can contribute to your bottom line. So your Twitter followers and your engagement, if you're engagement on posts or you've got a number of engaged followers on Twitter that interact with you and you can successfully move them to an email list for example, then actually if you can prove that you can do that on a repeated basis, i.e., you can move a percentage that is almost guaranteed over to a different channel that you control, i.e., the email list, then actually those vanity metrics can serve you, they can serve you.

But, I want you to understand the difference between those metrics, i.e., those where ... okay, look, if these conditions were to occur, i.e., I move them to an email list then they would give me some bottom line increase, versus the metrics that will guarantee you more bottom line. So things like, for example at Podcast Websites, we measure a number of core metrics. I think we've got seven of them actually, we've got new members and then we break that down by annual and monthly, we've got the number of cancellations so that we can measure our churn, we've got the number of sales calls booked, the number of inquiries from other mediums, so things like email, things like Twitter. Remember if we link these vanity metrics into something like this core principle, this core KPI, key performance indicator, then they can make a difference. We also measure website unique visitors. We measure new, free academy tier memberships, so podcastsuccessacademy.com memberships at the free level. And then we measure the paid growth tier members.

Now, those seven metrics all contribute to our bottom line. New members, obviously, pay as money. Cancellations, if people don't cancel, then we keep earning money from them, they stay members. Inquiries from other mediums and sales calls booked, well, that number has to go up on each of those. And if we aren't converting that's something we need to fix, it's something we've gotta sort out. People that register for the academy, both on the paid tier and the free tier, they are people that are transacting with us and they're giving us information and money as well on a lower level. We can do something with them, we can market with them, we can retain them, we can build trust with them, we can turn them into higher value customers. Website unique visitors, we know that the mechanisms on our site do a decent job of converting into sales calls. So if we increase the unique visitors, ergo the number of people seeing what we do, then we can be sure that a percentage of those will come through and book calls or join the academy and so on and so forth. And we can continually then optimize that conversion rate. So those seven metrics are very, very important.

But so many people, what they'll do is when they start up a business they'll kind of do back-patting work. They'll spend a lot of time setting up Facebook profiles and setting up Twitter profiles, which yeah, sure you need to do that. But what is an extra 50 Instagram followers gonna do for you? What is an extra 100 gonna do for you unless you can prove that they're gonna engage and then move to a different channel. It's about channel shifting. It is about channel shifting. Now, what you've gotta consider with this is that not every metric is created equal. Not every metric is created equal. You can't measure everything, and as any business you've got to measure one KPI, one key performance indicator. For us, that is the number of new members. And every other KPI that we measure, of the other six main ones, they are supportive of that main metric. And if we push that main metric up, we know that our revenue will increase, and cash at bank will increase, cash flow will increase, and ultimately the business will grow.

So consider it, vanity metrics or measurements that increase the bottom line, you decide. Until tomorrow, guys, never forget, the more you expect from yourself the more you will excel.