Elevate Your eComm Monthly Rev From $100K to $1M
The North Star Metrics for Optimizing Your Asset Allocation
If your Shopify store is finally hitting consistent $100K months – ok, FIRST of all, congrats! (That’s no easy feat.) But if you really want to take things to the next level, listen up.
Let Go of Old eComm Marketing Habits
It’s time to face reality.
The same metrics that got you to this milestone, won’t get you to the next one. Your rocket is officially in orbit, which means it’s time for those old boosters to disengage. They’ve done their job of blasting you into the atmosphere. But they can’t take you any farther.
Because when you’re first starting out, single-channel attribution is everything. It’s the key to validating your brand, discovering the one marketing strategy that works best, and getting your eComm engine off the ground. In other words, reaching $100K months is simply a matter of finding good product-market fit and scaling as hard as you can.
If only getting to 7-figure months were that easy!
Your New Source of Rocket Fuel (Hint: It’s not ROAS!)
Yeah, so we were kinda being sarcastic a second ago.
Because here’s the thing. Getting to those $1M months can be just as straightforward as hitting $100K. Is there more work required? In some ways, yes. But in other ways, the marketing actually gets easier. Hear us out.
Multi-channel marketing is where it’s at. But different ROAS, attribution windows, and channels will only take you higher – faster! – if you’re using the right north star metrics. And again, those metrics will NOT be the same ones that got you to $100K months. (Have we made that clear enough yet?)
So now what? Examine the efficiency of your marketing dollars as compared to your overall revenue. That’s something we in the big brand biz call “MER” or your “Marketing Efficiency Ratio.” And to start running those numbers, you’ll need a tool that provides that data orchestration, puts it all into one customizable place, and then allows for easy navigation of those metrics.
Data Is Just Data
There is a caveat to this approach: more data does NOT automatically make you more money.
Using data properly to make the right decisions is what gets you there. Where should you allocate and invest your marketing dollars? If you don’t know what your north star metrics are, then there’s no point in spending all that time and energy collecting numbers.
Shift Your Marketing Mindset
Growing means changing your perspective. Ask yourself, “With more to lose, am I more at risk?” The good news is that if you know your MER, the answer should be easy. That’s why big brands don’t just focus on single channels. Instead, they ask THEMselves, “What’s my overall marketing efficiency?”
With consistent $100K months, you’re now at the point where you can afford rigorous marketing testing and data analysis tools. There’s more room to scale. And it’s all about having the right systems in place to help.
How To Calibrate Your Money Machine
Reaching $1M in monthly revenue ultimately comes down to systems optimizations. You need a scalable growth strategy that’s both aggressive and holistic. We recommend the Brand Velocity framework, which leverages 6 different points of focus. There’s Brand, Content, Website, Acquisition, Retention, and Data.
Basically, it’s a matter of streamlining your fulfillment and business logistics. That means wearing your CEO hat exclusively – and outsourcing pretty much everything else. Because if you’re irreplaceable in your own eComm biz . . . yikes! You’re a liability.
The ONLY way to truly skyrocket your store is to let go. Trust your multi-channel marketing efforts to an assembly line of experts.
Put (Amazing) People In Charge
Having the right team matters. And we’re NOT talking about a skeleton crew of marketers. If that’s the case, you might as well DIY everything. Because both situations are a one-way ticket to burnout – at best! (At worst, you could run your whole biz into the ground.)
Instead, try finding Bolt-on functions, which can be very helpful as you start to scale.
You’ll also want to consider hiring the following operators:
- Media Buyers for specific channels
- Growth Strategists
- Creative Team
- Social Media Team
- CRO experts
- EMS/SMS Marketers
As it comes together, make sure that there’s brand continuity and consistency across all marketing channels and within your team. The key attributes you should aim for are Innovation, Testing, Trust, and Proactivity.
Once you start to see those in action, you’ll know that your operations are primed and ready for autopilot. Then, you can stop working IN your business, and start working ON it.
We’ve Done It Before And Did It Again (And Again!)
The best part? These aren’t just theories or hypothetical scenarios. With the strategies above, we’ve already taken multiple clients from 6-figure months to 7-figure months.
For example, one subscription brand was doing $155K when they came to us. At the time, they had only an organic Community Manager and one Facebook Media Buyer. So we brought a better crew on board.
This new team included a Growth Marketing Manager, an Email/SMS Marketing Specialist, a Creative Strategist, a Web Developer, and multiple Media Buyers – for Facebook, Google, and even TikTok.
And after implementing our Brand Velocity framework, the squad successfully executed a full paid marketing strategy that saw the brand hit their first $2M month in May 2022. Plus, they’ve already matched the entire revenue of 2021 and are on pace to DOUBLE it this year!
All it took was the right team (and the right pieces!) focusing on systems optimizations with an aggressive, scalable, and holistic growth strategy.
Now, It’s Your Turn . . .
We really can’t emphasize it enough – when you know your north star metrics, the Brand Velocity framework works!
We hope this all helps you understand your own metrics a little better so you can start scaling that eComm empire.
Tune in to catch this episode of The eComm Growth Show.
Want to take your Shopify Store from 100k/month to 1m+/month?
>>>>click here>>>> https://brand-velocity.info/
Follow Us For More!
The eComm Growth Show