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As you know, data is crucial in any online business, and we all want to know what stats to track for our funnels and launches.
In response to the questions we receive from our listeners, we’ve decided to dedicate our Friday episodes to Funnel Fix Fridays.
During these episodes, we’ll dive deep into a carefully chosen funnel, providing you with invaluable insights, actionable recommendations, and proven strategies to enhance its overall effectiveness.
If you’d like to have your funnel reviewed, simply head over to quayjo.com/fixmyfunnel.
This is your chance to get expert insights. Whether you have a lead magnet funnel, a webinar funnel, or any other kind, you’ll walk away with ideas and improvements directly applicable to your business.
So, don’t miss out on Funnel Fix Fridays, where inspiration and practical strategies await.
In this episode you’ll hear:
- The importance of tracking stats in your online business
- Benchmarks to aim for when it comes to funnel optimization
- Tips for improving your own funnel based on the numbers
Links & Resources:
Kwadwo [QUĀY.jo] Sampany-Kessie’s Links:
- Become a Facebook Ads Lead Gen Cheat Code Founding Member!
- Visit Kwadwo’s website for Facebook Ads help
- Say hi to Kwadwo on Instagram
- Subscribe to Kwadwo’s YouTube channel to learn with him as he learns about personal finance, financial freedom, foreign languages and enjoying life!
Timestamps:
00:00 – Introduction
02:54 – Details on the information needed for a funnel review
05:19 – The importance of tracking key statistics
06:57 – Email open rates and click-through rates
08:59 – The value of funnel data
Please support the podcast by giving an honest Rating/Review for the show on iTunes!
Rick Mulready [00:00:02]:
Welcome to normally I would say Quick Tip Friday, but Kawaijo, we’ve got a new we’re talking about a new series today, new staple of the podcast here.
Kwadwo Sampany-Kessie [00:00:12]:
Oh, yes.
Rick Mulready [00:00:13]:
And my friends, this is coming as a result of when Quajo and I were really thinking through and brainstorming, how do we make the podcast overall more interactive with you all? And we thought a lot of different ideas there. And one of the things that we’ve decided to do because everybody wants to know, all right, what stats should I be tracking for my funnel for my launch, whatever it might be. And you all know from listening to the podcast here for so many, I’m always talking about data. I want to know the numbers because the numbers tell the story and the numbers don’t lie. And so we’ve sort of combined these two thoughts here. How do we make this more interactive for you all? And because there’s so many questions around what stats to track in your business from a marketing standpoint, again, whether it’s a lead magnet funnel or a webinar funnel, what are the stats to be tracking and introducing? We’ve got to marry these two ideas. And so our Friday episodes here on the podcast are going to be called Funnel Fix Fridays, right? So what that will be I’m excited about this.
Kwadwo Sampany-Kessie [00:01:37]:
Me too. And so, first of all, you as a listener, why you’re going to want to watch is because on Fridays, you watch and listen. By the way, if you want to watch, you can go to the YouTube channel and see visuals. And we will do our best to describe everything clearly for those of you that still just listen. So what is going to be of value to you is you’ll get to take a peek into a funnel and see me as a funnel fixer, somebody who does this as part of my business, react to the funnel, and then share my initial thoughts on what I would change to make that funnel better. So all the things that apply to your own funnel, whether you have a lead magnet funnel or you have a webinar funnel, you’ll be able to come away from that episode with inspiration, ideas. I can change my own funnel this way. So how this works is if you would like to be featured on Funnel Fix Friday, then go down to the show notes below and submit.
Kwadwo Sampany-Kessie [00:02:35]:
Well, answer the questions that I have on the form there. But go to Quajo.com Fixmyfunnel, that’s Quayjo.com Fixmyfunnel, and then you’ll have an opportunity to have your funnel reviewed on Funnel Fix Fridays.
Rick Mulready [00:02:54]:
So it’s pretty cool for you all listening. One of the questions again that we get is either I don’t know what numbers to track, what numbers should I track? The next question is what’s good? Quote unquote. So benchmarks. And then the third part of that is, well, can you take a look at the funnel and tell me what I should do. And you are now getting a free opportunity to do that. So submit your funnel. Fill out the few questions that what’s an example of some of the questions that people will want to fill out.
Kwadwo Sampany-Kessie [00:03:35]:
For example, very easy. One link to your landing page. And then I would want you to fill out your conversion rate. Of the people that view your landing page, how many of them opt in for your free thing and then what that would look like on the episode? If you’re chosen Is, I would be looking at your conversion rate. Telling you how far off standard it is, what the standard conversion rate is, and then what I would do right there. First impression to rearrange the landing page so that the conversion rate could be higher.
Rick Mulready [00:04:03]:
Yeah, I love it. So it’s quajo.com fixmyfunnel fixmyfunnel. And Quajo is quayjo.com fixmyfunnel. Submit your funnel. You want to get it reviewed. This is what he does in his Ads management business. Not only does Quaido run ads for course creators, membership creators, but also he has the innate ability to be able to take it a step further, whereas most ad managers will just run the ads and look at the stats and everything like that. On the top level, he’s able to go deep on the entire funnel, which is really where you should be looking when you’re running an entire funnel.
