Key Performance Indicators Leads | Edmonton Business Consultant
How many at bats do we have? How many times that phone ring or people filling out the form on the website? Are people sending you an email with a potential new business? How many opportunities do we have to actually generate some new business?
Yeah, I can see why cause it’s mad.
Hi, thanks for joining us for another episode of ask [inaudible] CPA. Today we’re continuing our, our, our topic about key performance indicators and specifically the key performance indicator. We’re talking about this time. He is the giant, the number of leads. So key performance indicators and number of leads have Tyson here with me again today. So Tyson, how are you, uh, you’re finding this, uh, information on learning the, the metrics behind marketing and how we track keep performance indicators. It’s great. It helps you learn, helps you keep track of my clients better. Yeah. Something to actually shoot for as opposed to just go out and get more business. Uh, that’s, that’s a, that’s a bad average that we can tell about how many and how, Edmonton Business Consultant, you know, the court that we have here, you know, in this series that Jim Collins author six business books, including one of my favorites, good to great, the good to great companies did not focus principally on what to do to become great.
They focus equally on what not to do and what to stop doing. Some of this really resonates with a, you know, keep performance indicators in the marketing aspect of people’s businesses. They need to know what to do, what to go all in on and what’s it just completely stop doing because it’s not working. Uh, Industry Canada will tell us that 50% of them walking in small businesses go out of business within five years and 42% of these failed businesses will cite their inability to attract enough clients as one of the reasons for their failure, making it the most common and we’re using for their failure. So loss as a CPA for me to be able to tell our clients exactly what to shoot for systematically. And how many in order to solve this problem and the story that we have, and we have business owners, they know revenue is law or they’re seen it in their financial statement analysis and the ratio analysis.
Um, but they’re not tracking the most important key performance indicators to achieve more revenue Tyson ward or the questions that these business owners who are not tracking the most important key performance indicator, what should they ask first? What is the most important key performance indicator to track, to increase revenue? It’s the number of leads we need to know if there’s any leads to begin with it or you’re not generating new business. Edmonton Business Consultant, you know, how many at bats do we have? How many times that phone ring or people filling out the form on the website? Are people sending you an email with a potential new business? How many opportunities do we have to actually generate some new? Edmonton Business Consultant, that’s the, the, the first part that we need to track. And in any, in any way
business. Do a lot of businesses fail to follow up on leads correctly?
Yeah. So believe it or not, you have all these great advertising initiatives and these, all of these key performance indicators and sometimes the entire business is being inhibited by the fact that people are simply aren’t following up on the leads. The leads are coming in and they’re not getting put onto a central document that can be followed up with again and again to make sure the customer is actually getting called and maybe call it a couple more times because they’re, they’re busy and they might not have time the first time, so you just don’t have a way to follow up on leads and that’s why a lot of businesses and they’re failing.
Yeah. Is this sales process sometimes broken in the business? Sometimes it’s a sales process, so sometimes yeah,
people are following up on the leads and they’re booking that initial consult or the initial estimate with the clients, but the sales process is broken, you know, they might not be writing up every deal as we said they all did you actually give them a proposal? Did you give them an estimate? Did you have the present them with something and say, Hey, if you want to proceed side this, Edmonton Business Consultant, you know, sometimes they don’t have a way to follow up on that. After that proposal was done, sometimes the proposals being delivered in a poor manner. Sometimes the proposal itself is a low quality, so it needs to increase quality to communicate to the customer what value they’re actually achieving for their, for their hard earned dollars. So yeah, it can be, you know, not just following up on the leads. It can be the sales process itself. Sometimes the product is great, but the sales process itself is not communicating that.
How can batching the followup on leads and potential sales via time, Huh?
Yeah. That, that can be a real time suck. And I’ll tell you how it starts. So the client says, Hey, can you follow up with me on Tuesday at two o’clock? Uh, okay. And then the, imagine you’re a, a landscaper this time of year, I just hadn’t landscaping quota on my place and you know what? He’s going to fall off. If he booked a time, he’s going to follow up on Tuesday at two o’clock, and then he goes to the next house. He said, I’ll, I’ll follow up with you on Wednesday at four o’clock and then he goes to the next house. It doesn’t let her estimate, I’ll follow up with you. And there’s a, all of a sudden that gets completely unmanageable. All you’re doing is calling these back. So all you need to do, you step one time in your calendar each and every week. So there’s leads come in, you address them as soon as they come in, when they’re a new lead.
Uh, and then each and every week at a set time, if they didn’t get back to you, just call them all again, all at once. Just go right to the list, you know, rate the end. Same thing with any outstanding proposals that you deliver. Just go right to the list. Uh, it’s just so much quicker. Edmonton Business Consultant, yeah, it’s not that same, uh, uh, personalized service. But we only have 168 hours in the week and chances are most businesses will not have a time to schedule individual time just to do a follow up. Yeah. It’s not going to work well, uh, in most businesses on, unless you’re, you’re all in on one client, on a super high ticket item, that’s not a scalable activity. Right?
What if sales are low, but they’re following up on leads and have good sales process.
