Loading summary
Transcript1 lines
- [00:00]
A
Before we jump in, I want to share something exciting. In the next few weeks, I'm going to be curating a small group of women who are already making 500k or more annually to help them grow toward their first million and beyond. It's called the Millie Club. Here's what I know. What gets you to high six figures stops there. If this is you, you know that because you've already tried it all. And you need someone inside your business showing you the way forward. So over six months, you, you'll work with me personally, plus my team and each other to refine your business model, prepare for hiring, simplify your operations, and build a business that grows more sustainably, profitably and independently of you. Applications and details are waiting for you@amyporterfield.com forward slash club. But I have to warn you, spots will go fast. The reason your revenue feels unpredictable is because you don't have a way to see what's working and what isn't working until the month is already over. You are a multi six figure female founder. That means you no longer have the privilege of gathering basic data and just running with it. You, my friend, are at a new level. You need to know your numbers and it's time to personalize that data to fit you and your specific needs. Your numbers depend on your business model and your goals. My guest today is a dear friend of mine. One of them goes, that one over there, she's big money and it was my guest today. Her name is Amy Porterfield. Amy Porterfield, the ever amazing best selling author of two weeks notice. Ms. Amy Porterville. I got schooled by my business coach so I recently pivoted my signature offer. So I am working inside a brand new business model and it's all new to me and at times school, super overwhelming. So my business coach and I, we were troubleshooting an issue and she asked me about a specific data point in my funnel. Like she wanted to know a very specific conversion number, something. Quite honestly, I should have known, but I didn't. So I said I'll have to look that up. And she stopped me right there and she said, amy, to succeed with this new funnel, you have to know your numbers. And then she said you should be looking at them every single week. In fact, she said you should be looking at them every single day until they are burned in your brain. Intense. Yes. But I truly needed that kick in the butt and I think you do too. And that's why I'm diving into this topic today. I remember sitting there feeling quite Honestly, a little embarrassed when she called me out. I run a coaching business. I have a team, I have systems. And the number she asked me about was a number that was directly tied to whether my business was going to hit the goals that quarter or not. Like I should know this stuff. The fact that I had to look it up told me something that I didn't want to admit. I had drifted. I remember thinking in the moment, there will never be another moment that I do not know my numbers. So here. Here's why this matters for you. The reason your revenue feels unpredictable is because you don't have a way to see what's working and what isn't working until the month is already over. You're running your business off how it feels. My CMO Caitlin would say that you're running your business off of vibes. And we all know that is not going to work long term. So some weeks feel productive and then some launches fall flat. And then some months you hit your number and you're not sure why. And then some months you miss it and you're not sure why. So you need to know your numbers. And the good news is we're going to fix that today. I'm going to walk you through why revenue is the wrong number to be watching and how to figure out which two or even three, four numbers that you should know all the time. But here's the twist. I'm not going to hand you three universal numbers and and tell you to track them. No. You are a multi six figure female founder. That means you no longer have the privilege of gathering basic data and just running with it. You, my friend, are at a new level. And it's time to personalize that data to fit you and your specific needs. Your numbers depend on your business model and your goals. What I'm going to do is I'm going to show you how to find yours and and what to do with them once you know, if you haven't subscribed yet, hit subscribe on YouTube or follow on Apple podcasts or Spotify. That's how you can be sure that new episodes find you every single week. All right, let's get to it. Revenue is a lagging number. By the time your bank account tells you something is off, the actual problem happened weeks or even months ago. So revenue this month is the result of decisions and conversions and behaviors that that already played out. So you're looking at the result of work that you finished doing months ago trying to figure out what to change. Today. Your leading numbers are the ones that predict what your revenue is going to do before it does it. They sit upstream from the money and they look different for every business model. So let me show you what I mean by walking you through my own so when I was growing my email list with engaged subscribers, I had more people to invite to my webinars. When my show up rate was healthy, more of those people actually got in