Improve your Data in 10 minutes
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Recently, we had a big launch with nearly 988 sign-ups for our masterclass. However, our conversion rate was 20%, which is below industry standards.
I was disheartened - but, when I looked at the whole picture, the data told a different story.
Yes, the conversion rate for the masterclass was low, but our ad spend per lead was amazing, engagement was sky-high, I had more inquiries of people wanting to work with me than ever before.
We were seeing growth and results in another area.
Had I looked at just that one piece of conversion data, I could have made bad business decisions based on my emotions.
In this episode, I’m sharing how you can use data without losing your intuitive edge:
Using data alongside your intuition to make balanced decisions and avoid those pesky emotional mistakes.
Find out how a simple tweak on a client’s sales page, guided by data, boosted conversions
Get to know your buyers' landscape and how to target different segments effectively.
Learn about the Triple S system to create a sustainable and scalable business model
Resources:
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Transcript
Hello. Hello. And welcome to this episode of the podcast where I'm going in and sharing how you can improve your data in ten minutes (and I'm hoping that I can record this episode under ten minutes as well - It's all about the ten minutes!)
So why is this important? I am really in a space of letting data lead with my intuition. So, not instead of, alongside, the both and, at this point in my business, in this season of my business.
A big reason why data is becoming so important, or increasingly important, is as the business is growing, it would be really easy for me to bring my emotion into the decision making.
And that's not always a bad thing.
However, I find when I have let my emotions lead, I've often made decisions that haven't actually quite worked out in the way that I wanted them to long term.
I'm gonna give you an example of this.
We recently had a really big launch. We had 88 people sign up to our masterclass. Now, our conversion event on that landing page was 20%, which is under industry standard.
You would typically be looking at 30% and ideally you'd have 40 - 50% percent of people convert. However, I also - in tandem with looking at the conversion rate on that page - was looking at my Facebook ads results. And what I could see was a really, really good ad spend per cost per lead. I also was noticing that through those ads, we were getting more engagement than ever before.
I had more inquiries of people wanting to work with me
than ever before during that period.
So, in being able to look at the data, it gave me this as a snapshot.
Yes, our conversion rate was lower on that page.
However, our engagement and our inquiries were growing.
So, if I'd have only been looking at that independently, I might have thought that is not a good result.
But because I was also looking at data in other areas of that entire funnel, what I could see was whilst it was lower, we were getting the benefits somewhere else.
We were seeing growth and results in another area.
So, it kind of made me less bothered about trying to optimise that page because the result that I would have wanted, I was seeing through my DMs and the ads themselves. Right?
So data really led me in that moment. Had I not looked at the data or just looked at that one piece of data - it's converting at 20%, that's too low, I might have ended up making really bad decisions. I might have said, well, I'm not doing the masterclass, or we're going to switch off all of our ads.
I could have made an emotional decision. It's not working, let's not spend any more money.
But because I was able to look at all of the independent pieces of data, it gave me insight into what was working and how it was working in the way that I wanted it to, regardless of the lower conversion rate. Right?
So, that is an example of how we get to let data lead so that we don't make emotional decisions in the business.
I'm going to give you another example that I experienced with a client recently, where she also was in launch and wasn't seeing the numbers that she wanted converting into her offer.
I got her to implement something called Hotjar, which is where you can see how far down your sales page people are going.
And it was really, really clear that people were stopping at one particular section of that sales page.
We tweaked it.
We moved things along.
We moved her checkout higher up on the page, and she started to see sales come through. Right?
Again, if we didn't have the data there, she might have decided that that's it. I'm over it. I'm packing up and going to Bali. This isn't working.
And actually, it was a really simple thing. We just needed to tweak, and then she started seeing the result that she wanted.
So again, data over emotion.
I find when it comes to data, a lot of the time people are like, ‘not really for me, no thank you’.
