MBA1674 How to Evaluate Your Promotion’s Success

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Hey O welcome to the $100 MBA Show. Powerful business lessons every single day with.

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I'm your host, your Coach, your teacher Oma at home. I'm also the co founder of the $100 MBA, a complete business training and community online over at 100mba.net and in today's lesson, you will learn how to evaluate your promotion's success. Many of us have run some promotions recently.

Whether it's for Black Friday or Cyber.

Monday, or maybe you're going to be running some promotions for the holidays or sometime in the future. How do you know if your promotion was a success or not? Was it worth your effort? Was it worth your investment? Should you repeat it in the future? Should you can it? Many of us will run a promotion. We'll run a sale, we'll let it run its course and then we'll never even think about it after that. We won't even question if it was a good idea or not. Evaluating your promotion's performance will allow you to improve it. Or have you invest your time, effort and money into something that will get you a better return on investment.

But how?

Well, that's what we discuss in today's lesson. How to evaluate if your promotion was successful or not. So let's get into it. Let's get down to business. The first step in evaluating your promotion's success is defining success. So before you actually create your promotion, you should have had a goal. One goal for this promotion. What are you trying to achieve in this whole exercise? And details matter here. So for example, let's say you ran a Black Friday promotion. Before you run this promotion, start setting it up, creating the emails, doing the marketing, running ads. Define success. Find out how many sales do you need for this to be worth your effort, your time, your investment? One of the easiest ways to come up with that answer is find out how much it's costing you and make sure you're getting return. I say have a two to one ratio at least, meaning you're making twice as much money as you're spending. So say, for example, you spent $2,000 on ads and one of your team members spent 10 hours building these promotions. Let's say your teammate is making $30 an hour. Let's just as an arbitrary number here. So that's a total of $2,300. Okay. A good definition of success is making $2,600 or more. If you hit that mark, the promotion was success. We should repeat it in the future. We should double down, right? A lot of people skip this step. They don't actually have a goal for a promotion. They don't have something they're going after. Make sure you define success at the start so that when your promotion is over and you do your evaluation, you see, how many sales did you get from that Black Friday promotion? How much money did you make? How much revenue after all expenses were paid, Whether there's expenses to the service to deliver the service, or maybe you have credit card transaction fees, things like that. Let's see, how much money do we actually get deposited in the bank? Did it hit our number? Did it hit, in this example, $4,600? If not, you need to reconsider. Is it worth your effort? Is it worth your investment? Maybe it's a better investment to spend that money creating a new product or a new service that you could sell an add on, an upsell. Maybe that time that you spent to create the promotion could have been spent creating a fantastic guide or blog post that could drive traffic to your website and have great SEO for time to come. The thing about promotion is that it's a good cash grab. But that's what it is. It's just a grab. It's just a momentary win. But not all investments are created equal. The investment of time and money that you spent on that promotion could probably be spent in other ways that can give you a return on investment in an evergreen fashion, like a great blog post. Now, if the promotion was a success and you hit your goal or you surpassed it, how can you get more out of that promotion? You're going to do it again. But how can you get more what worked, what didn't? Let's focus on what worked and do more of that. So, for example, take a look at who bought the promotion. Look in your email marketing provider, your CRM, and get an understanding of who these people are. Let's say you, you sold to 50 people. How long on average were these people on your list? Those that bought you might find that, oh, they've been on my list for over six months. So maybe in the future you should just focus on those people rather than everybody on your list who's not ready to buy yet. Or maybe those types of people are more primed for promotions so they'll get more promotions automatically. With an automation versus a campaign like Black Friday, a lot of us, we worry about what went wrong and we try not to do it again. But it's very important to know what went right, how did it go right, so that we can do it again and again. We can replicate it, we can do it over. You can rinse and repeat. If you have a reoccurring membership or a SaaS product, it's important for you to track churn. Are these people churning? Are they leaving after a few months after they bought the promotion, or do they stay longer? One of the things that we did at Webinar Ninja that was incredibly helpful in this exercise is we actually interviewed our customers, customers that have been with us for a while, our ideal customers, people that we want more of. And one of the questions we asked is, what made you make the decision to buy our product? What we found is rarely do they say it was a promotion, it was a sale, it was an offer. It's usually out of their need. I had the need for xyz and you solved that need. You provided that need with your product when I did my research. So being ready when people need you for us was more important than blasting people with promotions. But it could be different for your business and you're not going to know unless you ask your customers. Customer interviews are incredibly helpful and you should be doing them regularly every six months or so. It doesn't take much reach out to, you know, 10, 15 people. Most of them are more than happy to get on a quick 10 to 15 minute call or video call with you and you can basically do a whole bunch in one day. Just batch it. What I like to do, I like to record these calls on video and tell them that it's going to be recorded and then have them transcribed. And that way I can have notes ready and I can review them at.