the room. And when my conversion rate held, a predictable percentage of them became buyers. The whole business model traced back to those three numbers and I knew them on a weekly basis. I also knew what my benchmarks were, so when one of them would drop, I knew exactly where to focus. Now my business model has changed. I run a weekly live webinar and from that webinar people book a call to assess their marketing through the lens of my predictable revenue framework. So if they're a good fit on the call, they also get invited into one of my coaching programs. So my numbers are very different now. I'm watching four every week. The number of leads on the weekly live webinar, the show up rate, the conversion from the webinar to a book call, and the conversion from a call to to a coaching program. Four numbers that tell me everything about the health of my business at any given moment. The thing I used to obsess over, the rate at which my email list was growing is no longer one of my top numbers. But I want to stop here for a moment because I'm not saying that no other number matters in your business because you are a six figure female founder. I want you to hear this like really take this in. You are starting to build a team whether they're contractors or maybe full time employees. Probably if you're around 100 to 500k, you probably still have contractors but they feel as though they're part of your team, right? Well, they're going to have their own set of numbers. So just because I'm tracking four numbers right now doesn't mean that my marketing department is probably tracking 20 at one time. My CEO Jaws, she's got her eyes on a few numbers as well, beyond mine. So as the founder, I'm going to go top, top level. Tell me the numbers. I need to know that if these numbers are down, that means a lot of these things are down as well. These KPIs aren't hitting as well, but I don't need to know about all these KPIs. As a founder, I want to keep my eye on the price. These are my four numbers and if one of Them we just can't fix. I'll dig deeper with my team and get into the weeds a little bit to help them fix it. If they can't figure it out, they usually can. But I'll get in there and. And then I'll pull myself back when we're done. The key here is I don't stay there. And so a lot of the founders I start working with in the beginning, they're pulling themselves out, but then something doesn't work, they're right back in, and they never pull themselves out again. So it's okay to get in, but make sure you come back up. And sometimes that happens when the numbers aren't working. That's okay, but get yourself out of there as fast as you can. Deal. Okay, so back to the numbers. Because my business model changed, so did the top numbers that I'm keeping track of on a daily basis. I'm running cold ads to a weekly webinar now. So what I care about is the quality of those weekly leads. Your numbers have to match your business model and your goals. There's no universal set of three. Before I show you how to find your numbers, I want to talk about a reason why some founders have avoided their numbers up until now. Looking at the numbers, it makes, well, the problem feel real when you don't look. The slow launch can stay a weird month. The membership churn. It can stay just a feeling. The minute you write the number down and compare it to last quarter, you have to do something about it. The work I'm asking you to do today is to start looking. You need to know a handful of numbers about your own business, the same way that you know what what's in your calendar this week. That level of familiarity is what makes a business feel predictable month after month. So here's how to figure out which numbers matter for your unique business. So take your primary offer, the thing that generates the biggest piece of your revenue. Now map the path someone takes from never having heard of you to buying the offer. Write down every step. For me, the path is someone sees a Facebook ad, they register for my live webinar, they. They show up to my webinar, they book a call, they show up to the call, and they say yes to a coaching program. Six steps. Your three or four numbers live inside the path. They're the points where people move from one step to the next, and the points where the biggest percentage of people drop off. Let's say you sell a $10,000 coaching program. The call show up rate, and the call conversion rate probably matter more than the size of your email list because the that's where the meaningful drop off happens. When you sell a 47 small offer with paid ads, then the cost per click and the sales page conversion rate probably matter more than your nurture sequence because the path is shorter and the leverage points are different. So look at where your real drop off is happening and then follow it. Oh, one more thing to check as you map Some numbers are easy to track because the platform just shows them to you, but that still doesn't mean that they're going to help you make a decision like follower count. It's one of them total list size another. The numbers that earn a spot on your list are the ones tied to the part of your business that you can influence. So when your webinar show up rate drops, you know where to look. You can adjust your reminder sequence or check the quality of your