Pillar 5 Conversions and Analytics
This Pillar of digital marketing is focused on the end in mind. This is an area many online marketers do not pay enough attention to and utilize within their business.
You are building an online business to hopefully make money as otherwise, it is just a hobby or a charity. Implementing a solid strategy around sales, conversions and analytics is very important when it comes to making money.
You are building an online business to hopefully make money as otherwise, it is just a hobby or a charity. Implementing a solid strategy around sales, conversions, and analytics is very important when it comes to making money.
Here are the major subtopics around these areas.
How do you know if you don’t know?
Various types of analytics
Knowing the value of a customer
Types of Conversions
The money is in the list
Landing pages and Sales funnels
How do you know if you don’t know?
Ok, so one of the beautiful aspects of online marketing is you can virtually track everything you do. All your content, advertising, landing pages, sales funnels, can all have analytic scripts and code within them, to allow you to see exactly what is happening.
When you get to the stage of making sales online, it is super important that you know what is going on. How many people visited your page, what did they do, how long did they watch the video, the webinar? How many people does it take to make a sale? What version of your sales page do they like better? Do you do split testing?
If you have an e-commerce type of website, the same applies. The only way you can make sound decisions about what is working and what is not is having the ability to look at the numbers, understand those numbers and be able to adjust within your business to increase your conversions and sales processes.
Without tracking you are shooting yourself in the foot in your business. In most cases, you are going to fail as well.
There is really no reason to not track everything. Today there are so many ways to create tracking links that it is quite silly to NOT be tracking.
Let’s say you create a great video for your business and upload it to YouTube. How do you know if someone watched and then clicked on the link in the description?
Even with basic analytics built into most hosting accounts, you should be able to see where your traffic is coming from. However, there are much more sophisticated ways to track that gives you much more data inside your business. By knowing what is working and what is not, you are armed with data that allows you to grow your business the right way.
There are even plenty of free options where you can track every link you put out on the internet. If you want to be successful online, then you need to TRACK EVERYTHING!
Services such as Bit.ly and many other URL shortening services give you the ability to create unique links that will be tracked. You will know exactly how many people clicked on a link.
This leads to making very sound decisions. As your business grows you will want to know what places are bringing you traffic. Is it YouTube? Is it Facebook? Is it the search engines? What is going on? How do people find your site?
Tracking Everything leads to…
Various types of analytics
There are many applications you can utilize to track and analyze data. From your hosting account to Google Analytics, to many other forms of tracking that can be attached to everything you do online.
I have been using a cPanel style of hosting every since I started online back in 2005. Within this type of hosting there are lots of built-in analytics to get started with. Awstats and other analytic components are built into and cPanel hosting. This allows you to see what search engine terms people found your site from. It allows you to see how many visitors are coming to your website, how many are new and how many are returning.
Also, it shows you which links and pages people are visiting on your website. Which content is most popular, etc…
Google analytics is an excellent free tool you can attach to your website. There is a Google service called Google Search Console that has a bunch of tools to monitor and maintain your website.
Google Search Console is a no-charge web service by Google for webmasters. It allows webmasters to check indexing status and optimize visibility of their website. There is also a ton of helpful information. There is too much there to discuss here, however, I will have a complete course on using the Google Search Console.
Google analytics does a really good job of breaking down your data. The cool thing is there are plugins you can use with WordPress to quickly set up Google analytics on your website.
I highly recommend at a bare minimum you make use of Google Analytics so you can see exactly what is happening on your website and be able to check the data of what is going on.
Additional Analytic Tools
There are also many free URL shorter programs out there that allow you to take a long link and shorten it up. Most of these services have tracking as well and most are free with the ability to upgrade to get more detailed statistics.
There are many other types of tracking available and some can get very detailed information. One of them is called Crazy Egg and it actually allows you to see how people interact with your website. This can give you excellent information on why people may be leaving your website. They also use heat map technology to see where people are focusing when on your website.
There are many other free and paid services that can give you all the details you will need to make sound decisions to help you better understand where your traffic comes from, and how they interact on your website.
Knowing the Value of A Customer
Getting people to your website is challenging work. It takes time and work to do this. It only makes sense that you track everything that happens.
Probably the most important stat is how much it costs your business to acquire a new customer and knowing the lifetime value of that customer.
It is always easier to resell someone that trusts you vs getting a new customer to buy from you. The relationship is already established, and they trust you.
An important stat to know if what is the lifetime value of that customer. Now, this is not always easy to figure out, and each business is different as to what they have to offer, however it is very important information to know.
The reason is, if you are doing Facebook Ads or Google Ads, you can find out exactly what the cost per click is to get them to your ad. Now that is just the beginning of the sales cycle. Therefore, you want tracking all the way through your sales process. That way you can start calculating the cost to acquire a lead, a new customer and more when doing Facebook Ads or Google Ads…
If it costs you 2 dollars to get a lead, then 1 out of 5 of those leads purchase. Then it cost you 10.00 to get a sale. If you are selling something that costs 20.00, then your profit is $10.00. Knowing that information, how much money would you put into your ads? I am sure you would do this all day long if you had a winning ad and know that for each 10.00 you spend you are going to make 10.00. It is a no-brainer.
However, if you do not have the tracking in place and a system to analyze your data, then you have no idea if you are making a profit or not.
