Tracking and Evaluating Your Funnel
There’s a lot of different ways we can do the next step. We can set up tracking software, to be able to track the visitors as they’re coming through. We can set up tracking software so that we can look at conversion rates for each specific sales page. We can look at conversion rates and clicks on each of the emails.
For now, we’re creating an imaginary scenario where we’re going to get 100 people in on day 1 and in 30 days we can evaluate the campaign and funnel. In real life it’s going to be a rolling scenario. But what we’re going to be able to do through the use of tracking software, and through the use of just conversion rate software, is optimize. We’re going to maximize the conversion rate on each one of those three sales pages.
And, this I believe is a real key, this is something that has been huge in my business. We’re also going to maximize the conversion value of every single one of those emails.
I want you to imagine that we were to create a spreadsheet. Create a spreadsheet with 45 emails all the way across. You have 45 emails: email 1, email 2, email 3, email 4, etc.
Then you look at your email tracking and see, for example, the open rate on email 1 is 45%, and the click-through rate on email 1 is 22%. Then the open rate on email 2 is 39% and the click-through rate is 19%. And then email 3, (notice these are going down slightly), 37% on email 3 click-through 17%. They’re going down over time, because they tend to do that. The highest open rate is on day 1, the lowest open rate should be on day 30.
Let’s say we’re just cranking along with these emails. Let’s say email 4 drops down to 10% open rate and only 5% click-through rate. Then email 5 is 15% open rate and a 12% click-through rate. We could go on and on, but what I want you to notice is, in this particular scenario, something happened to email #4. Email 4 does not perform very well.
After we put all the emails in a spreadsheet, we’ll notice a pattern. We’ll notice that email 4 perhaps does not convert well. Email 7 does not covert well. Email 12 does not convert well. Email 18 does not convert well. Email 19 does not convert well. Email 22 does not convert well. And email 27 does not convert well. Email 32 does not convert well. Email 41 does not convert well. Email 42 does not convert well. So out of 45 emails we find that we have 10 emails that do not convert well.
Take those out of your campaign, then sit down and write 10 new emails to put into their place. What’s going to happen if you do this evaluation every single month? If you take out the 10 worst performing emails, and write 10 new emails? You don’t have to be good at writing emails. You don’t have to be scientific about writing emails. You will just stumble through this, and after a whole year of writing 10 new emails every single month, and putting them in, you will stumble on the emails that will work best for us. You may not even know why they work best, but they’ll be in your campaign. You’ll know that those are the emails that are working best.
Here’s what you’ll do next: for each one of these emails, you’re also going to look at the conversion rate to purchasing.
You’re going to look at Day 1 – how many purchases do we get? Out of 100 people, how many purchase? 100 people is a really low number to come up with this, so over time when you get 1k subscribers, 10k subscribers, you get more and more data, and you’ll be able to start getting some robust data here. You might be able to say after 10k subscribers you have: 3 sales on Day 1, 7 sales on Day 2, 1 sale on Email 3, 0 sales on Email 4. Email 5 got you 15 sales. Email 6 got you 19 sales. Email 7 you only got 1 sale. Email 8 you got 4 sales.
What you’re able to do at this point is go through and say, “okay, well email 3 does not perform well. Only makes 1 sale.
Let’s cut that one out as well.” Then you say, “wow, email 6 got 19 sales. Why?” You go in and you look at it and say, “Wow. That’s a high performing email.” What do we do with this? If you’re like me, you probably double up on it. You say, “boy, 19 sales on email 6, great we’re going to make 19 the same email. Or email 21, we’re going to make it the same email.”
Do you see how if you just do this iteration process month after month, that what happens is after a year, you have the top 45 emails of all time for you. Each email’s open rate is high. And each email the click-through rate is high. And each email the conversion rate to a product is high. Do you see that?