The 2 Most Important Numbers In Your Business

Imagine if there are 2 magic numbers that could tell you with spooky accuracy how successful (or not) your business is doing.

And, just by tracking and measuring these 2 numbers in your business every week, your business grows more than it has in the past.

However right now 90% (or more) of the people who call themselves “Local Marketers” have no idea what these 2 numbers are for their business.

YIKES!!

Let’s solve this for you moving forward…

It’s based on Pearson's Law which says:

"That which is measured improves. That which is measured and reported improves exponentially." 

It’s 2 specific numbers that when you start measuring them every week in your business and then report them to somebody else like an accountability coach, your business will start to grow exponentially.

What’s your guess the 2 Magic Numbers are?

If you have watched the 3 Phases of Local Marketing Success training video then you probably already know the answer.

They are…

1) Engaged Conversations With Business Owners

2) Your Minimum Weekly Prospecting Activity Commitment 

If you don’t know these 2 numbers in your business, don’t worry the rest of this article will help you.

And you are not alone.

The reality is most local marketers have no idea what these 2 numbers are for their business until they start working with one of our Local Mastery Academy Accountability Coaches.

Figuring out and then measuring and reporting these 2 numbers is one of the first things your coach works with you to get in place for Mastery members because this always creates significant progress for members.

Let’s look at both more in-depth.

1) Engaged Conversations With Business Owners

This is an in-depth conversation with a business owner about their business and/or how you can help them.

Every sales presentation you make to a business owner falls into this category regardless if it was successful or not.

This then becomes your conversion rate metric – how many engaged conversations turned into new clients.

Is it…
1 out of 10 (10%)
1 out of 5 (20%)
or 1 out of 2 (50%)
or even better?

Starting out the number will be low. For example your first 10 may only result in 1 or 2 clients. But over time as you learn and improve from each one it can get to 50% or greater.

For example once you get good at the sales process Rob teaches in the My PPC Business Protege Program, it should be at least 50% and for many as high as 80% or greater.

Also there are times non sales presentation conversations may fit this as well.

For example, if starting out or going into a new niche, Ed teaches a simple yet highly effective interview process to have with 5 business owners in that niche with the sole purpose to better understand the niche.

Numbers Don’t Lie

What will happen moving forward when you are tracking this on a scorecard (it can be as simple as a google doc where you enter the number each week), the numbers won’t lie!

If you go week after week with 0’s and an occasional 1, then clearly the problem with the lack of growth in your business is not having enough Engaged Conversations every week.

Your “Engaged Conversations” Milestones:

In the 3 Phases of Local Success training video the first milestone it gives you if you are brand new (in the business or a new niche) is 10 conversations.

Those first 10 conversations is your “Rite of Passage” to call yourself an entrepreneur and business owner. And starting out it is all Hustle to get these 10 conversations.

But sadly, many people who “say” they are doing this business NEVER actually get to 10.

That is an easy way to separate out the wannabe business opportunity junkies versus those that are actually serious about being a REAL entrepreneur and actually doing the work to be successful.

After those 10 conversations you will have 1 (or more) clients and more importantly you will know infinitely more about this business and the target market you will be serving.

The second milestone, which is your Rite of Passage to Going Full Time, is the race to 50 conversations.

Once you have 50 Engaged Conversations with business owners you are most likely moving out of the Hustle Phase and into the Going Full Time Phase.

Which, by tracking and reporting this number, it is a good “trigger” for you to consciously know to be shifting your focus into the activities that will move you through Phase 2 and into Phase 3 (Growth & Freedom).

2) Your Minimum Weekly Prospecting Activity Commitment 

If Engaged Conversations with Business Owners is the key metric that leads to new clients… then you also want a metric that creates those conversations or you consistently and reliably every week.

And this second one is the most important number in your business when starting out because you are 100% in control of tis number – its your Minimum Prospecting Activity you commit yourself to doing every weekly.

First you need to identify at least 1, ideally 2, but no more than 3 prospecting activities you will do on a consistent weekly basis moving forward.

Here’s where people, with the best of intentions, set themselves up for failure.

We tend to view goals as “aspirational” or “stretch” goals, which when looking out into the future are great.

However on a day to day and week to week basis you don’t want to have goals you aspire to achieve, rather targets you intend to reach with certainty.

Instead what usually happens is you set a big goal of what you want to do each week because you are excited, motivated and ready to set the world on fire.

How NOT To Do It

Let’s say direct mail is one of your prospecting activities. And your weekly goal is 100 direct mail pieces.

