Key Funnel Metrics To Test and Track For A New Funnel - litchfieldmedia.org
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Key Funnel Metrics To Test and Track For A New Funnel

*Sniff* Ah, that new funnel smell!

There’s nothing more exciting than a fresh new funnel! 

But it’s not a toy. It’s a tool. One that has to be sharpened and honed. Once a funnel is live, this is just the beginning of testing, tweaking, and optimizing. 

The testing phase helps you identify offer speed bumps, poor creativity, and weak messaging. To do that, you need eyeballs!

But First, The Traffic

The most effective way to test your funnel is to send as many eyeballs to your offer as possible. You need people to click, view, and potentially purchase your offer. If they don’t, you’ll have the opportunity to figure out why based on the metrics we’ll cover today.

If you have enough of an organic following or access to warm traffic to drive at least 100 leads, then congrats, you can run your test without paid ads! If not, let’s throw a little money at Zuck and see what kind of results we can get. 

We’ll learn how well everything converts and monitor a few key KPIs (Key Performance Indicators). KPIs tell you how well the funnel is performing. 

More importantly, it reveals how each customer moves through your sales funnel. How far did they get? What actions did they take? How long did they stay? These are all indications of the strength of each step along your customer journey. 

Top Traffic Tips:

Be Mindful of Where Your Traffic Originates From

Avoid sending traffic from someone else’s audience to your offer. They may click and even view, but they may not be a strong fit, rendering all of your KPIs skewed at best and useless at worst.

Keep In Mind That Your New Funnel Is Not A Final Draft

Even if the initial traffic converts, you will always be tweaking your funnel in one way or another. It’s just a fact. As you go through the testing phases, you will think of new tweaks you didn’t think of before, better creative, or new guarantees. 

Test Your Offer

Start promoting the first offer that triggers the first set of emails. To truly test the strength of your offer, you need enough converting traffic to accurately measure the KPIs. 

I like to suggest that my clients aim for 100 new leads in a lead magnet funnel and 200-300 new leads in a webinar funnel.

Top Offer Tips

Timing

Make sure you have ample time in your schedule to promote the offer. Let’s face it; it could be months before the right amount of data is collected. The last thing you need is to delay a potential launch or paid ad implementation.

Audience Stages

Make the right offer based on the current state of your traffic. There are three essential phases of every funnel:

  • Awareness
  • Consideration
  • Acquisition

If the audience is cold or paid, they will start at the top with awareness, and it may take time to get them warmed up to the consideration phase or acquisition phase. A warm audience will start in the middle at consideration and will more easily move to acquisition. Make the offer that suits where the majority of the traffic will be.

Funnel KPIs

Once you have enough leads that have moved all the way through your funnel, it’s time to check those KPIs.

Landing Page CVRs (Conversion Rates)

This is the number of people who completed the call to action on the landing page. Usually, this is a registration, gated content collecting emails, an appointment, or a video. 

Divide the number of completed actions by the total number of visitors to get your Landing Page CVRs. For example, 100 landing page views with 15 leads or actions is a 15% conversion rate for that landing page. 

Email Open Rates

Email open rates are the number of people who received the email VS the number of people who opened it. This tells you if your subject lines are connecting with the recipients. If you sent 100 emails and only two people opened them, that’s a 2% open rate.

Email CTR (Click Through Rate)

Email CTRs represent the number of people that performed an action within the email. This could be a link, a booked call, another page view, or registration. 

If 100 people opened your email and ten people took action, that’s a 10% email CTR. This number indicates if the body of your emails is performing satisfactorily. 

Sales Page CVRs (Conversion Rates)

A sales page is designed to drive sales and get traffic to cash out on the page. The conversion rate indicates how many people stopped by VS how many people made a purchase. 

The same rules apply in calculating your rates. If 100 people visit and ten people buy, that’s a 10% conversion rate. A low conversion rate indicates there’s work to do on the sales page with either the offer, the creative, the price, the social proof, the guarantees, or the traffic wasn’t quite right.

Top KPI Tips

Numbers Are Information Not Scary

If you’re seeing poor KPIs, don’t freak out! Remember the “always tweaking and optimizing?” That’s what you need to do next. 

Check every step along the funnel, from email subject headlines and landing page headlines to page copy and creative. The KPI data will tell you where the speedbumps are. 

Don’t Tweak More Than One Thing At A Time 

If your sales page conversions are low, don’t change everything all at once. If visitors leave right away, that shows you’re not hitting the right note with the headline, offer, or VSL.  If they browse the sales page for a while but don’t check out, it’s time to dig deeper into messaging, creative, call to action, etc. Always only test one element at a time. 

Stuck On Your Funnel?

As always, you can message me and set up a 1:1 funnel audit to see where your speed bumps are and what I think you should do about it. Book with me here >>>

Keep testing and keep launching!

I’m cheering you on!

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