Know your stinkin' numbers
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Time for a bit of a rant. Not directed at you, but the creator industry as a whole. Why don't creator business owners know their numbers?!!! I'm still amazed every time I get on a call with someone and ask about their numbers and they just don't know. They seem to be flying blind in business hoping to make more money than they spend every month. When they do, it's considered a good month, and when they don't... π© meet πͺ If that's you, then I guess I'm calling you out...but only because I love you and want to help you improve your business by being able to make better decisions. Minimum numbers you need to know:Know your average monthly sales by product so you know which one's contribute most to your bottom line and can make a plan to sell more. Know your conversion rate (how many subscribers are converting into customers). Once you know the number you can take steps to improve it or send more traffic to your offer. Know your average subscriber value so you know how much you can reasonably invest to acquire new subscribers. You don't just want to give advertisers money without a return. Know what you can spend and stick to your budget. Know your target pay back period (how long are you willing to wait to get paid from new subscribers). /endrant Luckily, one of the things ConvertKit (soon to be Kit) announced at the Craft + Commerce conference is the Segmetrics Insights Dashboard. Even if you don't know how to get any of the numbers I mentioned above, Insights make it insanely easy to monitor all the data you need to make good decisions in your business. Here's a link to the full Insights tutorial if you're interested. Insights is only available on ConvertKit's Pro plan, but in my opinion it's more than worth it just to know the numbers that matter. If you have questions about using Insights, check out the tutorials or hit reply and I'll lend you a hand. Here's to knowing your numbers! Robby P.S. Here's a great newsletter I recently signed up for that I'm absolutely loving. I also work with Mike and he's a wealth of knowledge for growing and actually making money off your newsletter. Check it out and subscribe. |