Happy Wednesday, guys!
Mike Norris here.
I’m going to talk to you today about feedback loops, which are an essential part of marketing. If you’re still doing the same marketing tactics that you were doing one to three years ago—and you haven’t changed them—you need to take a second look. A great way to do so would be with feedback loops, which you should implement with any new campaign going forward.
What’s a Feedback Loop?
Instead of just taking a marketing tactic, setting it in place, letting it ride out into the sunset, and gathering up the results at the end—feedback loops essentially set checkpoints throughout, so that you can look at the data you’re gathering, then make tweaks to it. Any good performance measurement process revolves around setting standards from the onset.
1) Specify Your Goals
What you want to do is (and this kind of relates to our last video where we talked about SMART goals) specify what your goals are overall before you start after that. Specify this data to draw meaningful conclusions. Identify exactly what those metrics are going to be. Let’s say you need a cost per conversion of twenty dollars. If you’re hitting something that’s fifty dollars, then you have the data that you need to draw a meaningful conclusion and take action.
2) Accrue the Data
Accrue that data, set it in motion, allow the data to come in.
3) Evaluate the Data
Evaluate the data as planned on your timeline—don’t do it sooner. If you set something in action and a day or two goes by and you’re not getting the results you want—wait a little longer. Your sales cycle is probably longer than that. Your campaigns—if you’re running anything that’s automated—are going to take a little bit of time for the AI to catch up. It takes time for it to learn.
Don’t Jump the Gun
Set an exact amount of time (two weeks, one month, two months, etc.) in which you’re going to look at all the data and reassess, and stick to that timeline.
Specify the data you need.
Accrue that data.
Evaluate that data as planned.
Last but not least…
4) Take Action
Specify what kind of actions you’re going to take before you even get started.
“If this happens, then we’re going to do this…”—that’s how you should look at it. Set up those “if-then” situations beforehand. I know it takes a little bit more time on the initial side, but that way everyone is on the exact same page.
“Hey, we’re seeing this. This is how we’re going to combat that problem…”
Then you go ahead and put that back in motion. You run the feedback loop again. Get those results from the test that you ran and go ahead and do it again. Continuously do that. Over time what you’re going to get is a well-oiled machine that’s much more efficient, spends your money more effectively, and ultimately brings you a better ROI and profits at the end of the day. That’s how you use feedback loops in your marketing.
It’s an essential piece. Make sure you’re doing it.