Rick Mulready [00:04:50]:
It’s not just one piece of it. And this is what he does for his Ads management clients. He also does funnel. You can do a funnel session with him and so forth. Hey, we’re bringing this right to the podcast here. So funnel fix fridays. What are some of the stats that let’s just say you’ve got a lead magnet funnel. What are some of the stats that people should be looking at when you’ve got a pretty standard funnel? Hey, I want to grow my email list.
Rick Mulready [00:05:19]:
Cool.
Kwadwo Sampany-Kessie [00:05:20]:
All right. So the funnel would start with the lead magnet opt in page, right? And a stat that I always quote is 30% opt in rate, and that’s to cold traffic. So if you have that, great. If you don’t, then you would want to take steps to improve that conversion rate. And we’re not diving into that on this episode, but we are going to outline some standard stats for the rest of a lead magnet funnel, right, Rick?
Rick Mulready [00:05:46]:
Yeah, for sure. So you’ll be sharing like all right, the lead magnet opt in rate is 17%. Okay. Much lower than almost half of what we’d like to see it as. So here are some suggestions for how to increase that, those types of things that you’ll be sharing.
Kwadwo Sampany-Kessie [00:06:04]:
Right? And the trick here is, when you look at the standard funnel steps from a lead magnet opt in page, and then obviously, you’re delivering that lead magnet in a series of follow up emails. So your email open rates, right? You want to know what is the standard rate? That way you can look at steps of your funnel and decide, I should start fixing this step. Because if I fix this step, that’s going to give me outsized results on the number of people that are converting into, say, a webinar, showing up to a webinar, buying an offer that you’re introducing, and so on and so forth. So the next step after somebody opts in to your lead magnet would be they’re opening your emails. And so you want to look at two things. What’s a good email open rate and then what’s a good click through rate? Click through rate, hopefully being to the thing that you’re trying to sell or the place that you really want people to go.
Rick Mulready [00:06:57]:
The click through rate. I’m glad you bring that up. And that you’re going to be talking about that on the Funnel Fix Fridays, because this is a number where people look at it and say, wait, it’s not the same as my open rate, I’m doing something wrong. But an average click rate in an email is between, say, like one and 4%. So if you’re in that range, when I say click rate, people like clicking a link in your email and going to wherever the destination is. Yeah, and can you talk real quick? Quajo and I know you’ll be talking about this on these episodes, but for the open rate, it’s all kind of subjective these days, right, because of all the filters and what gets opened automatically. But open rate can be helpful, at least from a benchmark perspective.
Kwadwo Sampany-Kessie [00:07:49]:
Yes, it is relative, but still, what I’m selling with my clients is like, when we talk about 30%, yeah, a good number of people can get close to that. And if you’re looking in your own active campaign or Kajabi or ConvertKit, whatever, what have you, and you see that your open rate for the email is like 5% or 6%, that’s where, you know, you can spend some time with chat, GPT and wordsmithing your subject lines to increase it. So, yes, it is relative, but at the same time, if you’re quite low on the spectrum versus say, 15%, 20%, then, you know, okay, it’s time to improve those subject lines. This is going to be a very short episode. I will be going into a lot more nuance on Funnel Fix Fridays because naturally you as a listener are asking, well, how do I restructure my landing page to include or to increase that conversion rate? How do I increase the click through rate in an email? How do we switch things around in there? And we will be getting to that. That’s the benefit for you if you come back and watch Funnel Fix Fridays.
Rick Mulready [00:08:59]:
And listen and listen to Funnel Fix Fridays. Another example here is I was literally on a call when we recorded yesterday with one of my one on one coaching clients. They are running a funnel from their YouTube channel. So they have a very successful YouTube channel, and they have a call to action, to a master class, to a webinar, basically off the webinar. They sell a 497 program, $497 program. And so naturally, I want to know what the numbers are. They’re getting, like, a 51% opt in rate. That’s not really cold traffic, but people watching the video.
Rick Mulready [00:09:42]:
So 51% of the people who are landing on the opt in page are registering for the webinar. Then the other number I want to know, I wanted to know was, all right, what’s your lead to sale conversion rate? So what percentage of the people who are opting in are actually purchasing? And they have a 5% lead to Sale conversion rate, so that’s really good. 5% if it were, like, 0.5%. All right, now we’re shining a big spotlight on what to focus on, but it’s a super high opt in rate at 51%. It’s a solid lead to sales conversion rate on the funnel at 5%. And then so the rest of the stats throughout the funnel are really good. It now gives us, okay, let’s get more traffic into the funnel so it’s not the conversion pieces along the way. Now it’s like, all right, we’ve identified that.
Rick Mulready [00:10:41]:
More traffic, please. So that’s what we’re working on. And that’s a perfect example of what you’re going to be doing specifically on funnels that people submit.
Kwadwo Sampany-Kessie [00:10:51]:
Yes, your business will thrive based on your ability to look at the data and let the data tell you where you need to start tweaking and fixing things. And so funnelfix Fridays, quayjo.com fixmyfunnel. That’s quajo.com fixmyfunnel. You can get this link in the show notes below. Until then, be blessed. Take care. Bye.
