Goals / Metrics / Milestones
Adding to the original post...
Another thing that a lot of people overlook IMO is goal setting and measuring their successes. Regardless of where you are financially with your business, goals and milestones should always be something that you strive for.
In the beginning, it's especially important, because the act of hitting a goal can give you extra ego boost needed to get through some of the tough days you'll have. Start out small. Let's say you just decided to give online marketing a shot and you're about to launch your first campaign. Sit down and set some goals before hitting the "Go" button. Make three to begin with. An easy to hit target, moderately difficult and outrageous.
When I first started making money online, it was on eBay 10 years ago. One of my very first goals was to learn enough HTML to make my auctions look prettier. And my "outrageous" goal was to become a power seller. Well, learning the HTML didn't take that long and it was pretty exciting to realize that I knew the difference between various HTML tags. Becoming a power seller took much longer, but I finally did it and it felt great.
Having easy to hit goals is key because it reinforces the notion that you can do it. Once you start hitting the easy goals, your confidence will soar and hitting those tougher goals will seem so much easier. This confidence will help you in all aspects of your business.
Also, if it isn't obvious, the goals need to be something concrete. By concrete, I mean, create a goal with some measurable metric whether it's ROI, profit, number of conversions, whatever. Unmeasurable goals would be things like "I want to get better at writing ads". That's a great goal, but how do you know if you achieved it? You need a metric. So, instead of saying "I want to get better at...", say "I need to create ads that get at least 0.3% CTR". See? Now you have a CTR metric to measure your ad writing abilities against. Campaign goals with dollar amounts attached are also easily measured for success.
Some sample goals that might be good ones to start off with:
- Make $xx in profit per day on XYZ campaign
- Tweak landing page to increase off page CTR by XX%
- Earn $xx per week from internet marketing only
- Increase weekly income by X% over X weeks
See how all of those have a concrete number or value attached? You will know when you achieve one of those goals.
Before you ask: Yes, I have lots of goals in mind. Some have to do with average daily profits, some with intangibles (like learning about something), some are pretty outrageous sounding (but I'll bet you I achieve them - eventually). Most of my goals are not centered around items. For example, I know a lot of people are driven by items, and that's fine, but rather than saying "My goal is to buy a BMW", change it to "My goal is to have $50,000 in cash to buy the BMW". The difference here is the second is more measurable. Whether you buy the beemer or not, you know when you've reached the goal of $50,000, right?
Long post short: Make goals. Make them measurable. Hit them. Repeat.