425: The Magic Formula for Hitting Your Revenue Goals

Are you consistently hitting your revenue goals? Or does the magic number you’re trying to achieve continue to elude you month after month? 

There are many reasons for not being able to achieve the income you desire, but today we’re going to discuss a topic not often discussed when the topic of income goals comes up.

IN THIS EPISODE YOU’LL DISCOVER:

• The impact of Bright Shiny Object Syndrome (01:30)
• Why it’s important to review our own performance (02:20)
• The magic formula to achieve revenue goals (06:50)
• The value of recording numbers (07:01)
• Review where the numbers are (07:22)
• Refine marketing activities (07:29)

QUOTES:

• “Until you actually have a look at the numbers, report and record them, then it’s really difficult to optimise and refine those numbers.” -Samantha Riley
• “Don’t get blinded by bright shiny objects syndrome because it is taking away your focus.” -Samantha Riley
• “When performance is measured, performance improves. When performance is measured and reported, the rate of improvement accelerates.” -Thomas Monson

BOOK YOUR FREE BUSINESS ACCELERATOR CALL

If you’re an expert doing over $10k per month, and want to be known as the Unapologetic Leader in your industry, you may be just a few small tweaks away from doubling your income and visibility.

On this quick 15 minute call, we’ll:

• Conduct a quick audit of your marketing to see what is and isn’t working.
• Review your niche, positioning and pricing of your current offers.
• Uncover the top 3 bottlenecks from  holding you and your business back from scaling
• Develop a 3-step implementation plan to get the growth results you are looking for.

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• Instagram: @thesamriley
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• Twitter: @thesamriley

TRANSCRIPTION

Samantha Riley Snippet (00:00):

Are you consistently hitting your revenue goals? Or does the magic number you’re trying to achieve continue to elude you month after month. Now there are many reasons for not being able to achieve the income you desire. But today we’re going to discuss a topic that’s not often talked about when we talk about income goals. Let’s do this. 

Samantha (00:21):

My name is Samantha Riley, and this is the podcast for experts who want to be the unapologetic leader in their industry. We’re going to share the latest business growth, marketing, and leadership strategies, as well as discussing how you can use your human design to create success in business and life. Inside and out. It’s time to take your influence, income, and impact to the level you know you’re capable of. Are you ready to make a bigger difference and scale up? This is the Influence By Design podcast. 

Samantha (01:00):

Welcome to Episode 425, of Influence By Design in our 13 in 30, where we’re releasing an episode every day for this month, for the entire month of September, we’re focusing on the theme of stepping into your power, being the unapologetic leader in your industry, so you can build your elegant empire. 

Samantha (01:17):

And today I want to talk about the magic formula for hitting your revenue goals. Or put in another way, one of the major reasons that I see that hold people back, it is be sauce, bright, shiny object syndrome. And I see this so often, people really thinking that they are just one tactic away from being able to crack the code to achieving the income that they really desire. And they are bouncing from one thing to another to another, you know, you know, maybe it’s because we need to know Instagram reels or maybe it’s because we need to start a YouTube channel. But all of these things are tactics. And really, we do need the tactics. I’m not saying that we don’t need the tactics. But there is one thing that like I said, is really holding you back. And that’s from really diving deep, and recording exactly what’s happening. So I once heard a quote, which I absolutely love. And it goes something like this. When performance is measured, performance improves, when performance is measured and reported, the rate of improvement accelerates. So this has to do with not just paying attention to what you’re doing, but refining and paying attention to the numbers so that you can really dive deep. 

Samantha (02:51):

So before we go into what you need to measure, and record, I want you to think about this. If you were paying yourself as the Chief Marketing Officer of your company, and you were reviewing your performance, would you be giving yourself a raise because you’re overachieving in your targets? Or would you be putting yourself on a performance improvement plan? 