A lot of that new leadership is very much focused on the energetics and leading with the feminine and receiving. I personally find that the more that I'm looking at my data, the more I'm able to be in that space of receiving and in my feminine and in flow. Because I'm actually not consumed by all of the thoughts that things are going wrong, and I'm able to see what is going right through the data and what the data is showing me.
Now data becomes more and more important, especially if you're jumping from that six to multi-six figure mark.
We have to undergo a transformation.
We have to become comfortable being the brains of the business.
We don't just run it. We're not just the face of it.
We're really leading the business.
We're working on the business as much as we are working in the business.
And a side of this leadership that we can often shy away from - actually that really moves the needle - is data.
I've worked with hundreds of women, and I see the same data driven issues coming up over and over again. And instead of allowing that data to drive the important decisions, we're overly relying on heart and emotion.
Of course, we're human beings. But in order to have balance and in order to build these smart, sustainable, and scalable businesses, we have got to let the data lead.
A good place to start here is actually to know the buyer's landscape.
So 1 - 3% of your audience are ready to buy from you right now, today.
30 - 40% are likely to buy from you in the future,
and 50 - 60% will never buy from you.
So, if you were really focusing on data, where are the 1 - 3%, and how can you convert them now?
Versus, where are the 30 - 40% and how are you warming them up for later?
Then you wanna start thinking about what we call cost of acquisition. So, when you convert those 1 - 3% versus the 30 - 40%, how much did it cost? Take into account advertising, cost of marketing, team, onboarding, programmes, CRMs, all of these that are part of that client journey.
And then, of course, what is your profit margin per client?
Now let's break it down.
If you were focusing on sales, let's say, for the next 90 days, you would likely be looking at, right, how do I convert that 1 - 3% and that 30 - 40%?
And here's how data can support you to do that.
First of all, you want to start with knowing how you convert your clients into your world. Now, the likelihood is, for most of you, (depending on your offer and the price point, but let's just say it's an offer that's £5000) you would want to be looking at, okay, well, how many sales would I need to make in order to reach that revenue goal for this quarter? Let's say it's £10,000 per month, you would know that you need to sell to two people.
You'd need to convert two people at pay in full or, let's say, five people on a payment plan.
Then you'd want to go into the how. Let's say that you know that you convert 50% of people through your sales calls.
Well, if you needed to convert five people and you know that you convert 50% of those sales calls, you're gonna need to find a way to get ten sales calls booked in over the next thirty days.
You see where I'm going here, right?
So this is where having data allows us to build strategies that feel easier. Because instead of everything being up in the air, I've got this money goal, but I don't know how I'm going to do it, you can actually start to use data as a bit of a parameter.
If I know, having looked at the data, that I convert 50% of every sales call that I have, then I can go on a strategy based on that, which means that I know the numbers I'm then working towards for my sales calls.
Okay. Great. So now how do I create those sales calls?
And then you build out the next part of the strategy versus feeling like you're not in control of your results.
Something that I know I support my clients with in so much detail is helping them feel in control of hitting the results, the versions of success that they desire. And you have to know your data in order to feel in control of that.
And I'm talking about effortless control. This is not like, I've got to reach this goal and I'm holding on.
It's more like, okay, I know the averages, I know my numbers, my mind's on board with this, so actually now it feels really possible, versus plucking a number out of thin air and having absolutely no solid idea how you are ever going to reach it.
So, that's an example of where data really, really supports you.
Now, I also just want to very quickly speak to systems.
In order to collect and assess data, we have to have systems.
And again, this makes the creators among us sometimes feel slightly uneasy.
But I promise you, as a manifesting generator, balancing your creative and expansive energy with supportive and spacious systems is the needle mover when it comes to scaling a business sustainably ,especially if you're looking to go from the £5k to the £10k mark, or the six figure to the multi-six figure mark.
It's mandatory in your business.
I teach my high level clients the Triple S system.
So what does this look like?
First of all,
Systems + Structures = Spaciousness - the Triple S system.
