Ep 382: The Necessity of Knowing Your Numbers With Joe Putnam
Not knowing your numbers and focusing on the wrong metrics can make you lose sight of the big picture. If you are losing money or making a lot of it and you don’t understand your numbers, you won’t be able to scale.
In this episode, Jordan West and Joe Putnam talk all about the kinds of numbers to monitor in your business and why your ROAS can be a horrible metric to focus on.
Listen and learn in this episode!
KEY TAKEAWAYS FROM THIS EPISODE
If you don't know your numbers, you won't be able to scale.
Separate your variable cost and your fixed cost and keep an eye on them.
Paying too much attention to return on ad spend can be a pitfall.
ROAS doesn't tell you how much money you're making and your profit.
Marketing Efficiency Ratio (MER) tells you more of the picture than just the ROAS itself.
Brands that invest in their branding and storytelling are winning long-term.
Jordan: Google is the unsexy place that will probably make you a lot of money.
Put the time to know your numbers and wrestle with them until you understand them.
The best decision any business owner can make to scale successfully is to find somebody who's already accomplished what they want to do and work with them.
Recommended App:
Notion
https://www.notion.so/
Triple Whale
https://www.triplewhale.com/
Recommended Book:
Myth Revisited
https://books.google.com/books/about/The_E_Myth_Revisited.html?id=HHJVIpbpSgsC
Buzzmarketing by Mark Hughes
https://books.google.com/books/about/Buzzmarketing.html?id=0o1x0gumuBMC
Today’s Guest:
Joe Putnam is the founder of Conversion Engine.
Conversion Engine helps eCommerce brands use highly effective paid ads and e-mail and SMS marketing to grow and make more.
Connect and learn more about Joe and Conversion Engine here:
Website: https://theconversionengine.com/
LinkedIn: https://www.linkedin.com/in/joe-putnam-8935052
Twitter: https://twitter.com/JosephPutnam
E-mail Address: joe@conversionengin.co
This month’s sponsor is 8fig, an eCommerce funding, and planning platform that gives entrepreneurs the freedom to scale their store to new heights through continuous, equity-free capital and supply chain planning. Find out more about how 8fig is helping sellers grow through adaptable funding at 8fig.co.
Promo Code: mention upGrowth during sign up for 5% off the cost of capital of an 8fig Growth Plan!
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