leads coming in. When your sales call conversion drops, you can listen to recordings and find where it's breaking. Better yet, use quad to assess your calls. I want you to get really resourceful here because you you might not know the exact fix the second a number moves, but the great thing is you don't have to Quick interruption, but we'll be back soon. Earlier I mentioned the Millie Club, my private coaching program for female founders earning 500k or more annually. Well, I wanted you to hear what happened for one founder after joining. Her name is Sarah, and here's what she said. When our business was on track to end the year in the red, joining the Millie Club felt like a leap of faith. And it turned out to be the smartest move we've ever made. One conversation with Amy gave us the clarity and strategy we needed to refine our offer and completely transform our results. By the end of that year, our revenue had doubled, our Profit margin hit 30%, and our business was stronger than ever. The Millie Club truly changed the trajectory of of our company. How good is that? That's what happens when you get outside eyes on your business strategy from someone who's done what you want to do, and a community of women who understand the complexity of growing to seven figures. So if you're earning over 500k annually in your business and you've already tried it all, head to amyporterfield.comclub to apply. I'll be in touch personally soon. What matters is that the number sends you a signal that you need to look somewhere specific. So follower count, it doesn't do that. When it drops, there's no clear Action that ties back to your revenue instantly. So use that as a test. If a number drops and there's nothing in your business that it connects to, like nothing you can look into or move to actually increase the range revenue, it doesn't belong on your list. Take it off and then find one that does. So let me give you some examples of what these numbers might look like in different business models. So when you run a membership, your numbers are likely your mrr, monthly recurring revenue, your Churn rate, your average customer length of stay, and the conversion rate of whatever you use to fill it. Okay, so let me walk you through this. Let's say that you are focused on Churn and you want it to be 7% and you're looking at your monthly numbers and boom, it hit 8%. What I would do is that's when I would dive deeper. I'd start looking at where are people dropping off, Are they engaged as they used to be, are they showing up for my live calls, all of that. But I'm not worried about any of that. If I have a system in place to make sure people stay engaged and stay happy, and then I'm tracking my number and as long as it stays staying at 7%, that's my benchmark, I said that's okay, so I'm not going to worry about it. But the minute it drops, I now know what I do about that number. That's why you want to stay informed, stay at the top of those numbers. But then you or your team dive in when those numbers drop. Okay, when you sell a digital course, let's say through a live launch, your numbers are likely. Your webinar registrations, your show up rate on that webinar, and your webinar to sell conversion rate. Okay, so here's something I want you to think about. Of course, during a live launch, there are way more numbers you're looking at, right? But not necessarily you. This is why it's so important that you start to build up a small team around you. Because can you imagine, or maybe you can, holding all those numbers in your head? Of course you don't know your numbers. It's way too overwhelming. So as you start to build out your team, little by little, they will own KPIs, they will own numbers. And when their numbers are off and they can't figure out how to get them back, then they'll go to you. But you don't need to know all of it. So even for a live launch like I did for 17 years, I never knew all the Numbers. During my launch, only the top numbers, so I could stay focused and stay present with my students. Now, after the launch, we would do a full, full debrief. And I saw every single number, but not when I'm in it, not when I'm focused, not when I'm there to serve. You are the founder, you are the talent. Treat yourself as such. Let other people take and manage some of those numbers so you're not in your head every minute trying to scramble through them. All right, last one. When you sell Evergreen, your numbers are likely your funnel entry rate, your sales page conversion rate, and the average order value. So your funnel is running every day. You likely have upsells down sells. So your numbers tell you how it's performing every single week. So if you're running Evergreen, you need to know your numbers at all times. And real quick, something I haven't said, these are in spreadsheets, right? Okay. Now with Claude, I'm really obsessed with AI dashboards. So if you ask Claude how to create a dashboard for, let's say, your Evergreen funnel, and then you start pulling in different things into cloud, whether it be stripe or different tools you use to track metrics, then you can have a dashboard and it can update every single day. So maybe if you started creating a really simple AI dashboard that you check every day, it becomes fun because you created this, you figured it out, now