If you’ve been running your own business for a while now, you’ll know that marketing which is based on speculation and guesswork is next to useless.
When you create a sales funnel, you may have all sorts of good vibes about how it’s going to work with customers to your website.
Without evidence to back up your success, however, you won’t be able to change your marketing approach to make it better or understand why things aren’t quite working out as expected.
There are numerous metrics that you can access with Google Analytics but the ones you choose must be meaningful and based on what you are trying to achieve.
Attracting 2,000 views a day on a particular landing page is great but if no one is buying your product or using your service then you’ve got the messaging wrong. Or the product is wrong. Or both.
A lead magnet is essentially a sales approach where you give something away for free in exchange for a potential customer’s email address. The value of this is you then have a way to directly market your products and services.
For example, you might offer an ebook, a white paper, a product sample or a template. To get your free offer, all the visitor has to do is give you their email.
One way to do this is to create a dedicated landing page the sole purpose of which is to advertise the free offer and grab that email.
There are a few important metrics to look at here:
With any metrics, you need to set some parameters or key performance indicators that highlight how you are doing. For example, if no more than 10% of visitors to your site sign up and provide their email addresses, you could call that performance poor. An exceptional result, on the other hand, would be anything over 40%.
A tripwire gets a potential customer to make a small initial purchase in the hope that it leads them to eventually buy a higher-value product or service.
For example, you may have a low-value product at a knockdown price of $5. They are happy to buy this, create an account and give you their email because it’s such a good deal. You follow this up with a one-time-only offer for a major product or service.
You may have a mix of campaigns using PPC advertising, social media and landing pages to attract people to the buy page for your great deal.
If too few people click the buy button and part with their money, it could mean that your advertising campaign is not hitting the right people or the product you have isn’t what they are looking for.
If they purchase the deal, the next big metric is how many people then buy your big-budget item. The higher the conversion rate, the more sustainable the marketing approach. The lower, the more you need to change your approach.
People who provide online courses often use a masterclass to either introduce themselves and show potential students what they have to offer.
Again, some key metrics are how many people visit the page and how many clicks on the link to watch the masterclass.
Just as important is whether visitors watch the masterclass all the way through or bail out at some point.
Finally, the big metric you must look out for is, of course, how many people sign up for the full course or other masterclasses that you have on offer.
Metrics for sales funnels don’t have to be complicated. But they do need to be relevant if you want to understand how your marketing activities are working for you.