- Know their business!
- Can manage their business!
- Whether they even look at what they're doing as a business -- as opposed to a money making plan, scheme or hobby!
But where many falter is -- Not Analyzing or Wrongly Analyzing their ..
- Sales Close Ratio - The is a critical number that needs constant analysis. Obviously if it's too low you're failing somewhere in your market research. But it can also be too high. Because that means you're not talking to enough prospects ... or your prices are too low and you're leaving money on the table.
- Customer Acquisition Cost - This is another number many clients stutter, stammer and flutter over when I ask them. Knowing this number is critical because it tells you or others advising you, whether your marketing/advertising cost is paying for itself or needs revamping ... and where.
- Projected Return on Investment: This is the single most important metric for any online marketer. That's why it's surprising most marketers I advise don't have one. Or at best have a vague guesstimate (or hope). The majority don't even know how to calculate it, much less how to project or analyze it.
I admit, knowing your numbers isn't always as exciting or sexy as building a blog, joining the latest kick-butt affiliate program, or bribing someone to join your list. But it's even more essential now than ever in the face of growing competition. And ironically few (if any) Guru I.M courses cover. it. (scratching head).
Plus, it provides another way to stand out from the crowd. Quick buck hucksters, get rich quick marketers, and wanna bees will seldom have time to bother with numbers like these.
Newsflash: Most of your top competitors know their numbers ...cold! If you don't, do you think that would put you at a slight disadvantage?
Realizing this is not the most popular thread topic (page 2 fast track topic) but if it wakes one person up, mission accomplished.
As always I welcome your thoughts, comments, opinions or even disagreements.