Failing to use data to understand and grow a business is one of the most significant weaknesses today’s business owners have. We had to deal with a massive gap between flat statistics and how people perceive and analyze them during our projects with different business owners. This article is about a simple tool we developed that changed everything in giving our clients the proper perspective on their analytics.
There are three different steps that most business owners miss in regards to measuring and using data:
- Knowing what data to collect and how to measure it correctly.
- Analyzing the data appropriately and coming up with ideas to utilize it.
- Implementing the ideas to improve the stats and measuring again.
The problem is, it is tough to measure flat statistics of things you’re personally attached to, especially when you came up with the things you measure by yourself.
I genuinely believe that if there were an easier way to detach personal feelings, everyone would grow their business extremely fast and efficiently.
The first company that inspired us to develop the tool was one of my busiest clients. They were so passionate about selling their services that they only focused on this part of their funnel. They lacked experience in business management, and it showed in every aspect of their work. They were so confident in their sales process that they acted like no one can teach them anything. The problem wasn’t that they weren’t profitable but that they wasted a lot of time and money on things that didn’t work. There was no way to tell them they were missing something huge in their current business model.
When we ran the numbers, we noticed something. If they’d make a few simple modifications to their funnel, they would have earned an additional Million dollars every quarter. But we didn’t have a try-it-yourself tool back then, and our clients never checked the statistics behind their business. So when we showed them the numbers, they were too overwhelmed and couldn’t utilize their energy to the money they didn’t hold in their hands. All they could see was their business cash flow and nothing else. It would’ve been easier for them to process insights from a tool rather than a person because no feelings and personal opinions are involved in this process.
Another company that reached out to us was managing their business 100% based on statistics. They were testing numbers like a machine, though their analysis of the statistics was partly wrong. Their company had generated a certain amount of leads every month. Still, over 60% of these leads were either fake or never turned into meetings. When we took a pick on their work, we noticed that they missed a simple yet significant step in the funnel. That “cost” them in generating fewer leads, but it increased the number of meetings significantly.
And still, the business owners were nervous by the number of total incoming leads. They got scared by the decrease in that number. I regret not developing the tool back then because If they could play with the numbers by themselves and see the whole picture laid in front of them – they wouldn’t be scared to “lose” a small part of their leads. These experiences are the reason why we developed the funnel optimization tool and made it available for everybody. This simple tool can help any business owner set new goals and improve their results fast and efficiently.
Similar to our Video-Marketing Strategy tool, the funnel optimization tool is an easy-to-use dynamic quiz. This tool provides insights on your sales conversion rate and ROI and provides recommendations on how to improve your results. Before you try it yourself, be mindful that it’s very straightforward, so prepare yourself to look in the business mirror and maybe not like what you’re going to see. If you are losing money or your conversion rate is below average, the tool will alert you on the “results” screen. If you’re new to measuring business statistics, don’t panic. Use the tool’s insights to improve your funnel stages and return to the funnel optimization tool to measure your improvement over time.
Using the funnel-optimization tools to analyze your business can be a scary thing. You’re probably thinking to yourself: “how can it understand my business better than me? My business model is unique, and I don’t think a digital tool can understand the complexity of it.” All these arguments are genuine. A simple funnel optimization tool can’t understand every tiny detail of your business, but it doesn’t have to. If analyzed correctly, a funnel optimization tool can do things that we humans can’t do.
For example, let’s say we just launched a new campaign, and we believe it’s the most creative thing this world has ever seen. We love it, and we got emotionally attached to it. If it doesn’t go as we planned, we might blame everything and everyone around our campaign but the campaign itself and refuse to accept the simple fact that it failed to work. When this happens – you’re supposed to get over yourself and move on to the next idea. You’ll be surprised to know how common is this mistake among business owners.
The Funnel Optimization tool will tell you the truth about your business. Our tool is programmed to work with flat statistics and give you specific directions based on your company’s realistic picture. It won’t measure what you only “have a feeling” about but give you the whole picture. Using the funnel optimization tool to manage your business regularly is a game-changer for your business growth process. This tool will help get the knowledge and recommendations you need to start moving your business in the right direction.
