Updated: Mar 9
What if knowing 3 numbers in your business could grow your sales, income and business?
Today's guest is Michelle Hagen, a Sales & Profitability Coach. Today on the podcast she is going to share with us 3 numbers that we need to know in our business. 1. How many people did your offer get in front of?
If you are someone who sits down one-on-one with someone to present your offer this is a little bit easier to figure out. Just answer how many people physically heard you pitch your product?
Now if you're an on-line marketer I want you to track how many people viewed your post.
All this info can be found in your insights on facebook or Instagram. Then make a spreadsheet or document (whatever way you think it’s easiest to track) of each post where you offer your product and then I want you to have a column of how many people viewed in 24 hours/ after one week/ on month.
2. What's your conversion rate?
You get the conversion rate by taking the number of people who purchased your product and divide it by the number of people your offer got in front of.
So for example if your offer got in front of 100 people and 20 bought that would give you a 20% conversion rate.
3. For the third number we need to know the number of people you need to hit your goal.
So, what is the big sales number you want to hit? FIRST: Take your sales goal and divide it by your product cost = the number of sales you need to reach your goal. NEXT: Take your number of sales you need and divide it by your conversion rate = how many people need to see or hear your offer.
Let's say you want to hit $150,000 in total sales, your product costs $500, and your conversion rate is 26% (Now this is a high conversion rate but just to give you an example- most conversion rates are going to be lower depending on your industry.)
FIRST: $150,000 / $500 = 300 So you need to sell 300 of your products in order to reach your goal. NEXT: 300 / .26 = 1,154 1,154 are the number of people who need to see your offer in order to make 300 sales.
Now you might be thinking dang that’s a lot of people! But this is the number of people who need to see your product for a whole YEAR. Just break it down into pieces you can bite off a little at a time. If this goal is for the year, break it down to how many you need to get in front of per month, week, day.
For this example you would only need to get in front of 96 people per month, 22 people per week, 3.2 people per day! You guys you could get in front of 3.2 people per day easily!
"If you don't keep track of your numbers, you're going to get to a point in your business where you want to grow and expand, and you won't be able to." -Michelle Hagen
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You are confident, successful and have so much potential. You got this, girl!