Making Data-Based Decisions

So you’ve started a side hustle and you’re bringing in some revenue. But it’s not quite what you had hoped for. What do you do next? Maybe you were hoping to leave your day job. Or maybe you’ve already left your day job and you’re not able to support yourself or your family in the way that you wanted to with this business. Now is the time to start making data-based decisions. Analyze and get some data together on how your funnel is performing. 

If you have a sales funnel set up – which basically means that you have a way that you’re bringing in clients and sales – the first thing that you’d want to do is set up some data analysis. Specifically data on how successful that funnel is. This will help you see where there might be points in the funnel that you’re having a drop off in sales or you’re not having success. 

A lot of times at this place entrepreneurs decide they should create a new product. This may or may not be true. You may need to have a different price point for your business. It’s really good to have sort of a lower level price point, a middle of the ground price point product, and your high ticket offer. But this might not be the time to consider that. Really, you first need to collect data and analyze what’s happening in the current funnel. 

You want to look at what your sign up rate is on your opt in page, on your sales page and all the steps in between. Are people registering, but leaving as the webinar starts? That would mean that you need to go back and rework your webinar to make sure that it converts for you. If you’re getting the traffic but not the conversion that you want, that’s one area that you can start to look to make a difference. 

You can also look at your sales page. See if people are looking at the sales page and jumping off right away. Maybe you have the price right at the top. Price should be further down so that people have to scroll through your content first to really see the value. It could be your email marketing. Are you having good open rates, good click through rates? Try to figure out for yourself where people might be dropping off as far as email engagement goes. Also with your ads and with your videos, look at the engagement on those and look at the conversion rate from those. These are all good places to start making data-based decisions.

One area that many people have a challenge that they’re not aware of is with tracking. So I highly recommend hiring a professional with Google Analytics and tracking to make sure that your tracking is set up properly. And that you’re sure that the numbers you see in your business are your actual numbers. 

I’ll give you an example. A business that I worked with in the past thought they were having very high conversions. All the numbers indicated this was so, but the bank account didn’t. The money wasn’t in the account. The business was actually making revenue growth and everybody was confused about it. It turned out that the tracking wasn’t set up right. Some of the tracking pixels were on the thank you pages, which people can bookmark and go to multiple times. So the ad tracking is going to count that as multiple conversions, when in fact, it’s really not true. So you might want to use a different tool. 

SAMcart is a great tool to use for checkout. You can actually add pixels to fire within the SAMcart, so that it can only fire a pixel as a conversion on an actual purchase. That’s a common problem for people who are new in business and a common way that funnels are set up. 

Another thing that you can do if you are having success with your funnel, is to see how you can maximize it. You might be able to increase your price point on the product. I have done that with a business in the past where we had a product and we doubled the price point. We were able to maintain the same conversion numbers. So that could be an area where you could get additional revenue. 

 You could do some split testing with it so that you don’t deteriorate your current funnel that’s bringing in the revenue that you want. Have a live launch as your split test and see if you can sell it at a higher price point maybe with some additional coaching from you in a group setting to go with your program. That could be another great way to try to increase your revenue. 

If you aren’t tracking data in your business yet, or you are collecting data but have no idea how to use it, then I have a solution for you! I want to gift you my complete Stats Tracking Template! You can track website stats, email stats, conversions and more with this template! If you’re wondering if your opt-in page is working to get leads, the data you’ll collect in this sheet will tell you just that. Is your sales page compelling enough or could it be improved? This stats sheet will help you collect the data you need to know if your sales page is working or not. I have been using this for years to help small businesses grow to 6 and 7 figure businesses. And now, I am giving it to you. Because I know data is the key to business growth. 

As an entrepreneur, sometimes it’s easy to think, oh, I’ll just do this new thing. If you have a team, you think the team just will get that done for you. But in reality it always takes quite a bit of time to create something new. There’s always a lot of steps involved if you have a business set up already. There’ll be a lot of actions that need to be adjusted as far as email campaigns, tagging and that kind of thing to make sure that this change you’re wanting is successful. 

You could do some split testing with it so that you don’t deteriorate your current funnel that’s bringing in the revenue that you want. Have a live launch as your split test and see if you can sell it at a higher price point maybe with some additional coaching from you in a group setting to go with your program. That could be another great way to try to increase your revenue. 

Now, if your funnel is not successful, that’s when you really need to think about what you could do. If you’re not getting money from the funnel that you set up, then you need to try a new strategy. So if you’re feeling stuck in your business, you’re ready to scale and you’re not sure what your next best step is, schedule a free consultation to do some analysis of your business and help create a scaling plan that’s right just for you.