You walk into a Vegas casino and put a dollar in a slot machine. Pull the lever and BINGO! You win $5! Put in another dollar. Pull the lever. Shocked and delighted, you get another $5 back! As you repeat this process, this one-armed bandit continues to spit back $5 for every $1 you put in.
Let me ask you a question: If you stumbled upon this magical slot machine, how fast would you put money into it? As fast as you possibly could, right?
This same principle applies to your marketing, but there’s a trick to making it work. The key to doubling or tripling your business is already within your reach. It’s the data you currently have—but you have to access it, measure it, and make strategic decisions based on it.
Many financial professionals don’t know their marketing numbers at all. They continue putting money into the marketing slot machine, never bothering to see what comes out the other side. They’re able to get away with this because the margins in this business are relatively large compared to those in other industries.
Wide margins cover up a multitude of marketing sins. That, my friend, is a blessing and a curse.
If you don’t know your marketing numbers, there’s no possible way to know what buttons or levers to push when you want to grow your business. All you can do is cross your fingers and keep doing what you’ve always done . . . but there’s a good chance your business isn’t going to grow at all.
Your production will likely languish over time. As you continue pouring in money and effort, you’ll get frustrated with the lack of progress. Worse, you may be chasing shiny objects down the wrong path when all the answers to hitting your goals are right under your nose. You simply have to access them.
If you really want to grow your business, then you need to know your marketing numbers inside and out. Once you’ve tracked and consolidated these ingredients, you’ll be able to see exactly what marketing activities are producing the greatest results, and which activities are costing you more than they return.
What do I mean when I say you must know your marketing numbers? It’s not as simple as knowing how much you spent on advertising and marketing activities during the last 12 months. If you want to see real results, take a deeper look at the numbers.
Look at each individual marketing tactic on its own. One of my top advisors says it best: “Treat each of your marketing funnels as its own business. Hold it accountable to results. Treat it like the CFO of a Fortune 500 company would treat a profitable (or not) portion of his or her business.”