Understanding Your Data.

Mission Control Podcast

In this episode, Mike talks about how data can be misleading. You may find yourself in a situation where many leads are coming through, but you notice sales are low. It's crucial to look through all of your data to determine what's not working and find out what you need to do to fix it.

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00;00;00;27 - 00;00;25;07 Michael Stearns 1741 leads in the last 30 days. That's crazy, right? You're printing money or are you? Don't fall in love with vanity stats and whether it's clicks, whether it's website form submissions, whether it's calls, you know, whatever these stats are. Don't take them at face value because they may or may not be vanity stats and they may or may not be a true representation of the productivity.

00;00;25;07 - 00;00;45;03 Michael Stearns So if somebody is telling you they got you 1700 plus leads and you're showing that you made $8,000, you sold $8,000 in top line revenue, like what? What in the world is going on? Well, it's likely that those 1741 leads. And what they're considering a lead. There's a disconnect between what you'd consider a lead and what this company is considering a lead.

00;00;45;04 - 00;01;10;06 Michael Stearns Right. So and it's always not that big of a disparity, but you always want to make sure that what you're using, the data that you're using to make informed decisions to grow your business and take it to the next level are in fact data base. And it's not spurious data, it's not bullshit. That means nothing. So have an understanding of if you're bringing X amount of leads, how many of those leads turned into set appointments?

00;01;10;06 - 00;01;38;02 Michael Stearns How many of those set appointments turned into sales? How much revenue came from those sales? Right. So now you're creating a situation where maybe you're setting a ton of appointments, but your sales rate is really low, you're only closing at 15%. Now you can understand that. Now you can start to diagnose what are the variables in the sales process that could lead to this happening or like where are these leads coming from that they're setting appointments, but they're just not buying.

00;01;38;02 - 00;01;58;06 Michael Stearns Like if you're certain that it's not your sales process, you can come to a conclusion that is actually meaningful and you can change some of the variables to actually make an impact in a positive way for your business. If you have this information, if you're cognizant of it, and if you're intentional about monitoring it and monitoring the changes thereafter.

00;01;58;08 - 00;02;14;29 Michael Stearns Otherwise, we're just guessing. And, you know, I don't know about you, but I certainly don't want to guess when it comes to my livelihood, the livelihood of my employees, my customers. Like we want to make data driven decisions that are ultimately going to make the most positive impact possible. And I would encourage you to do the same. Got any questions?

00;02;14;29 - 00;02;18;19 Michael Stearns Drop in below. Otherwise, make sure you hit the share button and help those that need help.