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A couple more tips when it comes to evaluating the performance of your promotions. We talked about customer interviews, but it's also very helpful to send out a survey to those who did not buy. Take a sample size of your customers, let's say 100 people that did not buy your promotion, and ask them, hey, why did you not buy this promotion? We're just trying to collect feedback so we can do a better job serving you without annoying you, right? Without making you feel like your inbox is being flooded. You might be surprised at some of the answers you get in the survey. You might get answers like, oh, I didn't know there was a promotion. Oh, I didn't understand it. The copy was confusing, it wasn't clear to me when the deadline was and I missed it. There's a lot of ways you can improve your promotions and increase your conversions, whether you decide to repeat them or not, just based on some feedback about why they didn't buy. Maybe they say I'm not ready. Maybe they'll say it was too expensive. Maybe they'd say something that has nothing to do with you. Like I shifted gears in my business. I'm no longer needing your product or service. But information is gold. So stay out of the dark and ask people why they didn't buy. And a survey is a very non confrontational way to do it and you can even keep it anonymous. You don't need to know who it is. My last tip is always, always, always have a running spreadsheet for all your promotions and write down the numbers, how many people did you invite to the promotion? How many people saw the promotion, how many people converted actually bought the promotion? And what you're trying to do here is you're trying to find out which promotions, which marketing and sales activities convert the best. You could do this for your webinars as well. This is what we do for Webinar Ninja as well. When we run a sales webinar, we track every single webinar's performance, how many people attended the webinar, how many people actually bought on the webinar. And we realized, okay, this type of webinar, this content, this workshop, this topic, this offer actually yields the best results. So we gotta triple down on this webinar. And you would never know that if you didn't track and write down the data. If you write down the information, information has power. It's incredible what you can find, and it makes your decisions a lot easier to make instead, I guess. Or trust your hunches. Promotions can be very powerful, but only if they're effective, okay? And they're not all created equal. And you need to find out which ones are working, which ones are not, and how to best use your limited resources in terms of time, money, all that kind of stuff. As a small business, these resources are not limitless. We got to make sure that we're spending it properly, wisely. Thank you so much for listening to the Hunter lmba Show. If you love it here, hit subscribe right now. Also, if you got something out of today's episode, do us a favor. Go ahead and share this episode on social with friends and family. Just grab the share link or even just take a screenshot and post it on Twitter, Facebook, Instagram, LinkedIn, Snapchat, whatever you prefer. Before I go, I want to leave you with this. I want to leave you with a perspective. There are many companies that never run a promotion. They don't do discounts, they don't do sales, okay? They don't do any kind of promotions, or they do it very, very seldomly. One of these companies is like Apple, okay? They don't actually put any products on sale or clearance or anything like that. The price is the price and it never goes down. And therefore, people buy with confidence, knowing that the price is always going to be that way. So that may be an option for your business. You don't always have to promote or have a sale or have some sort of clearance or deal. Thank you so much for listening and I'll check you in tomorrow's episode Q and A Wednesday I'll see you then. Take care.

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