When I was at Strategic Profits, we were running an evergreen webinar that, at one point, was producing $80 per registration.
Then all of a sudden it started to dip and things just started to get wacky.
A lot of people started telling Rich (Schefren), “You need to redo the webinar; you need to change it!”
When Rich and I got together, he asked for my opinion and I said, “Well, let’s take a look at the metrics for the different stages of the funnel.”
So we looked at:
- the conversion rate on the registration page
- the show up rate on the webinar
- the amount of people that stayed on the webinar until the offer
- the conversion rate from the follow up sequence
We looked at all these different things and more. It’s just like I’ve been teaching you here at MFA.
Identify the funnel constraints
You have to understand: when it comes to optimization you look at the optimization metrics. (Seems simple, right?)
When you’ve got a problem with your funnel and you don’t know why something isn’t right – why you’re not able to get a positive ROI — you go back and look at those optimization metrics. You use those metrics — those numbers — to identify the constraint in the funnel.
We always look to find out what is that one piece that’s holding things back. What is that one piece that — if we open up that bad boy — we would be able to fix things and make the funnel work.
To make a long story a bit shorter, the tech guy admitted that they didn’t have some of the numbers. He said, “There’s something wacky going on with a couple of the numbers, so we don’t really have accurate numbers for a couple of these different stages.”
I said, “Well then how do we make any decision whatsoever on what to do? Either the numbers are accurate or they aren’t. You can’t make decisions on how to fix the funnel if you’re unsure about whether or not the numbers are accurate.”
My lesson for today is this: if you’re unsure if your numbers are accurate, then every decision you make based on those numbers — if they are inaccurate — is going to be faulty.
Get accurate numbers, no matter what!
The beauty of what we do is that it is that it’s scientific, because it’s based on mathematics.
So you’ve got to make sure that whatever it takes, you have accurate numbers.
That’s why I tested every tracking tool you can imagine. When I couldn’t get what I wanted, I finally decided just to create our own (Conversion Fly). It just seemed so difficult and ridiculous that we couldn’t get accurate numbers!
Whatever you’re using right now to track your metrics, if you can’t know with certainty what they are throughout the funnel, then you’ve got to do whatever you have to do to get accurate numbers. Every decision you make stems from those numbers.
Imagine running a split test and making a decision on which variation you’re going to use, based on the split test data, but yet you don’t really know whether that split test data is accurate. How comfortable would you feel dumping one version and rolling with another?
The reality is that you shouldn’t feel too comfortable at all because you could be putting away the winner and rolling with the loser, thinking that you’re rolling with the winner and putting away the loser.
So in all of these cases, as you look at all of the potential constriction points of your funnel, you must make sure that you have accurate metrics.
Oh, and once you know your metrics are accurate, make sure you use them to wisely choose a course of action, and really turn your funnel into a cash machine. You can’t do that if your numbers are a mystery.