In a perfect world, you would put up your brand new funnel and everything would work just as planned.
Your opt-ins are converting well beyond the industry average, the sales from your tripwire all the way to your core offer are exactly what you expected and people are opening up every email along the way with pure excitement because your worlds are just that magical.
Except, we don’t live in a perfect world.
And when you take actions that show you expect everything to be perfect the first time around, you create a cycle that costs yourself money (and time) instead of generating it.
The cycle looks like this:
- Create the funnel.
- Promote the funnel.
- Not see the sales you want.
- Decide the funnel is broken.
Rinse and repeat until you finally get it “right.”
Except, the expectation is never met there’s no such thing as the perfect one and done funnel.
Just like the best well oiled machine, your funnel will have spots that need both repair and maintenance along the way.
Yes, a majority of the work will happen on the front end, however; you will still be tracking your metrics and looking for ways to optimize it well after the initial creation.
How do you do that? Well, that’s what today is all about!
If you are brand new to sales funnels and/or have been considering adding one to your business, this week’s blog will allow you to see exactly what it looks like to have one that’s highly profitable in your business.
If you have a sales funnel that isn’t performing the way you’d like, this week’s blog will allow you to effectively find and fix the leaks so that you can fully experience the magic of a business that works with or without you there.
The Key Numbers You Need to Know in Order to Make Your Sales Funnel Profitable
When I work with business owners in my 1:1 Strategize + Rise Intensives and The Collective, this is the very first place we start as the data will either tell the real story of what’s currently happening or I want them to understand what they are going to be tracking (and why) moving forward.
Why? Because knowing your numbers is everything when it comes to your sales funnels so get ready to make numbers your new BFF!
The numbers to know include:
How many people is the opt-in that is kicking off your funnel in front of?
This could be organic and/or paid traffic and you will find this number by looking at where your opt-in landing page is being hosted and seeing how many people have landed on that specific page.
2. Landing Page Conversion %
People have hit the opt-in landing page but how many of them have entered their name and email in order to sign up for your opt-in?
This number can be found by looking at how many people have landed on the thank you/confirmation page and is divided by the amount of total traffic (in point 1 above) to see your conversion percentage.
3. Tripwire Conversion % (if applicable)
If you have a tripwire on your funnel, you’ll want to track it.
What’s a tripwire? A tripwire is a low priced offer that is used where a thank you page would typically be. Once someone opts into your list, they typically get 15-20 minutes to take you up on this special offer, that relates directly to your opt-in. This can help you liquidate your ad spend and start the buying relationship early.
You can see an example of this on my Ultimate Course Funnel Template.
To get this number, you will divide the total amount of tripwire sales by the total amount of people who have landed on the tripwire page to get the conversion percentage.
4. Bump Conversion % (if applicable)
If you have a bump offer on your funnel, you’ll want to keep track of how it’s converting.
What is a bump offer? A bump offer is an add on purchase that those who purchase your tripwire will be able to select on the payment for your tripwire. This is typically something that will help your audience to get even faster results when implementing from the tripwire offer they are already purchasing from you.
To get this number, you will divide the total amount of bump offer sales by the total amount of tripwire offer sales to see the conversion percentage.
5. OTO Conversion % (if applicable)
If you have an OTO on your funnel, you’ll want to track it as well.
What is an OTO? An OTO is a one time offer that shows after someone has purchased your tripwire offer. This is typically an offer that will solve the next issue your audience will have, after successfully completing your tripwire offer.
To get this number, you will divide the total amount of OTO offer sales by the total amount of tripwire offer sales to see the conversion percentage.
5. Core Offer Conversion %
This is the offer you’ve built this funnel to sell, let’s make sure it’s being tracked!
By tracking this number, you’ll be able to see how your offer sells best within your funnel and/or what changes to make in order to increase your conversions.
To get this number, you will divide the total amount sales by the total number of opt-ins to see the conversion percentage.
How to Troubleshoot and/or Optimize Your Sales Funnel
As I mentioned before, every funnel requires either repair or maintenance.
Understanding this will allow you to either troubleshoot or continue to optimize the profitability within your funnel.
As every business and industry is different, I’m going to base the stats below on industry averages to help you determine what points of your funnel could use the most support right now.
Sales Funnel Potential Bottleneck 1: Traffic
If traffic is the issue, people aren’t clicking on your opt-in to get over to the actual landing page.
Industry Average CTR: 1%+ (paid traffic)
- Potential Traffic Issue: Copy
Something isn’t connecting with the copy you are using to promote your opt-in with. Is it hitting their specific pain points/struggle? Do they know what’s in it for them (the end result of consuming your opt-in)? Is there a clear call to action?
- Potential Traffic Issue: Audience
Is the audience you’re in front of and sharing your opt-in with, one that will specifically connect to what you are offering? If this is paid traffic, this is the time to test different audiences and also explore the previous potential issue with the actual promo copy. If this is organic traffic, I would use this as an opportunity to do market research on your current audience to see where the disconnect is.
