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The Art of Online Business

[Formerly The Art of Paid Traffic] Are you an online expert working toward the 6 or 7-figure mark in your business? Welcome to your one-stop-shop for practical tips, mindsets, actionable strategies, detailed case studies and everything else you need to build an online business and a life that lights you up. Whether you’re ready to increase your profit through Facebook and Instagram ads or you’re looking to find and focus on the CEO activities that’ll make the most meaningful difference in your business — you’re in the right place. Host Rick Mulready is an online business coach, ads expert and lifestyle entrepreneur sharing his path to building a million dollar business as an online expert and course creator. His specialty? Breaking complex overwhelm-inducing ideas and strategies into bite sized easy to understand pieces. His not-so-secret superpower? Teaching simplified Facebook and Instagram ad strategies you can use to create a foundation for more freedom, leads, and sales in your business. Ready for more income AND impact? Discover why The Art of Online Business has over 4.5 million downloads from ambitious online experts committed to creating profitable and purposeful businesses!
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The Art of Online Business
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Sep 7, 2016

On this episode of The Art of Paid Traffic, we dive into measuring the effectiveness of your sales funnels.

Specifically, I walk you through how to make sense of all the stats and metrics as you take someone from being a stranger to your business all the way through to becoming a paying customer.

If you’ve been listening to the podcast for a while, then you’ve heard me talk about how important is to “know your numbers” so you can:

  1. Measure the success of your sales funnels
  2. Make data-based decisions on where improvements need to be made
  3. Do more of what’s working and…
  4. Drive leads and sales automatically every single day

But recently I realized that a ton of people get stuck in step one because they don’t know the specific measurements to shoot for, in terms of what’s considered “successful”.

So if you’ve yet to experience the fun of optimizing and automating your funnels (#2 - #4 above), the content of today’s episode is going to help you get to the good stuff.

Just as a heads up, the stuff I cover on this show is a follow up on “the easiest and fastest way to create a high-converting sales funnel”, which we covered last week during episode 100.

If you missed it, no worries -- you’ll still get a ton of value out of today’s show. But if you get the chance, I’d encourage you to check out our 100th episode (especially because I walk you through one of my favorite sales funnel building exercises that I typically only share when I speak at live trainings).

In this episode you’ll discover benchmarks for your funnel stats and simple strategies to help you set goals and determine your success as you work to improve your funnels.

Get ready to gain clarity and confidence around knowing your numbers and figuring out what’s working… to track, improve, optimize and automate your high-converting funnel.

On today’s show you’ll learn:

  • How tracking the right funnel metrics will help you to know exactly how much you should be investing in your Facebook Ads
  • The numbers you should focus on once your sales funnel is up and running
  • The specific metrics you need to be tracking in each step of your funnel, so that you can measure success and quickly identify areas for improvement
  • Cost Per Lead, Customer Value and other most-know metrics for measuring the ROI of your FB Ads
  • Key benchmarks that will tell you when your funnel is on track for success
  • Simple strategies for improving each step of your sales funnel
  • And a whole lot more…

Enrollment for The FB ADvantage Is Re-Opening!

I’m getting ready to re-open the doors to my flagship Facebook ads program, The FB ADvantage: Leads & Sales on Autopilot.

I’ve made some changes to the program so it’s a bit different than what it’s been in the past.

The FB ADvantage is now tailored for online businesses so if you have an online business you’re looking to grow and automate, The FB ADvantage is for you!

To celebrate the reopening of The FB ADvantage, I’m going to be doing a series of live online training workshops where I’ll be teaching…

How to Create An Automated Facebook Ads System that Gets Leads & Sales Everyday

There will be 3 live times over September 14th and 15th and to register for a day and time that works best for you, click the link below:

How to Create An Automated System that Gets Leads & Sales Every Day with Facebook Ads

Facebook Metrics You Want to Be Looking At…

Look at the results that are most relevant to your Objective. Check lifetime, weekly and daily stats (depending on how long your ad campaign has been running).

For example, if your objective is:

  • “Website conversions” — look at your cost per conversion first.  Then how many conversions you’ve had and then the amount of money you’ve spent.
  • “Clicks to website” — look at your cost per click first.  Then click-through-rate and then how many clicks to your landing page.

Every niche is different so results will vary GREATLY.  Here are some general guidelines:

  • CPL = < $8
    • If you know roughly what your CPL should be, and the results you’re getting are at least 3x your expectations, pause your ad and test something new.
  • CPC = < $1
  • CTR = 1%+
  • Landing Page Conversion Rate =  > 20%
  • Sales Page Conversion Rate = ~2% average

       **If you are a B2B company, your CPL is likely going to be much higher.

  • Facebook ads Reach:  Reach is simply the number of people that your ad has been shown to. (I like to have a reach of at least 1,000 before optimizing)
  • Frequency: The average number of times a person has seen your ad.  If Frequency goes 4+, it’s time to refresh your ad.
  • Relevancy Score: A rating of 1-10 based on how your targeted audience is responding to your ad. The higher the score the lower cost you’ll pay and the more people will see your ad.
    • 1-3 — your ad isn’t resonating with your audience, change up your ad
    • 4-6 — not bad but keep an eye on the performance of your ad.
    • 7-10 — nice work, keep it up!

Webinar Stats (Benchmark Rough Guidelines):

Show Up Rate: Average is ~20-30%. Shoot for 30% +

Conversion Rate (% of people buying on webinar): Average is ~2-6%

**40-60% of your total sales during a launch where you’re using webinars will likely come post-webinar!

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