I had a 100k mistake this week!
I preach all the time in my coaching calls to know and monitor your KPIs… and I completely forgot to check my KPIs last week.
One of my main key KPIs is looking at discovery calls and how many we have in a week. Last week we had a massive amount of them and so I assumed everything was going well. I looked at them yesterday and we had maybe a quarter of the amount of discovery calls scheduled that we normally do.
I instantly knew something was wrong but I didn't look at it last week and if I would have, I would have caught that four or five days earlier.
What does this mean?
It meaning that if we don't have discovery calls, they don't go to doctor's consults, and they don't turn into patients. I missed out on having a full week of discovery calls, which is worth a lot financially.
The point of the story is: make sure you know what your key performance indicators are first and foremost! Then track them!!!
They should not be revenue or patients seen. These are indicators of past marketing performance, they do not project the future. They are not what is actually going on in the business right now.
If I would have not been keeping track of this KPI it would have been a full week or multiple weeks later that I would have realized on my monthly P&L that, "Hey, we didn't book as many intensives this month and our total collections for the future were way down."
Then I would have had to figure out at that point what went wrong and been had multiple weeks of bad performance. Instead yesterday we diagnosed the problem because our KPIs were off. We knew there was a problem, we diagnosed the problem, and we fixed it instantly. Therefore by Tuesday our call volume was going back up and our Wednesday and Thursday were starting to get booked out, which had been previously completely empty. By understanding what your KPIs are, you can diagnose problems much much quicker. I only have three KPIs for our marketing team:
The amount of discovery calls booked
The amount of doctor consults booked
The amount of intensives booked every week
I know exactly how our marketing is going based off of those three metrics. If I don't keep track of them on a weekly basis by simply just looking really quickly, then things can get missed.
If you know your KPI’s, you can diagnose a problem very quickly, solve a problem very quickly, and not have huge mistakes or huge time periods where your marketing system isn't doing its job.
Hope this helps!
God Bless,
Dr. Josh
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Ps. I only take three people into my coaching group a month! If you want to learn how to run a business and get freedom in your life email Jon@drjoshmadsen.com