Samantha (03:23):

Now, I really want you to think about that and let that sink in. So marketing, and sales really should be around 80% of the time that you’re spending in your business. So if we’re just going to go for a basic 40 hour week, 32 of those hours should be spent on marketing and sales. So if you were paying yourself $100,000 for 32 hours per week in bringing in leads and converting those leads, how would you be rating yourself? So would you be writing yourself as performance improvement required? Would you be writing yourself as on target? Or would you rate yourself as exceeding target? This is something that you really need to think about, take the emotion out of what you’re feeling around the marketing and sales and think about yourself just being in a position where you need to achieve certain results in your business. So once you know what your rating is, we need to analyze the numbers that are happening already in your business or already happening currently, and plan for your next six, eight weeks, 90 days, however, however long you work, so we need to be paying attention to the numbers that are coming in how many emails are going out? What are your open rates?

Samantha (04:43):

How many conversations are you starting with people how many sales calls are being booked in how many people are showing up on your webinars? All of these numbers you need to be recording and having a look because for you to really optimize the leads and sales or the marketing in the sales of your company, you need to be looking at what is the area that is giving you the best bang for your buck or the highest return on investment of your time right now, if you know that you’re getting 80% of your leads from referrals, then you can put an extra 10 hours aside to meet with referral partners each week. If you know currently that you’re getting the most results from running webinars, then run one every single week. But until you actually have a look at the numbers and report them, record them, chat about them with your team or other members of the business, then it’s really really difficult to optimize those and refine those numbers to make sure that they’re giving you the biggest return on investment of your time. So now let’s link these back to bright shiny object syndrome. 

Samantha (05:54):

If you know that your webinar is giving you the highest conversion rate out of any marketing activity that you’re doing in your business, if you decided that you were going to start a YouTube channel, this is going to take away your focus and take away your time from something that is already working. That’s something that you can refine, once you’ve refined your webinar, and you’re getting even better results, then that’s when you can take a look and say, Well, what is it that we want to be adding in now that we’ve got this one humming along perfectly. But right now, you need to choose that one conversion event. And you need to review it, you need to report it, you need to report those numbers, you need to discuss it with your team. And then you need to refine it. And until you do that don’t get blinded by bright shiny object syndrome because it is taking away your focus. 

Samantha (06:52):

So the magic formula for achieving your revenue goals is a three R’s. Number one is record, record the numbers record all of the numbers from the marketing activities that you’re doing in your business every single day. Because if you’re going back to have a look to see where the leads are falling out your funnel, it’s very, very difficult to go into the next piece of this without all the data. 

Samantha (07:19):

And that is step number two review, review where the numbers are what’s happening, what’s falling out what’s working. 

Samantha (07:26):

So that number three, you can refine those marketing activities. So as we move into this week, have a think about what is that one conversion event that you’re going to focus on right now. What is it that’s working well in your business, and just focus on that, really optimize it, record the data, review what’s happening, and refine that so you can make it better. And everything that pops into your head that is a bright, shiny object, write it on a piece of paper and put it aside until you get to the point where you have got that one conversion event humming along really, really well. And then you can choose the next thing to do. But until then, we’re going to keep that aside and just focus on what’s working. 

Samantha (08:14):

Thanks so much for listening. And if you found this content valuable today, which I hope that you did, I would love you to take a screenshot of this episode, and post it to your Instagram stories and just share what is the one conversion event that you’re going to be focusing on for your next sprint or for your next cycle. Take the challenge and really focus on one thing for this next cycle so that you can hit your revenue goals and be well on the way to building your elegant empire. 

Samantha Outro (08:46):

Thanks for joining me for this episode of the Influence By Design podcast. If you want more head over to influencebydesignpodcast.com for the show notes and links to today’s gifts and sponsors. And if you’re looking to connect with other experts who are growing and scaling their business to join us in the coaches, thought leaders and changemakers community on Facebook, the links are waiting for you over at influencebydesignpodcast.com