Now this becomes harder. So we’ve addressed the easy solutions that, did you plug it in? Did you restart? Uh, but now we get to the, you know, what if we’re actually, we are booking into the estimate, we’re following up on the leads and they’re getting a console. They’re actually getting a document. The sales process itself is, you know, pretty good. Edmonton Business Consultant, but now we have to start looking at the product itself and you know, you have to look at the pricing was the, was the product or the pricing. Maybe we need to, you know, package something and we’ll generally, it’s not a, an exercise of just simply reducing pricing, uh, because you know, if you reduce pricing so much, you’re eventually going to go out of business anyways because you’re running a cash number two problem. Um, so it generally means that the actual product itself, we need to look at, you know, what value or redelivery, what is the value that the competitors are delivering? You know, what problem is the client trying to solve, uh, to begin with. So now that that tends to be a deeper dive issue on, you know, we have to go deeper into the, what value of this product has actually, you know, um, um, giving the potential client, um, and maybe make some adjustments and maybe make some additions. Sometimes we have to deliver more value. Yeah.
What is the most important marketing platform for most small businesses?
Most small businesses, the most important marketing platform is Google. Google is the yellow pages of 20 years ago. Edmonton Business Consultant, you know, if you weren’t listed in the yellow pages 20 years ago, no one was going to call you. Um, and now as if you’re not listed and ranking, uh, and doing certain things on Google that you’re likely not getting enough attention or necessarily not as much as you should in order to help you scale your business. How does your website help you generate leads from visitors to your website? Yeah, so I mean, your website, you know, is supposed to be that mechanism to take that attention from Google and convert it to someone who’s now they’re interested. They believe that you can help them solve their problem. So, you know, they have a week and their lights are flickering. Uh, they have an ache in their back or they have a two thick, you know why they get that attention from Google? It leads them to the website and the web summit website makes them believe that you know, you can solve their problem. They can have a good experience while doing so by doing business with you. That’s really what your website is, is set up to do.
Why should you also track reviews, videos, ad spend, impressions and clicks. So we went through,
through these in the, in the previous videos. In this series, you know, if you’re just looking at leads wall, Edmonton Business Consultant, you know, how do you get those leads? There’s things that you can count to just get those leads and you need to track the number of leads in every business. But if the problem is, is that you’re not getting enough leads, you know, there’s things that you can count and normally the things that you’re going to count as the number of Google reviews that you have since Google is king and everybody, 88% of your ideal and likely buyers are likely looking at a Google reviews and then how many 10 minute videos that we have because that’s the way that we’re going to, uh, a rank on the second largest, um, uh, search engine, which is youtube and B, get our website to rank higher on the, on the largest search engine was Google.
Like taking those videos and transcribing them, putting them on our website, you know, how much money we’re going to spend then to promote that website, how many impressions those ads are getting and how many clicks that are getting on to that website. Edmonton Business Consultant, you know, to try to generate those leads. It’s, you know, there’s walking them through the process so we can identify if we’re not getting enough, uh, you know, we’re doing this whole exercise, we’re not getting a sales. We know we need more leads to get more sales. But what are the other steps in the chain to get them to the point where they’re actually become a lead. And by tracking those numbers we can say, we can tell which one is broken. Do people often underestimate the cost of generating least hugely? Yeah. People generally, you know, hugely underestimate the costs of generating a lead.
You know, they think they, they look at, you know, metrics, what an impression is and they think that they’re going to get, you know, a 40% of the leads from an impression is not, oh, those are fairy tail numbers. You know, you’re going to have to get that, that ad in front of a lot of people. There are a few people are going to click on it. They’re going to have to see your website. It’s chest is a 4.3 times to try to even get them back in so you don’t have to spend some money to retarget them. Um, you know, to actually get that lead. No, it generally costs more money than what people think it’s going to cost. How can I, no brainer offer actually helped her reduce the cost of a lead. So it becomes time to, you want to make your ad so enticing that you increase your chance of actually converting that soy.
It gives you a, if you have an offer that’s really enticing, you can make your, you can write that offer into your ad. Um, so that’s going to make sure you don’t have to put it in front of as many people in order for them to take action. Edmonton Business Consultant, you know, I actually click on the ad and then when they get to your website that offers reinforce and now we’re going to get them to convert, bring it from the call. We’re going to get them to email, fill out a form so that no brainer or, and you usually offering something for free, you know, of your, um, you know, if you’re an electrician, you can install one of those, you know, uh, light up a little sockets. It’s going to cost you 30 bucks and people say, well, that’s 30 bucks or free, but they’re completely underestimating the cost to get that lead in the first place.
The owner paid Google another $60 to get a lead. Or would you rather do the light light socket for 30 bucks? Um, you know, often that no brainer offer, although it will have a bit of a cost, that cost is less than simply paying for more ads if you didn’t have that no brainer offer. So you’re going to have to give something away, uh, for reduced rate or free, not everything, not something that’s going to cripple you financially. And in most businesses, it can be something that’s going to cost you less than 50 bucks, but it’s going to dramatically decrease the costs that you’re going to have to spend to attract that, uh, lead in the first place. So I think that’s what we have here today. Thanks so much for joining us. As always, please hit the like and subscribe button so we can continue to deliver you tips on how to beat the odds at business as well. As always, you’ll please leave some comments below so we know what you guys want us to address in future videos. Thanks very much.