Maps are a great tool to help you get to your destination, but you have no way of knowing if roads are closed, if there are significant delays, or if the road that looked like a main road was actually a back road with a speed limit of 30 mph.
Your GPS can also help you get to where you’re going, but in addition to directions, you get feedback along the way, such as traffic delays and route updates to help you make faster progress.
Either way, you can get where you are going, but one way gives you more information and can help you have a better experience.
The same is true for your marketing operations.
What do we mean by that?
It’s the difference between
- picking a goal haphazardly and hoping you reach it (using a map)
- and picking a smart goal, measuring your progress along the way, and making changes as needed to ensure you make it a reality (picking a smart route informed by your GPS to avoid delays).
This means using metrics, key performance indicators (KPIs), and knowing how to calculate your return on investment (ROI).
Let’s say you’ve decided to run Facebook ads to grow your business.
Great! Are you going to use a map or your GPS or smart phone to get there?
If you were going to use the map approach, your goal might be as vague as, “I want more leads to sign up for my lead magnet.”
So, you set up a Facebook ad, pick a budget at random, hit publish…and wait for the leads to start coming in.
You might get some leads, but how many do you need? What is a good cost per lead (CPL)? What is a good cost per click (CPC)? At what point are you spending money wisely or throwing it away?
If you pick a goal such as, “I want new leads” without more data and metrics than that, you will never know when you reach your destination if you use this map approach.
But if you were to look at this like setting your destination in your smart phone, and had selected the fastest route, you would know when to take a new route to make better progress.
So now you go back to your Facebook ads. You choose to use data and metrics to calculate your ROI. You have created a campaign brief that outlines
- What is your total budget
- What you expect for CPL
- How many leads you can expect if you hit your target CPL
- Exactly what the offer is
- Who the target audience is (age, gender, location, interests, etc)
- When your ads will start running
- When your ads will stop running
You know exactly what to expect with this “GPS” approach. And like when you use your GPS, when you set your specific goals, it becomes easy to monitor how your ads are performing.
You can look to see how your overall ad campaign is performing in terms of number of leads and CPL. You can see how much money you’ve spent of your planned budget. You can look at individual ads and find which ones are getting the best CPL (your fastest route!) and turn off the other ad versions to get your target number of leads more efficiently.
Using the data and metrics approach means you have a specific goal, and you know when you hit it, when you need to make adjustments, and when you knocked it out of the park!
This is a much better use of your time and money!
Not sure how to take the GPS approach in your business? Have no idea how to use data and metrics to help you make more informed decisions and get better results? Want to know exactly how to be using metrics to drive business growth (and see exactly how far you’ve come?)
The Ops in Action membership site is launching in just over two weeks, and it’s going to have all the marketing ops tools you need to help you
- Get new leads and clients
- Set up your social media accounts the right way to generate business
- Design campaign sheets so you know your budget, CPL, total number of leads, and more
- Track year-over-year progress
- Avoid scope creep with your clients and protect your valuable time
- Quickly send out emails to new contacts and help convert them to clients
- Get your clients to finally take action and get the results you know are possible
- Get more referrals and warm leads
- Build an “invisible sales force” that brings you warm leads regularly – and they do 90% of the heavy lifting for you!
- Calculate your ROI
- And much more