Are you optimizing for the right stats in your business?
For example, you could use open rates to compare subject lines, but opens are a limited stat.
You can’t deposit opens or clicks in the bank.
A good email is one that generates sales…even if it has less opens than another one.
For example, you can often boost your open rates by using ‘curiosity’ only subject lines such as just using the subscriber’s name, “Hey Terry.”
But who cares how many opens you had if nobody buys?
Would it surprise you to know my highest selling emails often have the lowest open rates?
The emails that bring in the most sales consistently are the last few on the last day deadline of a special offer.
These often have subject lines like “Last Chance” or “Just 4 Hours Left…”
And by that time, subscribers already know what’s being offered. So, the only ones opening are those who are still on the fence for the special. They have the lowest opens of the sequence, but bring in the most sales. If you were judging by open rates, you might delete these!
Other times the difference may be more subtle.
Let’s say you’re testing two different audiences with Facebook ads.
Leads cost $3 each with one audience and $2 with other.
Clear winner, right?
No. What matters most are the sales. What if the leads costing $3 each are three times as likely to buy?
Or maybe your variables are the landing page and lead magnet.
You may lose money if you only optimize for lead costs.
What matters are the buyers. Often the lead magnet that positions the problem and better ties into the product sale becomes the winner even if the cost per lead is a little higher.
Are you tracking all the way to the sale?
And don’t even start trying to compare lead costs across platforms.
It’s not uncommon for leads on one platform to be worth 2 to 3 times another. With many clients, leads cost more on Youtube than Facbeook, but they also convert to sales at a much higher rate.
Let’s say you’re offering a free consultation. You increase the conversion of those registering for the free consultation by using less questions on the application form.
But you quickly find you’re wasting more time on unqualified leads.
The basics of online business are simple, but there are so many variables involved.
You have to look at your campaigns and your business overall as a whole.
You might have a campaign that is losing money on the front-end, but it’s wildly profitable on the back-end.
The bottom line is whether you’re pulling more money out than you’re investing…and making a difference in the lives of those you serve.
Do you make two dollars for every dollar invested…or 3:1…or even 10:1 (earning $10 for every $1 invested is rare but I’ve seen a few clients do it)?
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