[Lesson 8] How do you know things are working?
This lesson is from a 9-part email course. To get free access to all lessons and worksheets, click here now.
So now you have eyeballs on your offer, you’ve spent some money on ads, people are visiting your website and are going through your funnel.
Hopefully, you’re making some sales.. But there’s a problem.
Things are completely unpredictable and seemingly random.
“How in the world do I know that what I’m doing is actually working?” you ask yourself.
And that’s a great question!
While you’re at it, also ask yourself: “Is this a fly-by-night operation? Am I just getting lucky? Will this work next month? How will I continue to grow?”
These are the kinds of questions that business owners beset with problems ask themselves.
And do you know why?
It’s because they’re not mathematical marketers.
Simply put, they don’t know their numbers.
And if you don’t know your numbers, or where the drop-offs in your funnels are, there’s no way for you to improve.
And if there’s no clear path to improvement and growth, you have no way to ensure you’ll be in business tomorrow.
Here’s another important question…
Is this a hobby, or is this a business?
If it’s a business you’re running, then we need to take a step back for a moment and look at this situation through the lens of a metaphor.
Imagine you’re a stock broker, investing on the stock market for several high-paying clients.
You get a call one day from one of them. A very concerned Mr. Jacobs is on the other end of the phone.
He sounds worried.. He wants to know how his investments are performing.
You fumble a bit, clear your throat, wishing that you never got the call, and then proceed to tell him that you think things are going well.
But then he asks for details.. “How well exactly? What do you mean by ‘going well’? How do you know?”
And here’s that messy problem again.. You don’t have the exact numbers, so all you can do is continue to say that you think things are fine.
Unfortunately, he’s not reassured, to say the least…
Now, how long do you think Mr. Jacobs is going to continue to invest through you and with your firm?
Yeah, not long.. at least if he’s smart.
And so it is with your business, your website, and your funnels.
Don’t be a “hope marketer”. Be a mathematical marketer.
You have to know your numbers!
The Part Where We Explore How to Do This
Well, the good news is it doesn’t take an advanced degree in statistics, nor does it require months of learning, or complicated coding, to get a handle on all this.
It just takes a few software tools (some of which are free), a little training, a pinch of discipline to do things a certain way, every time, and you’ll be well on your way to being a mathematical marketer.
In fact, you’ll be better off than over half of the online entrepreneurs out there today, most of whom won’t be in business next year (when their sloppiness catches up with them, and their profit margins sink in the abyss of their failing ads and squandered budgets).
The Enlightened Way Forward
At the most basic level, you have to track and know 3 fundamental metrics in order to be able to make any meaningful and reliable decisions in your business.
These 3 fundamental metrics are:
- Your optin rate (which is your visitor traffic divided by the number of subscribers you get from that campaign)
- Your sales conversion rate (which is the number of sales you make from those that landed on your sales page)
- Your order form completion rate (which is the number of people who made it to your order form page and actually completed the order)
Now, to be clear, there are a lot more details that we could cover in this conversation, but these 3 metrics are the absolute bare minimum. (Check out the FUYOB Academy for more training on this subject).
The bottom line is: If you don’t know the aforementioned numbers, no additional philosophies or theoretical strategies will help you. You have to know these numbers.
Once you know and understand these essential metrics, you’ll be able to precisely identify what’s known as your “funnel constraint”, or your weakest link.
Once you know that, you’ll know what needs to be fixed, changed, tweaked, or tested further. And knowing that is the key to growth and an increase in your ROI.
Not knowing these numbers means you’re putting your bottom line at risk, placing your ultimate success in jeopardy.
Know those numbers!
Where the How-To is Revealed
So this all brings us back to the question: How do you do all this? How do you reliably track and gain insight into these essential numbers?
Well, honestly, there are a ton of ways, some free, some paid, but I’m going to share with you what has worked for me.
First of all, anytime you create a website, a funnel, or landing page, make sure you place the standard Google Analytics tracking code on every page you create.
Now this isn’t as hard as it sounds. Most platforms allow you to do this in a universal manner (where you can just copy/paste the code snippet into one place and you’re done), but some do make it a little more tricky.
Once you have Google Analytics setup on your website, funnel, and landing pages, etc., we can now talk about one of the most powerful things you can do to track your visitors, opt-in rates, conversion rates, and ROI.
Tracking Traffic Sources with the Google URL Builder and UTM Parameters
I know, I know, “What the heck is that?” LOL
I hear ya… But don’t worry, I have a great resource for you that’s going to put all this confusion to rest (well, at least hopefully). 🙂
I’m going to be honest with you here, it took me a while to get to the point where I was properly tracking my campaigns. And even longer before I finally got around to looking into the Google URL Builder and what are know as UTM parameters.
But like I said, I have a great resource for you, that will help you to understand all this better. It’s coming up at the end of this section.
Once you have Google Analytics installed on your website and all your funnel pages (like we talked about in the previous section), the next step is to start using the Google URL Builder to add what are called “UTM parameters” to the end of the links that you share to your website and funnel pages in order to track your campaigns back to their source and medium.
In a nutshell, the Google URL Builder allows you to input 3 essential parameters (ignore the other ones for now, that aren’t as essential as these 3).
And here are what these three obscure things stand for:
utm_source = The Source is the place users are before seeing your content, like a search engine or another website, for example: facebook, twitter, or google.
utm_medium = The Medium describes how users arrived at your content, for example: email, banner, or cpc (cost per click).
utm_campaign = The Campaign names the individual campaign or promotion that you’re running, for example: june-2016-newsletter or facebook-ad-01
One of the best resources that I’ve found online that explains this all very well is this blog post by Buffer: The Complete Guide to UTM Codes
Come back to that article after you finish this email, and trust me, you’ll understand all this much better. Don’t worry if you have to go through it twice. It’ll be worth it.
Once you get all this, start tracking your links with these UTM parameters and then checking your Google Analytics dashboard under Acquisition > All Traffic > Source/Medium.
Tracking Conversion Rates and ROI with Google Analytics Goals
Armed with the above knowledge, now we can move onto the big leagues. 🙂
Very few people know that Google Analytics has a tool that can track every step of your funnel, regardless of what platform it’s on (WordPress, Instapage, ClickFunnels, etc.), and regardless if that platform provides tracking and conversion metrics of its own (and by the way, rarely do I trust a tool’s built-in tracking metrics. I always have a backup source to compare with).
Here are two great, and relatively short, videos that will help make this process clearer:
How to Make this All Easier With ONE Tool
Wow… Wasn’t the above a little overwhelming? I know. It is.
And for that reason, I’m going to give you an easier way out.
Not too long ago I came across an amazing tool that could do the following:
- Track all traffic sources with unique links
- Display all opt-in rates, conversion rates, and ROI in one dashboard
- Provide detailed traffic comparison reporting
- Ensure cross-platform, lossless tracking
And much, much more…
And the best part is, you can do all this with just a SINGLE TRACKING CODE snippet that you place on your website.
Say hello to ConversionFly!
I wish I could go into more detail, but this email is already over 1,700 words long at this point. Just know that I myself use a combination of Google Analytics and ConversionFly, and that’s about it. It’s all you really need.
And with that, we come to the end of Lesson 8!
Here’s the part where you get to take action, and I get to hear from you!
I really hope you take a few minutes to complete this worksheet. I can’t wait to see what you come up with!
Here’s Worksheet #8 –> Becoming a Mathematical Marketer
Once you fill out the worksheet, I’ll send you a copy of your answers and I’ll also get a copy. I’ll also send you Lesson 9, which is the Grand Finale (so you don’t have to wait another day).
Don’t be surprised if you hear from me personally 🙂