Lesson 3 - The 5 funnel metrics you should know

Data can be a bit dry and boring, but it doesn't decrease its importance

We’re going to talk about why tracking funnel metrics is important & which metrics to pay attention to.

You can watch the quick video here or skim the article below for takeaways. 

At the bottom of the article, you can download the presentation slide deck used in the video.

Questions, comments, suggestions or love notes? Post them below so we can all learn from each other! 

Why Track Metrics?

As one of the world’s greatest management consultants – Peter Drucker – once said “you can’t manage what you can’t measure.”

Needless to say, it’s important to track your funnel.

Why?

So we can make informed decisions based on data instead of guessing and start to forecast future demand.

Once you have the baseline data, you’ll know what’s working, what isn’t and what to test to improve the overall funnel.

Which Metrics To Look At

As the business owner, you need to know your numbers.

There are hundreds of different ones you can look at, but to make it easy for you here are 5 main ones to know.

1. Conversion Rate

This is the % of people who move from 1 part of your funnel to the next

  • Eg. 5000 people landed on your website and 125 opted into your email list

    = 125 / 5000
    = 0.025 x 100
    = 2.5%

2. Drop-Off Rate

This is the % of people who didn’t move from 1 part in your funnel to the next

  • Eg. 1750 people visited your landing page and 987 exited the page without buying

    =987 / 1750
    = 0.564 x 100
    = 56.4%

3.  Open Rate

This is the % of people who opened your email

  •  Eg. your last email was sent out to 13000 people and 754 opened it

    = 754 / 13.000
    =0.058 x 100
    = 5.8%

4. Click Through Rate

The % of people who clicked on a link in your email or website

  •  Eg. 754 people who opened your email and 123 clicked on a link

    = 123 / 754
    = 0.1631 x 100
    = 16.3%

5. Cost Per Lead

How much $ does it take to acquire 1 lead

  • Eg. You spend $2000 total on marketing and got 155 new leads

    = $2000 / 155
    = $12.90 per lead.

What’s Next?

Once you’ve calculated all these metrics, you can then compare it to industry standards to see if you’re on par.

If you’re not, then you know where to start improving.

How do you start improving?

That’s in Lesson 11, so stay in the content in this free training series.

Yes, I know it sounds complex and confusing, but it is important.

That’s why in Stage 1 of our signature ALL Method, our comprehensive audit includes analyzing your metrics, traffic sources and current funnel set up, as well as recommendations on what to improve in your funnel.

Now you can totally develop your own dashboard, analyze all the metrics & decide what actions to take and when

…but what’s more important: Spending your time doing all that OR helping others on their healing journey instead?

Question: What’s your biggest takeaway from this lesson?

Post below so we can all learn from each other!

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