Speaker 1: If you're leading a marketing team in inbound efforts, you may have had a supervisor come up to you and say, oh, I'm glad I caught you. Our goal this next year is to reach one million in revenue. I'm really excited to see what you and your team come up with. That can be pretty intimidating and overwhelming. But today, I'm going to teach you a simple framework to help you set your marketing goals based on your business's goals. That's right. The key is doing it backwards. Hey guys, I'm Austin, video marketing producer here at Impact. By the end of this video, you're going to be able to create and understand your marketing strategy based on the goals of your business. Today, I'm going to give you seven steps to get there. Through this journey, there may be joy, there may be tears, and one of my least favorite things, math. But hold tight, because we're going to break it down into something very simple. So let's take a look at that example from the beginning of the video and say our goal is one million dollars. But we're going to have to work backwards from there. What we're going to use is the sales funnel method. In the sales funnel, your goal is this bottom part here. These are your sales. Basic traffic goes into the funnel. But how much of that traffic do we need to hit our goals? Here's where we're going to work backwards. The seven steps to reach your goals. One, identify how much revenue you need to make. So like I said, at the beginning of this video, we gave the example of one million. We're going to stick with that just to keep nice, round, simple numbers. It could be way lower or way higher. It depends on the size of your business. This example is pretty high end. Two, determine how many sales you need to hit that revenue goal. You're going to take the revenue you need, one million dollars, and you're going to divide it by the value of your average sale. So let's say you have something that sells for $50,000. If you divide one million by 50,000, you will need 20 sales. In other words, our one million dollars of revenue will come from sales. How many sales do we need? We did the math and we came up with 20 sales to reach our goal. Once again, your sales price could be way lower, like $100, $5, or even 50 cents. This is just an example. Third, we're going to identify our closing rate and see how many opportunities we need. Not everyone you talk to is going to become a sale. Hopefully, you've been keeping track of your data and you know your closing rate. But if not, that's okay. To start out, we'll just estimate with 25%. If your rate's 25%, you can get 25% of opportunities you talk to you to close and buy to get your 20 sales. Then that number for you, that opportunities number, is 80. Because 25% of 80 is that 20 sales. Our 20 sales will come from opportunities. But how many opportunities do we need? Well, we did the math and we came up with 80 opportunities to reach our goal. Four, identify how many sales-qualified leads you need. A sales-qualified lead is just a fancy way to say a lead that's ready to be passed to your sales team to become an opportunity. If you've been around a while, you may know this number, but a great place to start your estimate if you don't is 50%. So if you need 80 opportunities, you're going to need 160 sales-qualified leads. Because 50% of 160 is those 80 opportunities. Our 80 opportunities will come from sales-qualified leads. How many do we need? We did the math and came up with 160 sales-qualified leads to reach our goal. Five, identify how many marketing-qualified leads you need. A marketing-qualified lead is different than a sales-qualified lead. Marketing-qualified lead is basically a fancy way of saying a lead that's qualified, but not quite ready to make the jump to the sales team. Maybe they need to know a little bit more about your business and if you're the right fit for them. And once again, if you don't have data to know your numbers at this step, that's okay, 50% is another great estimate. So if you need 160 sales-qualified leads, you're going to double that to 320 marketing-qualified leads. Our 160 sales-qualified leads will come from marketing-qualified leads. How many do we need? We did the math and came up with 320 marketing-qualified leads. For number six, we need to identify how many general leads you need. A general lead is someone who's come to your site and given you their contact information. Maybe they downloaded a PDF you created in exchange for their email address, something pretty basic and service level. A conservative estimate here is 2.5%. So if you need 320 marketing-qualified leads, you're going to need 12,800 general leads because 2.5% of 12,800 is 320. Our 320 marketing-qualified leads will come from general leads. How many of those do we need? We did the math and we came up with 12,800 leads. We're almost there. Great job, team. Only one more step and if you've hung in this far, just know that I'm proud of you. For the last step, number seven, we're going to identify how much traffic you need to reach your goal. How many people need to visit your site if you want to get to that 12,800 lead number? And for another conservative estimate, we're going to estimate 2.5% here as well. So if you need 12,800 leads, you're going to need 512,000 visitors to your site to reach your goals. Our 12,800 leads come from traffic. How much traffic do we need? Well, we did the math and came up with 512,000 visitors to our site. So 512,000 visitors creates 12,800 leads, which creates 320 marketing-qualified leads, which then creates 160 sales-qualified leads, which creates 80 opportunities, creating 20 sales, reaching our $1 million goal. Hey, we made it. We worked backwards through the whole funnel, and now we have a concrete number for your goal next year. Now, remember, your goals are not going to be perfect. That's okay, especially if you're using estimates. As data starts coming in, make sure to adjust your goals for what works for you and your team. The big key here, just getting started. Once you start getting better at this goal-setting process, you can take a look at your funnel to see where you can start to improve numbers. A lot of people may only focus on closing rate, which, yes, that's important. But remember, every step is important. If you increase your numbers at the back, if you increase your numbers at the front, it's going to make the whole funnel better. So remember, by optimizing each step, that's going to help you out a lot. And not all traffic is equal. It's important to build trust, educate buyers, and supply plenty of unbiased content in order to move buyers through this funnel. The quickest way to have someone jump out is to confuse them and not answer the questions they have. Hopefully now you're at least a little bit less overwhelmed, and now you have a plan of action to go out there and set your marketing goals based on the goals of your business. If you found this video helpful, go ahead and share it with someone who might feel the same way as you did before watching this. And as always, remember to like and subscribe to our channel. And remember, we're in the business of building trust, so remember to inform, educate, and solve problems. See you next time.