Your first week you may get the 100 pieces out but it was definitely a stretch.

Then week 2 the reality of the rest of your life kicks in and you only get 50 out the last minute and now you are feeling like you are behind, you are failing and the business isn’t working.

Then week 3 rolls around and you are feeling even more discouraged and give yourself a pass but tell yourself you will make it up next week; any resemblance of momentum has vanished. You are now operating out of sheer will power.

And week 4 rolls around and you are feeling so far behind you are deeply doubting yourself and the decision you made to do this and are teetering on the edge of quitting.

What happened is you set yourself up to fail before you even got in the game. 

You are creating a habit of failure and lacking any positive momentum to propel your forward.

You are constantly being demotivated and beating yourself up for it.

Yuck!!

The Way That DOES Work

Now let’s do the opposite and set the MINIMUM amount of activity you can do each week, NO MATTER WHAT.

That means if your laptop died and needs to be replaced, dog ran away, the cars in the shop and all 3 kids are sick… what will you still get done that week because it’s your commitment to yourself and your business?  (OK that is a bit extreme, but this requires a HEALTY dose of reality of your typical week.)

It also means you can always do more than the minimum in a week if you have the time and energy.

But now, by hitting this target EVERY SINGLE WEEK, you are creating an empowering success habit and riding the wave of momentum that propels you forward.

You are constantly experiencing wins and seeing the outcome of those wins.

And you end each week feeling a sense of accomplishment and excitement.

Let’s take the example of mail letters and now you set the goal of 20 letters each week.

Week 1 you do your 20 letters and it was easy. In fact you felt a little guilty how easy it was.

Week 2 you challenge yourself and do 50 letters and you got it done, feel really great about it, but it was a stretch.

Week 3 the kids were sick and you had a big project to complete so you stuck with your minimum 20 and got them done. You feel happy and satisfied you stuck with your commitment because you know without it you would have not done anything!

Week 4 you are really excited because of all the new leads and business that is coming out of the previous week’s activity so you do another 50 letters.

And the cycle continues. Some weeks you do more, most weeks you do the minimum. But every week it is happening NO MATTER WHAT.

What Should The Minimum Number Be?

That is always the question people ask, and the answer will be unique for each person based on their situation.

My recommendation has always been treat it as 2 phases.

Phase 1, you will take your best conservative guess of the amount. And for the next 3 weeks you do that amount (or more), no exceptions.

At the end of the 3 weeks you do a review and look at the process:

What worked?

What didn’t work?

What should I do differently moving forward?

Phase 2, you then set the real number that you commit yourself to moving forward.

Measure and Report Both Numbers

Going back to where we started: “That which is measured and reported improves exponentially.”

You now have 2 sets of numbers to start tracking each week in your business.

Engaged Conversations

Prospecting Activity (for each of your key prospecting methods)

This can be as simple as a spreadsheet or google doc with one item per row and a new column each week where you enter the number for each.

Here’s a sample one you can use as a template.

Would You Like Help With This?

One of the first things that happens in the Local Mastery Academy is we make sure you know and are tracking both of these numbers moving forward.

Then with your accountability coach we establish exactly where you you want your business to be and break it down into mini-weekly milestones and most important action steps t get there.

Every single week you are making real tangible significant progress towards your bigger goals.

And that is just the coaching component.

On top of that you are being mentored by me and getting advanced knowledge and wisdom from the mastermind group you are part of.

It is designed to give you the Entrepreneurial Trifecta of Coaching, Mentoring and Masterminding in 1 complete program.

LIMITED SPOTS:

At any given time we have anywhere from no spots to a handful of spots available (since you work with us 1-on-1 we literally have to limit new members based on our capacity.)

Go here and watch the Google Hangout we did with one of the Mastery Members, our top Mastery Coaches and Peter and myself.

If you feel this is the right fit for your business then click on the link to see if any spots are available and apply.

-Kevin

 

No Tags
One Response to The 2 Most Important Numbers In Your Business
  1. After being in the business consulting arena for over 10 years now, I can say without a doubt that setting a minimum weekly marketing/sales activity number is the difference between making a decent amount of money, or just getting by.

    Whenever my consulting revenue dips it's always due to not keeping up with my marketing/sales activity.

    I now make that minimum activity my top #1 task for the beginning of each work week. Everything else can wait a day or two.

    Excellent article. Thanks Kevin.

Leave a Reply

Wanting to leave an <em>phasis on your comment?

*

Login