So systems look like utilising business process tools like your CRMs, planning tools such as Airtable or a Google Doc, your automations, your finance systems - all of the systems that you have in place.
So, if I came to you and said, right, I wanna know everything about all of your offers, You have a document that says what their name is, what's included, what the price point is, what the payment plans are, the link to purchase, etcetera, etcetera, etcetera.
So that it just makes it easy. Right?
Then things like your finance systems.
Do you know your incoming and your outgoing?
Do you know your profit margin?
Do you know what tax you'll be paying that month and your VAT, etcetera, etcetera.
It just means that everything has a process, and ultimately, the systems gather that data for you.
So, what I love about our CRM system is it shows me how how many clients I've served, what my expenses are last month.
There's no need to manually collect the data because it's all there.
Then we have structures.
Structures are things like your onboarding, your offboarding, your calendar structure, how you work as CEO, your team structure - the ways of working.
So, every everything in the business has a has a process. Right? We have to go from A - B. So your structures are how you or people in the business, or the business itself, gets things from A - B.
Now as the CEO, you have got to create a mastermind in the structures of your business so that someone else can then manage them for you.
I am a big fan of taking Mondays off. I don't work Fridays, we are a four day week company, which was a decision I made recently and I love it.
I have CEO Mondays, and that means every single Monday I am able to go deep into planning, strategy, content creation, ideation, you name it, I get to do that on a Monday without distraction.
I'm not checking my emails, other than checking in with clients in the morning, that is all I do on a Monday.
I also have client weeks and non-client weeks, which means that I then free up a lot of space and time for me to be in ideation, to build out my funnels, to create new courses (if that's the season of my business that I'm in at that time).
So there you have your structures. What does your onboarding look like? Your offboarding, your calendar structures, really, really important to bring in.
It's almost like building a bit of a playbook for running the business.
And then you have your spaciousness.
So by having systems and structures in place, you then end with having spaciousness in your business.
And this is going to be the time that you get to put your CEO hat on and have a really good opportunity to get a handle on the data that's coming in and out of your business so that you can make decisions, restructure, be in ideation, to get the next result that you want to see.
If you have a next level in mind, you have got to create space for you, a CEO, to be able to drive that vision.
Without it, you're constantly going to feel like you're on that hamster wheel.
So, as I said, for me, it looks like no calls on a Monday, I don't work Fridays, I have week-on week-off, I'm not having calls every single week, I have whole weeks per month where I'm able to drive the business forward, to be in ideation, creation, and it feels deliciously spacious.
There is so much more that I could share about data, but for now, I'm gonna leave it there.
Think about the basics. You know,
what do you need to prioritise in order to start to collate the data?
What can you automate so that you are able to free up the space and time?
And then, what can you start to track?
This doesn't have to be huge. If your focus is to grow your Instagram audience, please do go and check out last week's podcast where I speak all about that.
Are you tracking your numbers, your engagement and your sales because of it? Right?
Because of the efforts that you're putting in, it's so easy for us to be like, my Instagram is not growing and I'm not seeing any results from it.
But actually, if you were looking at the data, you'd be like, oh my god, we've actually had 50 people download this freebie, and we've had 10 people purchase it in the last month. Okay.
So what's the averages there?
What's the conversion rate here?
And suddenly you realise that actually your efforts are directing you to the result that you desire.
So, what can you start to track in your business that is going to support you to make better CEO decisions?
I hope this has helped.
If you have any questions on data, if you've enjoyed this podcast, please do come and let me know. Over on Instagram, you can find me @pandorapaloma_.
I'd love to know that you have listened in to this episode - on such a sexy subject, don't you think?
And if this has been helpful and you know that it would benefit someone in your world, please do share and tag them or forward it their way so that we can get more and more heart led humans scaling their businesses too.
Have a beautiful week, a beautiful rest of your day, and sending you big love from my corner of the world to yours.
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