This caveat; the nonexistence of silver bullets, presents the dilemma of not knowing what to track when it comes to your marketing efforts. Tracking your marketing efforts helps you find and establish what works for you, which is why it is important to know what to keep your eyes on—what to monitor. There’s a big debate in marketing whether you should track your LEAD SOURCE or the CONVERSION POINT. What’s the difference?
Your lead source is where you first make contact with your lead. How did they find out about you? On the other hand, your conversion point is where your subject becomes a prospect. It’s the point where your lead enters your database or ecosystem; that point where an action was taken. Both of these are very hard (if not impossible) to track yet equally important.
Say you have a lot of leads. That’s great! But if you don’t have a good conversion point, you’re not going to be successful. This is why you need BOTH a good lead source or sources, and a good conversion point working hand in hand. Most important, however, and this is coming from over 20 years of experience as an entrepreneur who has helped build startups and even businesses with 7-8 figures… is what happens in the middle. What do I mean by that?
What happens in the middle is CRITICAL.
Your social media presence, Google posting, blogging efforts and content, newsletter… these things help warm up a lead from merely hearing about you at your lead source point, to trusting you enough to take that action and get into your database or ecosystem at your conversion point. Now, when you look at your lead source point, what happens in the middle, and your conversion point, what you have in front of you is a high-level view of your marketing strategy. This is what I like to call the Snowball Effect.
The Snowball Effect is EVERYTHING.
It takes into account everything from your lead source, the materials that warm someone up and builds that trust in your ecosystem, and your conversion point. As a business owner, what you must keep your eye on is the ENTIRE process as a whole. Aristotle said, “The whole is greater than the sum of its parts.” This holds true for your business as well. By keeping an eye on the entire process, you have the bigger picture and vision for your business in mind.
In the words of Tony Robbins, “Energy goes where attention flows.” If you spend too much attention on your lead source, you end up excessively worrying about where to get leads. But bear in mind that simply getting leads does not mean they will convert. When you worry to much on just your conversion point, you will have a tendency to ignore the rest of the process as well—forgetting the critical warming up materials in the middle which are essential to building that trust and encouraging your lead to take that action.
Remember to have an open view when it comes to your business, and to keep your eyes on the bigger picture. Every single thing you do in marketing definitely has an impact. Each phone call, blog post, newsletter, email, each marketing communication you do—these all contribute to the Snowball Effect. This is why you have to be constantly investing in your marketing to find new lead source points and having great conversion points while simultaneously doing everything in between.
Focus on the process and not just one thing in it. Open your gaze and focus on the process. Focus on the Snowball Effect.
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