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Your funnel might be set up in a way that’s costing you sales without you realizing it. We’ll discuss how tweaking your funnel can drastically improve your conversion rates and increase your profits.
Whether it’s changing your funnel’s lead magnet or adjusting the sequence of email delivery, these small changes can make a big difference in your overall sales performance.
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Links mentioned in this episode:
Kwadwo [QUĀY.jo] Sampany-Kessie’s Links:
Jamie Sampany-Kessie’s Links:
- Say hi to Jamie on Instagram
Speaker 1:
So what if your funnel is set up in a way that’s actually costing you sales without you even realizing it? I was in Cabo San Lucas on a retreat for the Mixer Mind. If you’ve heard other guests like Marisa Corcoran, Brynna McGowan there’s been a handful of ladies from this amazing Mixer Mind and I had met somebody there who was dealing with exactly this funnel issue, and today I’m going to break it down for you.
Speaker 2:
By the end of this episode you’ll learn the funnel mistake that might be draining your profits and how to fix it to increase conversions and make more sales. So, koidra, I’m actually a little bit jealous that you got to go to Los Cabos without me this time A little bit difficult to organize with kids and stuff me this time A little bit difficult to organize with kids and stuff. But tell us about what happened at the retreat and this lady that you met and what was going on with her funnel.
Speaker 1:
Random fact I learned in the airport in Spanish it’s referred to as Los Cabos, whereas most folks in the States say Cabo. So, there’s actually two pueblos, two like towns, if you will. One is Cabo San Lucas, and that’s where all the famous celebrities live and all the more crazy partying goes on, and the other is more chill, san Jose, and that’s where we were. What’d you ask me?
Speaker 2:
So what happened with her funnel? What did you discover in your little chat with her?
Speaker 1:
That’s right. So she knows that I’m a Facebook and Instagram ad manager and she had sat next to me on a van and asked me about managing her ads and the first thing that I say is, well, in general, it’s good if you have a funnel that converts at 2%, and so I began to ask her how her funnel stats were and if it was converting at 2%, because if a funnel is converting at 2%, generally there’s enough profit in there to hire an ad manager. And if you’re working with somebody like me, who spent like three years coaching, as in consulting, high earning, like online course creators I mean, like you know, high six figures, low seven figures a year Then, like when I manage your ads, I also touch upon improving your funnel a bit.
Speaker 1:
So how many people were going through her funnel and what was her conversion rate at so here’s the thing as we go through these stats, she was leaving a lot of money on the table, and I’ll tell you why after we go through the stats and get to the funnel structure.
Speaker 2:
But 300 people had gone through her funnel and only three converted and only three converted, which resulted in a not too shabby 1% conversion rate. Okay, not bad, not bad, but we are typically looking for closer to 2% or even above 2%, right?
Speaker 1:
Right, 2% or higher would be much better. So the first thing I did was I explained this to her, and then I helped her understand her earnings per lead.
Speaker 2:
Break that down for us. What does earnings per lead mean?
Speaker 1:
Earnings per lead is EPL yes.
Speaker 2:
I meant break down the math.
Speaker 1:
So the whole point here is, if we’re going to run ads traffic through a funnel, we need to establish how much money we’re making for each lead, right? Because when you run Facebook or Instagram ads ads, every lead is going to cost you money, and so you want to play in that what I will call profit gap, where you’re making a amount more money per lead than it’s costing you to send that lead through your funnel. Still, I believe her offer was 397 dollars and I multiplied that by three purchases, which equaled $1191 in revenue. And so then I took that revenue and divided it by the 300 leads that had gone through her funnel to get $3.97 earning per lead.
Speaker 2:
Okay, so that’s good, that’s bad, that’s kind of.
Speaker 1:
That’s a little low.
Speaker 2:
A little low.
Speaker 1:
I mean, I cannot guarantee how much lead costs will cost for anyone because it differs highly from business to business, from niche to niche especially, but I’m generally not happy if I can’t get like lead costs under $3, you know, and like a lead cost around $1.50 is really hitting a home run. Of course there’s plenty of other elements like how good is the messaging, how good is the landing page, but we’ll keep it pretty straightforward for this call, since this is our conversation that I have with this lady In the van on the way to the catamaran tour of the Mixer Mind. So, or maybe it was after. I think it was after actually.
