One of my clients develops ‘data dashboards’ for online businesses.
Basically, his team sets up an information control panel that collects a mountain of vital data from everything they do that impacts their online sales.
This includes things such as visitor numbers, optins, clicks, sales, webinar viewers, sales calls, contracts, closes, backend profits, etc. Each one is custom designed for that specific client and allows them to pinpoint exactly how every ad campaign is running.
They can review all their important numbers within seconds…and make better decisions about how to optimize their ads, funnels, and sales processes.
In other words, it helps them scale their business even faster!
If you have an online business earning 30k a month or more and you might be interested in your own data dashboard, reply to this email and I can connect you with him.
But for everyone else, here’s the question I want to ask you today…
What are you tracking on your business scoreboard?
Doctors can use blood tests to help spot problems in your health.
If your numbers are outside the normal range, they can use other tests to take a closer look at potential issues.
Your scoreboard can help you track the health of your business.
Obviously, your overall income is one of the most important numbers.
Has your income increased or decreased over the past few months? What about year over year? It’s especially important to track this month vs the same month last year when you’re in seasonal business.
But there are also early warning signs to watch out for.
For example, how healthy is your email list?
Is your list growing?
How many new subscribers did you add last month? What about the previous month?
Is the trend going in the right direction?
What about your open and click rates? Open rates aren’t reliable, but if your numbers are dropping, that can be a flashing red warning light.
If you have a membership site, how healthy are its numbers?
Is it growing? What is your average lifetime value of a new member? What is your retention rate…especially over the first few months?
One of my clients tracked his retention religiously.
He began a series of improvements in his onboarding. He started with an email sequence that helps new members use the tools and training he makes available to them. Then, he added a 10-day ‘Quick Start’ plan inside his membership. He also offered a free call with one of his coaches to new members.
Each of these improvements increased his retention, because the numbers are tracked as part of his scoreboard.
And you’re not limited to just tracking your business analytics.
How much time are you investing in each area of your business? What’s the payoff for that time?
For example, let’s say you’re spending an average of 6 hours a week on a specific social media site. How many new followers have you added? And how has that translated to more visitors, optins, and sales over the past month?
If you’re not tracking the numbers in your scoreboard, you have no idea whether it’s worth your time.
This applies to ALL the activities in your business. Where is the highest and best use of your time?
You can design a lifestyle business that gives you finances, freedom, fun, and fulfillment.
It’s not about the hours you invest. It’s about value you create and the systems you put in place.
My online course, 1-Hour Work Day, can help you simplify your online business. Renew your motivation and your vision. Eliminate complexity. Enjoy the journey.