You know about the 80/20 rule, right?
Our marketing version of the Pareto Principle might go something like this:
- 80% of your sales comes from 20% of your work.
I think it’s true. In many cases.
But how do you identify that 20%?
A few days ago I sat down and helped Wes figure that out.
Watch as we go through the process.
Wes wants to scale up to sales $100k in 2021, and we’re going to take a look at where he is right now, and identify one or two things for him to focus on.
This is important, because if he makes progress on these things, he’ll automatically reach his sales goal.
He won’t have to do a bunch of “new” things, or work harder to get to $100K.
The great news is that Wes has set up a good foundation since he joined the Inner Circle a year ago. As a Maker, it’s the best thing he can do to make sure he grows a profitable business that pays him very well.
Here’s what Wes did over the last year to build a solid foundation:
- Set up for success by paying himself – profitable before he scales.
- Outsourced the manufacturing.
- He identified what’s working in his business.
- He created a habit of marketing activities that get him sales.
But now he needs to double sales to reach his goal.
We took a look at Wes’ Key Metrics for the last 90 Days:
- Traffic: 14608 web visitors
- Conversion rate: .75%
- Average order value: $71.33
Wes needs to improve his Conversion Rate, and he should do it before he does anything else.
- 14608 web visits at a Conversion Rate of .75% = Sales of $10,956.
- 14608 web visits at a Conversion Rate of 1.5% = Sales of $21,912.
Wes doesn’t need to change his Marketing strategies, he needs to change his Conversion Rate.
We did some digging in Google Analytics, and we found that Wes gets his highest Conversion Rate when he sends traffic to his site from email. It’s more than 3%.
And that’s a great clue. Wes needs to grow his list, so he can send more traffic to his site from email or text.
We chatted about how he’s growing his list now, and then made a list of things for him to do to grow his list faster.
We also took a look at his Mobile Conversion, which is important, because 80% of his traffic is on Mobile, and his mobile Conversion Rate is only .6%
Next, we came up with some strategies to improve his Mobile performance.
The result was that Wes simply needs to grow his lists. Currently, he has 1000 subscribers.
I challenged Wes to set a new goal:
- Grow your list by 500 subscribers every single month in 2021.
Wake up every morning thinking about how you can grow your lists.
If Wes just does that, and stays consistent with the marketing he does now, he’ll give himself the best chance of reaching his goal of $100K.
Without adding in One. More. Thing.
What’s your “wake up every morning thing”?
If you have questions, comment below and ask me!
So, here’s what I need you to do next.
First, sign up to get updates in your inbox:
Then, be sure to Like and Follow my page on Facebook. I’ll be posting regular updates there!
That’s it! It will be a fun adventure, all the way from 0 to $50K on Shopify!
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