Streamline Your Document Processes with Lead funnel analysis in legal agreements

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Sales funnel analysis. Do you need it? Do you need to understand it? The answer is yes. But how do you know if you're actually reaching that benchmark of where you should be? Today we're going to be sharing the secret numbers, nobody is willing to share so you know - is your funnel working? So number one, we're gonna be walking through this on a workbook. So you can see the numbers and how they all work. But I'm also going to give you this workbook at the end. So stay till the end, and I'll show you how you can get this workbook for free. Hey, everybody, my name is Ben Moote. I am a sales funnel nerd. I've been doing this for almost seven years now, building funnels for myself and for customers, helping them launch with five-figure launches. This is what I do. It's where I live, it's where I nerd out. But it's not where I started, I started in college, going to school to be an analyst. So your funnel is not going to work the first time, it's something that Russell had to remind his inner circle, people who paid $50,000 to be coached by him the night before they launched, he had to tell them, it's not going to work. And that's okay. It's going to be okay. But how do you make it work, that is where a funnel becomes a machine. That's where all this happens - it all happens in the conversion rate optimization. Now, if you were to map out your full funnel, there are a lot of pieces in here that need optimization. So we're going to go over the terminology. And then we're going to go over specific funnel types. Alright, so you're going to be able to see the first links that are down here in the description are for you to be able to jump to that point if you have a specific funnel. But if you want to be a funnel nerd, and understand all this, my suggestion, stay, listen, this is going to be a value dump. Let's go ahead and jump into the stats. Now, these stats are gonna be very important for you. This is like a little mini course. So if you don't get it all at once, that's fine. If you're watching at 2x speed, you might need to slow down, especially if this is your first time. You can you watch this as many times as you want. Let's get going. The first grouping of these definitions need to understand I'll start with C because they all have to do with Costs. This lets you know how much it's costing you in ad spend to get somebody to your funnel, very important. So that way we can work backwards as well. How much are we making? So we need to understand the costs first. So here's the deal. The first group is CPM. Now CPM is cost per impressions, not just one impression - 1000 impressions. So what is the cost to get 1000 eyes on to the ad? What is that cost specifically? Alright, now the next piece is a click through rate. So after somebody sees the ad, they're going to click on it. So where are the clicks divided by all of the eyes that saw it? What are the clicks divided by the total impressions? Okay? That's how you get your click through rate. I'll explain why all these are important as we move on. Next year for Cost per Click. Your cost per click is your cost divided by the clicks, lets you know how much it cost to get a lead. So that way, hopefully, you have an average, you can expect that moving forward, if the world doesn't suddenly change or it's a holiday or something like that. Next you have cost per lead. Okay? One thing cost divided by your total leads, these are people who opt in. So after they click on your thing, they then put in their details. And yes, I want that thing. And we'll go through several options and versions of that. They put in their details, they become a lead, what was the cost to get a lead, because it's less - less people as leads and more as clicks - whata are those costs. The last one is the cost per acquisition or CPA. Now, it's also called cost per sale. So as you could see the CPS but it's just cost divided by total sales. Simple. Now let's go ahead and go into earnings. This is a little bit more fun. What is the earnings that you're making on your funnel? So this is the same type of stats are just going to work them backwards from revenue. So instead of going costs and be like, "Oh, yeah, I'm spending so much money," how much are you making? This is where you can be like, "Oh, that's bigger! We're in a good space, we're good." This is why numbers are important. Okay, so here we go. The first one is EPM. Now, I don't see anyone really using this, but I'm just going to throw it out there that your earnings per 1 million impressions, or revenue that you've made per 1000 eyes that saw the ad, way back to the ad that saw the ad. Next you have earning per click, that's your total revenue divided by the clicks, you have earnings per lead, which is your total revenue divided by all of your leads everyone who's opted in. And the last one is your earnings per acquisition or earning per sale- all your earnings divided by th number of sales you have made. Does t at makes sense so far? The next two a e really basic: just rate, so you nee to understand how many people clicke on the page versus actually took the action. The action usually wan is either a lead or a sale. So the f rst one is opt in rate, how many pe ple actually opted in so it's how many opt ins how many leads divided by t tal visitors. Lets you know, on average, how many people are going to convert nto leads, you can email market the or whatever you're going to do next. O ay? Same with sales, sales divided by t tal visitors equals your sales rate. Th se numbers are important to know. So I k ow I'm an analyst and this is like y lifeblood, but just understand the e numbers are going to be important as y u move forward. The last three numbers a e more like 'the big' numbers. So avera e cart value - ACV - is important. That s the total revenue someone has made n one sitting with you. Okay, and o e sitting with you are in one sal s process, what does that total revenu ? Because you could upsell them and do n sell them, we'll show you funn l examples. How is that total reven e divided by the number of initial sale , and that's different than your earni g per sale, because once again, earni g per sale is just that one capture th t one moment when they bought. Average c rt value is now they've gone through y ur whole process, the whole sales proc ss in that system. How much money did t ey make with all the other offers that ou may provide? This is gold. This is hy funnels work: average cart value. O ay, we'll show you examples of that in the unboxing funnel. Just hold on, I'll how you that. The next one is ROI. his shouldn't be too difficult. Is our return on investment. So how much did you invest? or How much did you? So how much did you make in total revenu at the end of the day, and divide tha by how much you spent