Reframe Results with these 5 Key Feedback Loops Today

Reframe Results with these 5 Key Feedback Loops Today

⚠️
Article Container (Do not delete)
Post
Content goes here ↓↓↓

Read Time: 3 Minutes

Control what you can Control - Andre Agassi

Us founders, we are all psychos (myself included).

We think we are gods that can control and dictate the actions of others.

Tough news, we cant.

Although we cannot control the results, we can reframe our focus by asking questions through Feedback Loops.

A Feedback Loop is like the science experiment you ran in 5th grade:

  • Ask a question and Pose a Hypothesis - do people want to buy my product
  • Test through an Experiment - post content about my product
  • Analyze the data - more people resonated when I posted about a specific theme

The Feedback Loop helps us reframe our progress while on journey.

Framing our progress through these loops can be useful when assessing how we to shift behaviors to connect with a more desirable output

Below are 5 themes in our business that we try to control, followed by the suggestions on how to reframe progress.

Content Creation - Followers & Likes

We cannot control engagement on our posts.

This vanity metric is most closely (& incorrectly) associated with outbound Social media efforts.

It sucks as a metric because no one knows who we are or what we are doing.

Instead of self-sabotaging because you are not receiving likes and follows. pat yourself on the back for shipping in the first place.

Then, analyze the patterns across your posts that seem to be hitting (ex: people like when I post about Sales Automation more then when I post about visualization)

You have the ability to make progress by producing more content on the topics that are aligning with the audience (ex: I can create more content about Sales Automation)

Sales Cycle

We cannot control how long it will take to close a sale.

This metric is the average length of time to go from Lead to Closed Won.

Although their are guidelines depending on the type of client you are targeting (Solo, SMB, Enterprise), there is nothing we can do to force a decision.

Instead, measure how long each stage takes and design incentives to LIGHT YOUR LEADS UP to move through each phase (Discounts, Bonus Add-Ons, No User Limit, etc..)

We’ll dive into Sales Cycle design in the future post as this is a topic of major interest

Client Conversion Rates

We cannot control the conversion rate of clients

This metric is the % of clients who sign up with our company compared to all the clients that we speak to.

We have the power to ask every Lead why they did not choose to sign up with us - sometimes this is called a “Closed Lost Reason”

This clarity identify how to shift our offering to accommodate the various contexts that each client is operating in.

Client NPS Score

We cannot control how our clients feel about our service

The Net Promoter Score is a metric from 1-10 that informs a clients willingness to share our service with their networks.

We cannot control how are clients experience the work we are doing with them, AND we have the power to ask for feedback throughout the journey so they feel heard.

Scores of 8-10 means you are in great shape

1-3 is the danger zone and you may want to reach out immediately to avoid risk of customer churn (loss)

4-7 is the meh zone. Arguably also danger because there is no inherent F-YES energy around your work.

You have the power to immediately integrate their feedback and adjust where it makes sense.

People just want to be heard.

This usually, not always, drives up your NPS scores.

Revenue

We cannot control closed revenue in our business

This metric needs no explanation. It’s the most popular KPI that every founder tries to control, and it’s the hardest.

Instead, ask yourself questions like:

  • How can I get in front of more leads? Increase Marketing
  • How can I improve our team’s ability to listen to our clients? Increase Operational Efficiency
  • How can I go deeper with existing clients Increase Upsell Revenue

These (and several other) questions will eventually drive the revenue increases you are looking for

Which of these 5 metrics do you try to control the most? What questions can you ask yourself the next time you become aware of your tendencies?

Signature - Blog
image

Thanks for reading, Ernesto

🟠
Ads (Synced Block)
https://tally.so#tally-open=mDqzWE&tally-layout=modal&tally-width=600&tally-hide-title=1&tally-auto-close=0
https://www.freesystemscall.com
https://www.ernestomandowsky.com/starting-with-systems
Social Share

Share this with your Network ⟶

Icons - Blog
https://www.twitter.com/share?url=https://www.ernestomandowsky.com/learn&text=I’ve been learning how to build business systems through reading this blog-check out Ernesto’s work!
https://www.linkedin.com/sharing/share-offsite/?mini=true&url=https://www.ernestomandowsky.com/learn
http://facebook.com/sharer/sharer.php?u=https://www.ernestomandowsky.com/learn
CTA 3 - Read this posts on email

Receive these posts in your inbox 📩

Footer
Content
Description
image

Build your Cashflow Engine. Share your Honey with the world.

Social Icons
https://ernestomandowsky.com/
https://twitter.com/emandowsky
https://www.linkedin.com/in/emandowsky/
https://www.instagram.com/ernestomandowsky/

Signature

All rights reserved © 2022 Ernesto Mandowsky — Design & Development by rinconelloincbook