Sales is a process and so you need to track everything to be able to know what working.
Reverse engineer what it takes to make a sale and then track all them statistics.
Let me give you an example…
I used to have an automated webinar and my product was priced at £500.
I knew that 7% of all those who showed up to the webinar would buy the product.
So that means in in every 15 people would buy.
I would therefore track how many people showed up.
But that’s not enough.
I then needed to know how many people who registered would show up to the webinar so I tracked that.
Interestingly when I set the webinar to run once per week the show up rate would be 25% but when I did a webinar starting in the net 15 mins the show up rate would be around 40% – big difference.
So I went with starting in 15 mins.
That means if we take the 15 people (40%) I would need 37.5 people to register which rounded up is 38 people to make the maths easier.
So now I know I need 38 registrations, 15 people show up, 1 buys.
But that’s also not enough so I went further.
I tracked how many people got to the registration page and registered – clicks that converted to registrations and that number I can’t remember but let’s assume it’s 50%.
So I got a step further I now need 76 clicks to get 38 registrations to get 15 people watch to get 1 to buy.
Go back a further step to if I’m running an advert what’s my impressions to CTR and I remember that used to be about 2-3% for me. Let’s say 2%.
That means I now need 3800 impressions to get 76 clicks to get 38 registrations to get 15 show ups to get 1 purchase.
Now you can take the £500 profit and work out at each stage how much you’re able to spend and still stay in profit.
So £500 / 76 = £6.57 which means if your cost per click is under this you will be in profit.
You may want to be at £3 per click to make a decent margin.
You can turn workout the max cost per opt-in as £13.15.
So you can also go a step further with this all and look at the open rate and click through rate or every email after opt-in to see what’s affecting conversions and also with a webinar or a video you can track how long each person watches or even with a sales letter you can start heat mapping to track exactly how far down they scroll, do they get stuck often at s particular point? If so how can you change that to increase conversion.
You can track clicks from the sales page to the payment page and see how many people abandon cart at that point and put in s followup at that point to increase conversions.
All this will help you to track, report and optimise conversions do your client sees better results.