Let’s have a chat about how to approach marketing decision making in 2019.
Being that it is the first full week back in the New Year, there’s no better time than now to start thinking about how you can improve this area of your business going forward.
There are two types of businesses when it comes to marketing decision making.
Type 1 is fly by the seat of your pants where none of your tracking is 100% setup, you’re not 100% sure which campaigns are responsible for what, but overall the numbers are good at the end of the month, so you just keep making the decisions on the fly and hope things continue to work out…
Type 2 is a data-driven decision making approach. You know with 95% certainty which campaigns are responsible for what, your KPIs (like Cost Per Lead, Sales Conversion %, Cost To Acquire a Customer, Customer Lifetime Value, and Average Order Value) are defined and updated on a regular basis, and you’re easily able to identify which campaigns to cut, which campaigns to scale, and which campaigns to leave as is.
Here’s a not so shocking revelation…
There are more Type 1 businesses out there than Type 2 businesses.
But that doesn’t mean you should settle for being a member of the Type 1 clan.
Not at all.
It just means that transforming into a Type 2 business requires a certain amount of initial (and ongoing) effort and commitment.
It means developing a system for proper tracking, analytics review, and decision making.
And it means building a organizational habit of abiding by that system and the processes that go along with it.
As a Type 1 business, you can enjoy a pretty great degree of success, but there’s always going to be a point where things break down – this is ESPECIALLY true as you try to SCALE and things become more complex.
The lack of data that might have cost you a few hundred dollars in unnoticed losses or inefficiencies get amplified into thousands of dollars of lost ROI.
And at a certain point, the system just fails – unless you become a Type 2 business who has a valid tracking, analytics, and KPIs system in place for decision making and campaign scaling.
Type 2 businesses are positioned for consistent growth, scaling opportunities, and stability.
The good news?
Although it requires some work, it isn’t THAT difficult.
And the sooner you adopt these habits in your business, the better.
That way, as you grow and attempt to scale, you’ll already have the right practices ingrained in your organization.
So how do you do this?
It mostly comes down to three things
Proper usage of Google Tag Manager
Proper usage of Google Analytics
Setting up a system to monitor and set projections for your KPIs & Revenue.
And guess what?
These are the next courses that are to come inside Ads Alliance in 2019.
So check out Ads Alliance today:
You’ll get instant access to all of our business planning and funnel strategies courses that are available right now.
And you’ll be among the first to get access to our section on Tracking, Analytics & KPIs
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