Now most ads you are not going to make money, or you may break even. However, when you find a winning ad, then you will be able to turn off the others and model that ad to try to beat it. If you can get your customer acquisition down to $5.00, then you make $15 instead of $10.
Hopefully that clarifies the importance of putting in tracking and analytics, so you can make sound business decisions that brings you more profit.
Types of Conversions
Now there are many different types of conversions you will want to understand within your business.
There are Lead conversions, Buyer conversions, email conversions and more. The point is, some conversions are designed to get you leads and others for a mailing campaign, and then sales conversions.
They all play an important role.
Let’s say you are giving away a free eBook and you buy some traffic and send it to that landing page. You send 100 people to the landing page, and 25 of them give up their email and download the eBook. Your conversion rate would be 25%. Then through an ongoing mailing campaign, you can follow up with those 25 people. Maybe it is a 10-part email series geared towards purchasing your product.
After the email series is done you end up with 2 new customers. Now you can take all this data and figure out exactly what it costs you to acquire a new customer.
Without this information, all your marketing is really a waste of time. You must know the numbers in your business and set up to improve them to the highest conversion possible.
Maybe in the above example, you had 2 landing pages for the eBook. 1 of them had a video and 1 was just text with an opt-in. Maybe 9 out of the 10 signed up through the video which lets you know that the video landing page was way more effective than the text landing page. This is called split testing and many professional marketers put this in place to find out what converts and what doesn’t.
Now you designed an email series of 10 mailings. The goal was to get them back to your website and make a purchase. However, on email 6 most of them opted out. Well, then there could be something you said in the 6th email that turned them off. This is fixable. Without this knowledge? You’re just doing Hope marketing.
Are you beginning to get the picture of why it is so important to TRACK EVERYTHING?
Speaking of email marketing…
The Money is in the list!
This has been a phrase that has been thrown around for a long time in the internet marketing arena. Those with a big list of subscribers can print money on demand in their niche.
There are literally thousands of new products that come out in the internet marketing niche each year. When you have a list, and you see a good product that can help those people, all you must do is write an email, send it to them and off they go and buy.
It is very important as you build your online empire that you place a high priority in building your list. You will need an email service and an autoresponder to be able to follow up with these people. There is a lot to learn about email marketing and I will have a course about this for you to learn more about how to build a list and what to do with it.
In all businesses, it is to your benefit to put a strong effort into building a list. Whenever someone comes to your website, you want to do all you can to capture their information. Often one of the best ways to do this is to offer something valuable that they would be interested in and then you should give it away. This could be an eBook, a video, a podcast, a sample product or anything that your particular market sees as valuable.
There are excellent products on the market that make this easy to set up on your website. There are even some that have what is called exit intent. Remember I talked about how quickly some people will leave your website. If someone lands on your website and does not immediately see what they are looking for, they will close the browser or hit the backspace key in the browser. There is some great software that will detect when people are going to do this, and you can set a pop up to try and capture their info before they leave. Do everything you can to capture their email before they leave.
Landing pages and Sales Funnels
Both are very important to your conversion and sales on your website. I am sure you may have heard of the term a sales funnel. They are used to move people through a process. You will find sales funnels and landing pages just about on any website that is selling something.
Landing pages are typically a one-page website that has one call to action. Do not make the mistake of giving people too many decisions on the landing page. Have a specific goal and keep it simple. When you are running a landing page, there should only be 2 choices. The call to action you set up or leave. Don’t even give them access to your blog or the rest of your website. This is a marketing page. The goal is whatever it is you have designed for the visitor to do. You test to see what people do and if you offer a way out of your page it is going to be difficult to decipher the intent and interest of the landing page.
Maybe you have an Ebook that holds a ton of value to your audience. So you set up a landing page, and offer to give them this ebook if they give you their email.
I am in the process of setting up one of these funnels and the goal is to get them into a webinar series that I am setting up for a launch that I am doing for a membership. So my process goes from the ebook to a thank you page. On that thank you page I will offer the free webinar to find out more. If they don’t sign up right then, I will be sending them a series of emails to try and get them to the webinar. Once they attend the webinar series, I will be presenting some problems within that market, and at the end of the webinar series, I will make a special offer for them to join my membership.
This is a complete sales funnel.
They are very important tools in your business.
In my landing page and sales funnel course, I will be sharing some great resources that will show you how to develop great landing pages and sales funnels for any market.
Any time you have a landing page and or Sales funnel you will want to…
Set up Split testing
Split testing is a process in which you set up 2 variations of the same page, with one element being different on the other page. Then you track which one performs better.
Once you find a winning campaign, then all you will do is try to beat that conversion rate to get it higher.
By doing split testing you can make small adjustments to your sales process and landing pages and see what works and what does not. All professional marketers use split testing to see how people respond.
Do video sales pages work better than Text pages?
Does blue work better than red?
Does one headline work better than another?
Does one opt-in form work better than another?
There are many pieces that can make a huge difference in your sales and conversions in all your marketing efforts. By split testing, you will be able to define what those are and how to make improvements within your sales and conversions.
Conversions and Analytics will make or break your business. I can guarantee that if you do not use some of the aspects I have gone over, that you will most likely fail, or your business will plod along at a pace you may not be happy with.
Remember to track everything. Know your numbers, know what it costs to get a customer or a lead. Build a list. Split test and use a sales process that brings people through a funnel.
By incorporating these aspects into your business, you will be miles ahead of many other people who struggle to make a living online.