Speaker 2:
Either way, our favorite answer is it depends, it depends right.
Speaker 1:
So to understand why she was leaving so much money on the table and how she could easily increase her conversion rate to 2% or higher, we got to go through the funnel structure. So what did her funnel start with? It started with a checklist, and I guess now here’s where I’ll clarify. People were buying in the funnel, but they’re buying off of the back of a training in that funnel, right? So this training would be your typical pre-recorded let’s call it evergreen webinar, if you will.
Speaker 1:
So, people were watching that training and then they were buying off the back of it. But here’s the problem the funnel was actually built around a separate lead magnet or checklist, and then this training wasn’t even introduced until the third or fourth email of the email sequence.
Speaker 2:
Oh, no, yeah, so it was buried. It was buried in the email sequence.
Speaker 1:
And people didn’t even know the training was coming because they opted in for a lead magnet Right.
Speaker 2:
Yeah, so they didn’t necessarily even know what they were, what they were signing up, nope.
Speaker 1:
And here’s the problem, because the funnel is like any email funnel her open rates, and we didn’t go into this. But let’s say that your open rates are the standard 30% open rate, and that’s decent, right? Well, that means 70% of people are not reading your emails, though. So let’s go ahead and say you have a stellar open rate of 50%. Well, first of all, as you’ve seen in your email sequences, the highest open rate is usually on that first email, right, delivering the lead magnet, and then the second email, and then, from there, the open rate tends to taper off a bit. So by only introducing this training, this training that was converting for her, by the way, in the third or fourth email it might’ve been the fourth email she was missing out on tons of sales just because a much lower percentage of those 300 leads were even seeing the training. And that was the mistake, that was the issue. The funnel was essentially hiding the key conversion event, that training, that selling her product.
Speaker 2:
Right, so you can probably see what we’re getting at here. What she should have done is drive traffic directly to the training instead of to that checklist, that lead magnet, therefore making the training that primary entry point into the funnel and ensuring that more people saw it and actually had the opportunity to convert.
Speaker 1:
And here’s the thing Like I told her, change up the funnel and since she already had an email that was trying to get the people to watch the training, I was like just take that email and have your team rework it so that is an opt-in page and start getting a lot more eyeballs on that funnel.
Speaker 1:
If you need help with your Facebook ads but you’re not at the point where you’re ready, your business has a profit to hire an ads manager with a monthly retainer. I still do one-on-one Facebook ad coaching and Instagram ad coaching. They’re all the same and this type of funnel advice that I gave her is along the lines of the same kind of funnel advice I can give you to increase. It’s what we do on the first call to increase your funnel conversions. And then, of course, we have several more calls over the course of a month and you get unlimited access to me in between so that you can run your ads just like I would. That link to book a one-on-one coaching call session with me is in the show notes below. So higher, more traffic on her training equaled higher visibility, equals increased conversions, and that is what you should take away from this episode is your funnel should prioritize getting people to the thing that actually converts them. Don’t have a checklist funnel and then, surprise, buried down in there is a training.
Speaker 1:
No run traffic directly to the training, like the more steps that you have in a funnel before you get to a training. Because I’ve had people ask me this too, like should I use a lead magnet and then later on introduce folks to the webinar? It’s like well, no, what’s doing the selling? Put that first. Make the funnel about that.
Speaker 2:
Right. So go ahead and identify the step in your funnel that is driving sales whether it’s your training, your webinar, whatever that might be and make that the central focus of your funnel. And in the next episode we’re going to go into a little bit more about additional ways that you can build your funnel so that you can get higher conversions.
Speaker 1:
Yep, yep, yep. And if you need that Facebook and Instagram ad coaching so that you can successfully run your campaigns, like I would by the way, this is only for course, creators If you are e-commerce like you’re selling 30 different products on your website, or you’re like an influencer and you make most of your money from, say, endorsements or sponsorships but don’t have a product, then this ads coaching would not be for you. But I’m talking to you, course, creator, because I’ve specialized in helping you for so long and I would love to help your ads work better and your funnel convert better on a coaching call until the next time we chat, take care, be blessed and we’ll see you in the next you soon bye.