you're going to get more engaged with those numbers. So that's just one resource that's waiting for you right now. No longer do you have to pay for really expensive metric tools in order to figure out what's happening. So something to think about now. Let's talk about what to do once you know what your numbers are. So that dashboard I was talking about, well, number one, make them accessible. Your numbers need to be one click away. So build a simple dashboard that pulls them all into one place. As I was saying, like a spreadsheet is fine, but I really want to see an AI dashboard that can build something a little bit more sophisticated to pull in your numbers automatically. Also, you're going to bookmark it. So this is something that I've had to train myself. I want you checking your numbers regularly. So I just want one click to get to the dashboard. Number two, schedule it. To make it real, choose a weekly time to look at the numbers. So mine is every Tuesday afternoon right after my live webinar, and also every Thursday because sales will come in through the week. So I want to check in at the end of the week. We work a Four day work week. So I would check at the end of Thursday. So, so find your cadence. And I look at the numbers from the previous week as well. So mine's a little weird in the sense that I want to know what's happening that week, but I also want to check it against last week. So again, you just find your own cadence, whatever makes sense to you, but do it on a regular basis. It will only take you 15 minutes. Like that's enough time to look at the numbers, compare them to last week, and circle the ones that need need attention. So think of it as like a check in rather than a deep analysis. Once you set things up, you don't need to do a deep analysis. And if you're checking on a daily or weekly basis, you're staying on top of it. The weekly analysis, which is a pain in the butt no one wants to do, usually happens when you've let it go on for way too long. So to avoid that from happening every day or every week. Okay, number three, know your benchmarks. So, so the drop is really obvious. So a number of. On its own, it doesn't tell you much at all. Right. A number compared to last week starts to tell you a story. A number compared to your benchmark or your goal that tells you exactly what you need to know. And that's how I do it for sure. Now, when you know, let's say your webinar show up rate is usually 35% and this week it was 22%. You have a very clear signal and you know where to focus before the revenue impact even, even shows up. But real quick, one week doesn't mean you blow everything up. And I have learned this the hard way. I kind of am a hothead in these kinds of situations. So let's say you do a weekly webinar. One week, the show up rate is 35%. Next week is 27%. You're not changing everything you do about your show up email sequence. Maybe you're making it a little bit better. Maybe we've done this where we've added one more text message and it shot up 2%. So that worked. But what you're not doing is burning anything down. I actually never want you to burn anything down. But if you want to make big changes, it's when you've seen a pattern. Week three, week four. Okay, now I'm starting to see a big red flag. We might need to get in there in a deeper way. So control your emotions around this because sometimes it is a little like this until it starts to go up in the right way. Okay, so another thing is you, you don't, if you don't know your benchmarks yet, which benchmarks, goals, whatever you want to call them, just make a point to figure them out now and they become your benchmark. So that's what you're going to do. And then again after four to six weeks, you'll have enough data that you can say, are these benchmarks right or do I want to work on them? But overall, you've got to give yourself grace. If numbers are not your thing, and for the record, they're not mine, and if you don't catch on really quickly, so same. But we are the founders. We need to step up. It's time to put your big girl pants on and figure out your numbers. And then also lean on your team again to have their own KPIs. And if you're sitting here thinking, but Amy, I don't really have a team and I don't have anyone, it's only me that might be the problem. Let's figure out how to get you more predictable revenue so that you can start hiring so you're not caring everything. And speaking of predictable revenue, if you're looking for more money in your business more consistently and you're a little unsure where you should be looking, well, I have a free live training coming up very soon and we get more into predictable revenue and where the blind spots are in your business so that you have more clarity to work on the things that will actually move the needle. I would love for you to be there. It's for multi six figure female founders and we're going to do dive into the business you've already created to help you create more predictable revenue. So go to amyporterfield.com free training. Thanks for tuning in. The founders who grow are the ones who know their numbers and now you know how to track yours. If you haven't yet, hit subscribe on YouTube or follow on Apple podcasts or Spotify. I'll see you at amiporterfield.com forward/free training. Talk to you soon.