Summary: What is it & Why does it matter to you?
Speed of Execution differs from Speed of Implementation in that it focuses on the goals that matter when doing marketing & building a business.
(most goal-setting, including the big-hairy-audacious goals etc, are useless for something that’s inherently a PROCESS, not an event)
This creeps up in 2 distinct places:
- when you are building a business (working “on”), and you’re following a course, or a template (most lead to overwhelm, information overload etc)
- when you are marketing, which rarely gives you ‘optimal’ results, and often ends up with lots of resources (time, energy, money) wasted because ‘nobody buys the darn thing’.
If you’d like to address these 2 issues, this post is for you
Speed Of Execution: the Details Including Case-Studies
You’ve probably heard of the concept of “Speed of Implementation“:
you don’t overanalyze things, and instead implement fast ‘n furiously, ideally efficiently, to get to your overall goal quickly.
When it comes to marketing, there’s one big problem with this approach:
In almost all cases, the goal you’re working towards is WRONG!
Here’s an example that showcases both ‘marketing’ as well as ‘working on’ your business:
As you can see from the video, usually, the goal is “build XYZ product, build sales-funnel, sell it“.
Sadly, that only works if you already have PROVEN demand by a specific target audience for this particular product.
An example would be: Apple and iPhones.
They don’t need to re-invent their marketing process.
They already know who their ideal customer is, what their decision making process is, and hence: how to sell the new iPhone to them.
Most likely, you’re like the rest of us, and you’re not Apple.
And ‘the rest of us’ need to focus on one thing, and one thing only:
figuring out how an ideal customer makes that buying decision.
That means: figuring out how you can make your offer resonate with a particular target audience, aka:
developing a great Traffic-to-Offer-Match (TOM).
Yes, I’ve emphasized ‘develop’, because it’s a PROCESS, not an event.
And in a process, your goals (and hence your focus) is the individual steps, NOT the overall outcome.
Why ‘normal’ goal-setting does not work in marketing & growing your business
Incidentally, most goal-setting is wrong for ‘marketing & business building’, and here’s why:
Things like Big Hairy Audacious goals are supposed to inspire you – and that is important.
However, the moment you start making decisions (i.e. now we go beyond the ‘inspirational’ aspect) on ‘imagined’ objectives where you have no hard evidence that they’ll work, you’re setting yourself up for failure.
A typical goal would be: “and I’ll make $1.000.000 per year”. Or “my goal is to sell 85 copies of my course per day”. Or: “I will get 17 client enquiries per day” …
all of these are not under your control!
What makes matters worse:
in most cases, you have no experience with doing [whatever your goal is], and hence basis for judging if your goals are realistic or not.
Sure, if you’ve created multiple 7-figure businesses before, you can set that goal, because you’ve been there, done that, and you have REAL-WORLD EXPERIENCE to judge if your plan has a chance of succeeding.
If you’ve sold countless copies of the same product to the same market before, YOU already know if 85 copies is realistic or not.
But following the usual train of thought:
- “I want to earn $1M this year (although I’ve never done that before), so
- I need to break it down to revenue per day: $1M/365 = $2734/day
- for that I need to sell only $2734/$147 = 18.64 copies of my $147 product (although I’ve never sold a single copy to this particular market)
- and assuming a 1% conversion rate, (although I have no idea what conversion rate is realistic for my market, my product, my funnel), all
- I need is 100*18.64 = 1864 visitors from FB-ads per day (although I’ve never done any FB advertising before)”
… well, if you do, I hope you’re starting to agree, you’re setting yourself up for failure!
With this in mind,
The idea of “Speed of Execution” is quite simple:
rather than focus on the ‘big hairy audacious’ end-goal, all your focus is on executing individual steps in your plan (remember, it’s a process), always with the objective of finding more & better insights into your target market, and hence:
how to improve your TOM.
The individual insights you gain along the way are … well, all the answers to the “train of thought above”!
Here is an example of a case where someone didn’t do it, and paid a heavy price in terms of wasted time, energy and money:
Here is a 2nd example of how NOT to do it, this time from a slightly different angle – it really highlights 3 MAJOR marketing snafus:
- confusing WANT and NEED
- getting TOM (traffic to offer match) completely wrong
- suffering from market-research myopia
I hope you found this useful, feel free to share, and of course, any questions, comments or concerns, let us know – leave a comment or reach out to us at our helpdesk!