📈 Day Two: Know Where You’re At, Measure Growth & Figure Out What To Work On
Ready to take your online business to the next level and watch some explosive growth unfold over the coming months?
But before you start plotting and planning, let’s pause for a moment and assess where you currently stand.
When it comes to business planning for future success, data is your best friend.
Knowing exactly where you’re starting from allows you to work efficiently and allocate your time and resources wisely.
So, how do you begin? By recording your current data, of course!
Let’s dive into what you want to track.
First off, decide how you’d like to record this information. Whether it’s jotting it down by hand in a trusty notebook, typing it up in a digital word document, or using a spreadsheet like I prefer, the key is to have a system that works for you.
Spreadsheets are nifty because they can do fun stuff like calculating weekly and monthly averages, or even creating graphics to give you a clearer picture.
Now, onto the important data points you should be keeping an eye on:
- Traffic: To grow your business, you need to expand your reach. Keep track of total visitors, unique visitors, bounce rate and where your traffic is coming from. Engaging your audience is just as important as getting them to your site.
- List / Subscribers: Your next goal is to get these visitors on your email list. Track the total number of subscribers, conversion rates for each opt-in form and page, open rates for your emails and also unsubscribes. Regularly reviewing this data will give you valuable insights into your subscribers’ behaviour.
- Customers: Subscribers are great, but customers are even better. Keep tabs on the total number of customers and their daily, weekly, and monthly purchase activity. Other helpful metrics include the total lifetime value of your average customer, repeat purchase rates, and refund rates.
- Income & Expenses: Now, let’s talk money. Track your income and expenses diligently. Having both sets of numbers will allow you to calculate your overall profit. I find it useful to monitor income on a daily basis and look at monthly profits.
Sure, you can find most of this data in different places like Google Analytics, your shopping cart and your autoresponder service.
However, having it all in one central place makes it much easier to connect the dots and spot meaningful relationships between the various data sets.
Now that you’ve set up your initial data collection, make it a habit to update these numbers regularly.
This practice will help you see what’s working, what isn’t and how much your business is growing over the months and years to come.
Embrace the power of data, and you’ll be on the path to incredible growth.
Vera JM Friesen – Business Planning To Rock Your Year
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Assess your current business status, track your progress, and identify the most crucial areas that deserve your attention.