Phil Risher shows small business owners how to track which channels bring customers by adding a lead-source field to your CRM. Ask "How did you hear about us?" to count new customers per channel, calculate acquisition cost, and decide where to spend next.
So when I used to be the director of sales at a local service business, they had a saying that all marketing works, we just don't know which one. And so this diagram is pretty funny because it's about using data to ultimately make better decisions. Good data drives good decisions. So there's three ways that you can really use your data to make better decisions. The first one is just simply adding a lead source in your CRM. So someone calls and you say, how did you hear about us? Add that into your CRM. So then even if you don't track your revenue through, you can at least see how many new customers are coming in. So then you can figure out what your customer acquisition costs, which you made videos about that. But basically figuring out if you have 10 new customers from this channel, how much did it cost you to get those customers? And the last piece is in your marketing channel. Let's say that you're spending 10% of your marketing budget on this and is generating 20% of your revenue. Well, then you know that you might need to increase that budget or decrease that budget based on the total amount that you're spending in marketing, that this channel is generating X amount of dollars. If you like content about growing.
