I took my landing pages live on 10/18/13 and began driving traffic on 10/23/13. I sit here today on 11/18 a full month after launching armed with enough data to decide whether preserve or pivot. Let’s revisit the questions I set out to solve one by one.
Can I reach my target customers using online advertising?Yes. Based on everything I’d read about internet advertising beforehand, I had a good feeling that this would be possible – but I still needed to prove it for myself. Google Analytics tells me that from 10/18-11/18 I had 323 unique visitors to my site. The overwhelming majority are from paid advertising though a few are from social profiles and organic search.
Which channels give me the best bang for my buck (ie convert best)?Twitter. Here’s the average CPA (Cost Per Action), in my case eBook downloads, from each paid advertising channel I tested.
Can an eBook be used as a foundation for telling my story and attracting/building a list of prospects?Yes & No. Turns out this is a two part question with two different answers. The eBook played a critical role is attracting prospects and building a list. But was it the best medium for
Is my eBook interesting enough to drive sales of my product?No. Easy answer considering we had no sales. But it was the eBook’s job to educate not sell. It’s possible my sales page wasn’t up to snuff.
What language works best with my customers: Investor or TraderTrader. The results of language testing were a bit conflicting. On my landing pages, I had 2 variations that used the word trader and performed 12% better and the other performed 19% better. But, when it came to ads, I got higher click through rates when I used the word investor. So what do I make of this? The word investor targets a wider audience so it generates more clicks, but the product value proposition lends itself better to traders. I may find instances where I can use these insights to my advantage.
Which price points result in most conversions at the highest profits?Unknown. Not enough customers reached the sales page to answer this question. After the first few campaigns I realized this and ended the price experiment. I dropped the price down to the lowest amount in the experiment for all users.
What is my baseline customer acquisition cost?Unknown. No idea since I didn’t have any sales. However, I do have a good idea of my cost per lead. The average across all my campaigns was $8.19 and the best (Twitter) was $4.95.
What are my conversion rates at each step of my funnel?Here’s a diagram displaying my initial estimates alongside the results.
What is my overall conversion rate?Unknown. We learned a lot about various conversion rates along the funnel, but without sales I can’t calculate my overall conversion rate.
Why aren’t prospects converting into customers?Multiple Reasons. But most importantly is that I don’t think enough prospects got far enough in the funnel to even realize there was a product at all! Of the 56 people who downloaded the eBook there were only 14 unique clicks! It is seriously unlikely that someone read the book, was engaged in the content and didn’t click any of the links. To much energy went into only 14 people knowing the product exists, this needs to be radically improved. I reached out to the 14 people who did read the eBook and got one single response. When asked “why didn’t you buy the product” the answer was, “I haven’t gotten around to it yet”. It would be foolish to draw conclusions based on a single response, however it’s possible they see the product as being difficult to use or time consuming. This could be improved in the copy.
You have a hot lead!