It doesn't matter how popular you are, you have to be profitable to be successful. Creating a successful business is more than just making a podcast or deciding to become a blogger. At the end of whatever marketing and content strategies you put out there, you need to have something that your audience wants to buy.
I'm not saying you shouldn't create a podcast, blog, or other series, but it should definitely be as an extension of your business, not your whole business. Your company needs to sell something that people want to buy. Because only when you're actually bringing in a profit can your business be deemed successful.
In fact, while you might be obsessed with how many likes you get on social media, those numbers don't really matter! You need to be tracking other business metrics to truly see your success. Metrics like your sales revenue, net income, marketing strategies, and the customer acquisition.
So how do you actually track your sales revenue? What factors do you need to keep on top of? Have you noticed a positive or negative trend in your sales? When you look at your sales revenue and industry as a whole, you'll likely start to see patterns in your income. Pay attention and track everything that's going on.
Next you need to look at all your marketing efforts and track what performs better than others. Because I guarantee you that if you stick to two marketing tactics that are nearly identical, one will bring in better results. Lastly, you need to factor in the cost of your marketing compared to the cost of a new client. If it costs you the same amount of money in marketing as your new client will buy from you, you need to reevaluate.
Do you invest time tracking your social media metrics? How do you calculate your sales revenue? What's going on in your current business industry right now?
In This Episode:
- How creating additional content to your business is just a tool to grow your brand awareness
- Why you need to create a company that sells something people will buy
- Which business metrics actually matter to the health of your business
- How to track your sales revenue
- Why you need to keep tabs on what's going on in your business industry
- How to effectively track your marketing efforts
- What is the cost of customer acquisition
"If you want a business, you have to have something at the end of that line that people will find valuable enough to exchange value for. Period." ([6:53])
"When figuring your sales revenue from this month to the next, you need to indicate what factors in the market have changed that would possibly affect that number either positively or negatively." ([10:32])
"You have to isolate your independent variables so you know which one is moving the needle." ([16:49])
Are you a female millennial entrepreneur who wants to start or scale your service-based business but not sure where to start? Go to http://www.drcortneybaker.com/10-secrets to get your free copy of the 10 Secrets Female Millennial Entrepreneurs must know before launching their service-based business. Get your free copy now!
About Dr. Cortney Baker… She is an award-winning entrepreneur, researcher, author, speaker, and an advocate for gender equality. As a leadership expert and mother of three, she is passionate about inspiring and empowering women to lead with greatness.
Dr. Baker is the author of the best-selling books: The Ten Do's and Don'ts for Business Leadership: Lessons to Lead Effectively and Unlimited: Conquering the Myth of the Glass Ceiling. She is passionate about helping ambitious female millennial entrepreneurs go from side-hustle to CEOs!
Feedback? Questions? Comments? For more information or to reserve Dr. Cortney Baker to speak at an upcoming event, please contact her at: [email protected] or 1-469-708-8840.