Hey there ladio,
I’m not sure if you joined me for funnel school this past Spring, but we had so many questions about how to know if a funnel is working or not!
Why not put some automation in place and feel like you have a system working for you that makes nurturing and converting clients way easier, right?
I know it was one of my first questions too when I first began playing around with funnels.
I know also that sometimes it’s nice to see it written down, so I thought I would share with you, the 3 stats I peek at to know, quickly, if my funnel is working:
1. Check out your Open Rate!
That’s right. Take a look to see if your emails are actually getting opened within your funnel.
After all, if they aren’t moved to open, they can’t read it, and they won’t buy it!
If you’re wondering, “What’s a good open rate?” Generally, 20% is pretty darn good. If your list is under 500 it might be much higher, but if it’s getting up over 10,000, you’ll probably struggle to get over 20%.
If the open rate is good, great! If it’s not, tweak just one thing, the subject line!
The best ways to tweak your subject line?
Add in #s: 5 Ways to attract the love of your life in 3 months.
Use Symbols: Are you making this sales mistake? :/ Wa wa.
Try an element of Mystery: Is THIS healthy food making you gain weight?
Use their First Name: Here’s the link I promised, FirstName!
2. Check out your CTR!
If you’re wondering what the CTR is, it’s the # of clicks that your sales link, within your email, RECEIVES, divided by the # of people who open your email.
What’s a good Click Through Rate?
This can be hard to say because it really changes by industry, and it also just changes a lot over time, but around 1.8 – 2.3% is what I’ve seen most recently. This is why messaging is SOOO important! Your leads will click, if they are super duper moved by your messaging in your email. If they’re not clicking, the copy isn’t doing it for them!
Here’s what you can tweak to get that click through rate higher!
- Your Copy (talk MORE about the outcome and benefits & include the 3 Ps: Pain, Pleasure, and Person)
- Include the CTA in more places (at least 2, maybe 3 times throughout your copy)
- Make sure your Offer is MUST HAVE
- Include a Testimonial (Social Proof Sells, make sure to paint a strong before after picture)
3. Check out your overall Conversion Rate
First, acknowledge all of the goodness that comes from creating testing and tweaking a funnel!
- Building your list
- Lowering the cost of your ads
- Gaining visibility and Brand Awareness
- Making a Profit
And now let’s get clear on your numbers. For a basic and simple funnel that can be super helpful in terms of turning leads to clients and nurturing your audience, I suggest an offer under $500… especially if it’s bringing in cold leads. And, if that’s what you’ve got going on, expect maybe a 3%-5% conversion rate.
But if your offer is $2K or more, expect 0.5% – 2% conversions.
That means out of 100 people expect 3-5 to buy your under $500 and up to 2 to buy your $2K plus offer!
That means don’t throw the baby out with the bathwater. Allow enough peeps to go through before you assess! We usually let at least 100 go through our funnels before we really dive in and make lots of changes.
Hope that helps and let me know how testing and tweaking your funnel is going for you!