When launching a new offer online, a new funnel or any other marketing activity that involves spending money, it can feel a little bit stressful. That stressful feeling in the stomach can lead to making decisions that, in the long run, are not for the best interest of the business.
The tendency we see is the “pressure” and urge to change things quickly to limit money spent and “wasted” while we’re conducting tests”.
There are a few elements that need to be taken into account when evaluating funnels’/offers’ performance and making decisions when to spend money, when to stop, and when to scale:
- Salespeople have two rules: Coffee is only for Closers and ABC – Always Be Closing. Meanwhile, the ultimate rule for marketers is ABT – Always Be Testing. We are always trying to get as much data as possible to understand the performance of the market and the response to the offer. That means money needs to be spent to gather, analyze and understand the data.
- Most of the funnels have at least a few steps that the customers follow and that means various moving parts to analyze. The urge a business owner might have is to change everything because they are spending money and they want to see the results as fast as possible. Gathering data is a game of patience. It takes time and money to “buy” traffic and gather the data.
- Nobody has a crystal ball to guarantee anything. Even if something worked two months ago for one of the clients nobody can guarantee it will work now for a different client. There are just too many variables – the offer, branding, messaging, tone of voice, price structure etc. That is why we need data.
- Once the data is sufficient we can evaluate how “healthy” the funnel/offer is and only THEN can we suggest tweaks. And, most likely, those tweaks will not be applied to all elements of the funnel.
- The main data points we look at are:
- Performance of the ads – are people clicking them, do they share them, comment on them, engage with them, and are we driving optimal traffic to the landing page
- Performance of the funnel – are visitors clicking through one step to the next
- Performance of the offer – does the offer sell
Any of the above a-c points have subpoints we look at when assessing the situation. That is why it is so important not to make rushed, fear-based decisions that can actually ruin an overall good campaign.
If tweaks are needed, they need to be applied in steps to address the identified (based on data, not on a crystal ball) bottlenecks. Only then can we make educated decisions based on facts.