Karl Pearson established mathematical statistics and founded the first university with a statistics department in London. It's due to his work that we know as much as we do about goal setting. Mainly, the most important aspect of goal setting is that the goals you make need to be measurable – which has come to be known as “Pearson’s Law.”
“What is measured, improves. That which is measured and reported improves exponentially.” – Karl Pearson
It clearly states that measuring and reporting is key to success. This goes for anything that you’re doing, not just business. But we are focused on your business here. Therefore, keeping Pearson’s law in mind, set your goals with measuring and reporting as a top priority.
Consider what the quote says:
• Measure Things – How many hits is that advertisement giving you to your landing page? How many list recipients are opening your emails and acting on your calls to action?
• Report Things – What way can you demonstrate this action? Will a bar chart work? How about a pie chart comparing all the different traffic that is being sent?
• Improve Things – How can you take the information you’ve created and truly use it to improve your business? Do you need to fix your sales page?
When you set a goal ask yourself:
Can I measure this and how will I report it?
• Native Software – First look at the native software to find out what analytics it has already built in. That will be a good way to determine the things that can be easily measured by which you can set your goals and report on it.
• Google Analytics – Most systems integrate in some way with Google Analytics. Get to know Google Analytics. You can take free courses to help familiarize yourself with all that GA can do for you and your business. Alternatively, you can hire a GA expert to help set you up.
• MS Excel – If you don’t want to buy any fancy software, most people already have Excel on their computers. This is a spreadsheet program. You can also use Google Sheets. Anything that you want to measure and report can be observed, data collected, entered into your spreadsheet, and then developed into graphs and reports.
Regardless of what you use to measure and report the data, once you do that work, you need to also act on the results. If you get a result you did not expect, it’s important to know why. Why did you get that result? If it was good, how can you get it again?
If it was bad, what can you do to potentially make improvements? If you’re collecting the data and measuring your results, then reporting on them the potential ways to make things better will do wonders for your business.
Knowing your numbers, knowing how to look at them, and then acting on what you see is imperative for your business.
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