If you’ve been following my blog, you know how much I love to talk about the movie Moneyball. Today is no exception. I love this movie because it shows us how we can use analytics, statistics, and numbers to drive business. Although the movie is specific to baseball, there are plenty of applicable lessons to be applied to franchising. Here are some of my favorites.
1. Track key performance indicators at the deepest level. Don’t settle for merely tracking the number of leads generated, conversion costs, and revenue per sale. A deeper dive is possible if you’re using marketing automation tools and CRM. These allow you to determine the cost per channel and campaign to determine the cost per lead.
2. Follow the new numbers you need to know. Those include calculating the ROl per lead, your prospect-to-pipeline conversion rate, and the effectiveness (or ROI) of each of your online channels, landing pages, and affiliate sites.
3. Breathe new life into your old marketing methods. You can do this by adding a fresh, new approach that includes data analytics, customer engagement, A/B testing, content marketing, and product development.
4. Don’t be afraid to shake it up and try something new. Take advantage of the new technologies available to try different approaches, new marketing channels, and new key performance indicators that allow you to have a bigger impact on sales.