Having a successful business is every CEO’s goal.
Indeed, when launching a new product or improving an existing one, as a business owner, you will find yourself wondering why a particular offering worked and why, even a similar one, didn’t.
Entrepreneurs waste about 30% of their budget on ineffective marketing strategies and procedures. This is because they do not focus on understanding their offerings and who they are selling to.
Of course, like everything else in life, business is a sort of Russian roulette. You mix luck with proven strategies and see what results you get.
Unfortunately, we cannot analyze luck to figure out to reach our goals, but there is one thing that we can do: identify and analyze what is working and what is not in our business.
So…how do you do that?
TALK TO CUSTOMERS
Who if not the people who purchase from you can tell if your business is working or not?
Customers are the fundamentals of every business, no matter what industry you work in. Communicating with your clients will help you in building a trustworthy relationship with them, along with understanding their needs, desire and pain points. This will confirm and identify new opportunities for your venture and will help you design the best tailored product for your clients.
80% of business owners believe they’re succeeding when it comes to building meaningful customer relationships, but only 8% of their customers agree! That is why communicating with your customer is essential to understand whether your business is doing well and what to change for the better.
New Revenue Tip:
Communicate directly or indirectly with your customers. You can ask their opinion about specific topics on social media platforms, through emails, surveys or you can just ask them during calls. Either way get the feedback!
TRACK ALMOST EVERYTHING
Tracking is another key tool to measure your business and to understand if your products are being successful. Data metrics and tracking processes will make you gain insights on what is effective and what is bringing more customers onboard.
There are many ways nowadays to track your leads. Digital tools like Funnelytics will map and track your sales and marketing campaigns, calculating the stats that will make your business profitable, and delivering results that are backed by clear, easy-to-read data. Google analytics is another tool that is useful to gain better knowledge and insights about your web traffic.
Tracking will make your company more profitable and will help you in analyzing what is working and what isn’t in your business. It is a scientifically proven that what you measure grows.
New Revenue Tip:
Start tracking the emails you send from your CRM to find out which emails have a high open and click rate. This will help you identify patters that work for your audience and will result in a higher rate of engagement.
ASK YOUR TEAM
As a CEO, you might think that you know your company better than anyone else. And this might be true. But the people working with you have even valuable insights about your business. They working with you and love the company’s values, do not own the company, and have an unbiased opinion.
Asking each department of your business about what is working and what is not is another crucial element to do when identifying problems you may encounter with your products and clients.
Managers who know their team members’ strengths are 71% more likely to have a team who is engaged and energized. A business is only going to grow as far as the capacity of its’ team. This is because each team member works to deliver a specific solution directly to your clients.
New Revenue Tip:
Plan a monthly 1:1 with each team member in your business.. This will allow you to you gain better connections with your team and new insights about your business from their eyes.
EXPERIMENT!
Multiple ways of doing the same thing will give you multiple opportunities to find out what is working and what is not in your business. This is true for every department, but especially for marketing and social media.
Trying out new techniques and trends will help you understand your clients better as well as understanding what works best for them. Trial-and-error will provide you with insights on what to implement and what to discard.
New Revenue Tip:
When you see a trend is work for another business, that doesn’t mean it will work for you as well. Iit is important to try out new things but also stick to traditional methods that are efficient for your business.
After all, understanding what is working and what is not it’s a matter of trying out different methods and analyzing data from different channels. Your customers and team members, are your partners in this process: their insights are the perfect tools to answers these questions.
However, I know how hard and how much time consuming it can be.
That is why The CEO Partner is here to help you during this process.
Just contact us and we can begin this journey together!