Sales Funnel Potential Bottleneck 2: Opt-In Landing Page
People are clicking on your opt-in link but not signing up for the opt-in, once they get to the landing page.
Industry Average: 20-40%
- Potential Opt-In Landing Page Issue: Copy and Images
Does the copy on the landing page align with the copy from the promo text or does it switch over to a different focus? On the landing page, I always suggest keeping it simple and using the same wording you have on the promo copy.
The same goes for the color scheme of your landing page. You want their mind to easily connect that this is a continuation of the conversation they were just having with you when you promoted the opt-in.
- Potential Opt-In Landing Page Issue: Mobile Optimization
At this point in time, there is no getting around the importance of making sure your opt-in landing page is optimized for mobile. Most landing page services do this, however; always check your opt-in page on mobile to make sure everything is showing as it should.
Sales Funnel Potential Bottleneck 3: Tripwire
If you are using a tripwire offer on your funnel, this bottleneck means that people are converting on the landing page but not taking you up on your tripwire offer.
Industry Average: 1.5-5% of total opt-ins
- Potential Tripwire Issue: Relevance
Does your tripwire offer to answer the next logical question they will have to the topic your opt-in covers? A tripwire is an amazing way to create a powerful first buying impression and should be created specific to that opt-in vs a general one used for everything.
- Potential Tripwire Issue: Urgency
Is this something they could get at this price at any time? Adding a timer to this page that offers a discounted rate for only a limited time is incredibly helpful for this stage. Of course, with integrity as well. This should be a true evergreen timer that will redirect them to a full priced page once it is up.
Sales Funnel Potential Bottleneck 4: Bump Offer
If you are using a bump offer on your funnel, this bottleneck means that people are purchasing your tripwire offer but not your bump offer.
Industry Average: 20-30% of total tripwire buyers
- Potential Tripwire Issue: Relevance
Does your bump offer align with your tripwire or does it now bring in a completely different problem that they need explained further before buying? The goal of a strong bump offer is to help make the implementation of the tripwire offer faster/easier (think templates, swipes, graphics, etc.)
- Potential Tripwire Issue: Confusion
Does your bump offer sound like something they would have expected to have in the tripwire offer, that is now causing them to doubt if buying the tripwire even makes sense for them? If they are saying “wait, that isn’t in what I’m already purchasing?!” you can not only lose the bump sale but the tripwire sale as well. You want it to complement, not compete.
Sales Funnel Potential Bottleneck 5: OTO
If you are using an OTO, this bottleneck means that the tripwire is converting but people aren’t taking you up on your OTO.
Industry Average: 5-10% of tripwire purchasers
- Potential OTO Issue: Relevancy
Is your OTO a natural step up from your tripwire? I like to always think of each step of the funnel solving a new fear or hesitation that will come up. If they purchase and complete your tripwire, what will they then need to know how to do?
Sales Funnel Bottleneck 6: Core Offer
If you’ve made it to this point, it means that everything else is looking good but you’re not seeing conversions on the actual core offer.
Industry average: 1-5% (cold audience) or 10-20% (warm audience)
This can be the trickiest leak to navigate because there’s so much that can change from one funnel to another, by the time someone hits this point. However, those that are willing to dig in with this will get to reap the rewards!
- Potential Core Offer Issue: Opt-In
Does this offer directly relate to what they opted in for? If it’s in a funnel, I am under the assumption that it has already been launched and sold to a warm audience (see 3 Questions to Ask Before Creating Your First (or Next) Sales Funnel for more on this). If so, we want to make sure that those coming in for this opt-in are already being qualified for this offer.
This can happen when people create opt-ins before their core offer. It’s also why we teach creating the right offer and then growing your list with an opt-in that directly relates to that offer in Clients to Courses® so that there isn’t a disconnect between the two.
- Potential Core Offer Issue: Email Open Rates
If they aren’t opening the emails in your funnel then they can’t see your offer. Just think about how much more profitable you would be if there was even a 5% increase in your open rates of a funnel that was converting! Average open rates are around 20-30%, however, they’re typically higher than that when someone is new to your list. This means that if you are seeing emails under 20-30%, test your subject lines.
- Potential Core Offer Issue: Email Click Rates
So they’re opening the emails (yay!) but not clicking to the sales page (boo!). This tells me we need to create more curiosity and need within the copy of the email itself. This could be experimenting with keeping the price out of the email, tapping into the real result they want more and/or sharing testimonials that connect with where they are now.
- Potential Core Offer Issue: Urgency
Is it clear why they should get this NOW vs later? This could be through special bonuses, a pricing increase or cart closing.
What Does Your Sales Funnel Need Right Now?
Let me know below in the comments where you’ll be focusing your efforts in order to add a profitable sales funnel into your business!