on ads? That is our ROI that will tell you? How much m ney is your money making? Are you prin ing money? Are you losing money? That's ike the number one metric you're going t really want to know. But last piece s COGS. Now this is more advanced, you may not need to know this, but this is y ur cost of goods sold. So if you're s lling a book, or if you're selling a sup lement, you need to know that wha you're actually selling has costs. Ther 's cost for printing the thing for ship ing the thing for labeling the thing for you having somebody touch it and ove it, what are all the costs associa ed with that, then we can decide is thi funnel truly 100% ROI positive? Or is t maybe a little bit more complicated th n that? That's we're going to go into. oly cow, right? Okay. So that's like, th re's a little mini course if that made s nse. Or if that's helpful for you, make sure to like the video, comment down elow whether or not this is new or wheth r or not this is something you've nown before. Or if this is an aha moment let me know. So I can give you b tter content. As we move forward. Let me know where you're at, and I can mee you better. Cool, let's keep going. e're gonna actually start jumping throug the funnels. So if you need to rev ew this, go back and watch. The pieces t at are really powerful here re understanding how these metrics w rk inside of your system. So how does it work inside of your email? When you re sending out emails? How does it w rk inside of your ads? What numbers sho ld you be expecting? So let's go thro gh that really quick. So under ads nd emails, you're going to see we ve highlighted specifically Facebo k, Instagram, Google, YouTube ads, you h ve others that you've been doing, and t ey all lead towards your funnel, okay, so your opt-in page, your whatever fun el that's going to be. So the numbers ou should be expecting vary by niche, ok y, so it's going to change from niche to niche. So don't hold me to this, l ke there are places where it'll cost mo e, it'll cost less. That's why there' a range. Alright, so your cost per cl ck on your ads, if you're running ads, w at should your cost per click be, I wo ld suggest somewhere between 10 cents, up to $2.50. That's expensive. $2.50 is expensive. But if you're runnin a webinar, or a high ticket applicat on funnel, that's more than accepted. ll right. So cost per click is somewhere in that range. A g number? 50 cents is good to shoot for on Facebook. All right. If you're in Google, it's going to change it's going to vary. Once again, your cost per click, may go directly in relation to the quality of that click. So a lower cost does not always mean it's better. So make sure you're hitting the right audience with the right message, it's going to be important. The next piece is the click through rate. We went through this- it's how many people saw and then clicked. That's just mathematics. So you want somewhere around a two to 3%. If it's below 2%, especially on Facebook, you're doing something wrong. And you need to adjust that if you're on Google, that needs to be a lot higher if you're doing Google ads. Okay, YouTube ads, pretty similar. Alright, so that's just the ad space, just general numbers, you should know, let's get into your email because you may have an email list you may be sending to how do you know if your open rate is good and your click through rate? Let's check that out. So you send out the email, you have an email open rate, that email open rate is going to tell you how many people opened divided by the total people who actually got the email. That is important to know, because that tells you how healthy your list is. You want that to be around 20%. Now you'll see that degrade if you get above 10,000 people on your list. It's just the nature of the beast. But at the same time, the more you can fight to keep it up, build that relationship, keep that value high, not constantly selling them, the better that's going to be for you. Alright, so that's the open rate and once again, the click through rate if you have a link in that email Somewhere around two to 3% is really good for click through rate. All right. So that's your average numbers that you should be expecting and looking at, and benchmarking for your ads and your emails. Let's get into some funnels, funnel number one, lead generation funnels, these are how you capture a lead, this is how you get somebody on your list. Thus, the goal is in orange right here, capture a lead between the opt in and the thank you page. All right, so everything that's in yellow, you can edit, if you've downloaded this, if you stayed till the end and got the link. This is what you could do anything in yellow, don't touch anything else in the yellow, you're good. Okay, so check this out. If I spent $2,500 in a month, and I got 500 people to my page, we have our cost and our clicks. So our cost per click is automatically calculated for you with the benchmark over here. So you actually pop in your real numbers here. And it says it's 50 cents per click. That's good. Okay, now what if I spent $5,000, that will tell me that you know what, it was more like $1 per click, it's kind of expensive. All right, let's go back to 2500. Now, if I got 1000 leads, that means 1000 out of 5000 is 20%. opt in rate 20% of the people who saw my page actually put in their details, that's good, you can get that higher, you can get that higher, you see people getting it to 3050, sometimes above 60%. If it's really hot audience like they are absolutely in desire of what you're offering. And they know you, you can do that. But I don't recommend pushing for that, try to break the 20% mark at first. All right, and then we can do the cost per lead, because we have the total leads. So their cost per lead is $2.50. It's going forward, I can kind of give a rough average that my cost per lead is going to be if nothing else changes $2.50. I can make business decisions based on that. Okay, does that make sense? This is your basic front end lead funnel, just how it works? All right, very simple. You're not trying to sell anything, you're just trying to get their information, and then move them forward. Does that make sense? If that makes sense to you? Make sure you like the video, make sure to comment down below tell me where the AHAs were, where the numbers actually make sense? Or did you already know that just let me know in the comments, I'd appreciate that. So that way, I know what kind of content I can build for you in the future. Let me know. Let's keep going. The next is unboxing funnels. unboxing funnels are kind of my favorite This is there's so many numbers to play with here. And so many ways to structure this. Now, this could be ecommerce, it could be physical products, digital products, it could be all information products, it could be supplements, kind of depends on what you want to put in there, I would just spend about $3,000, and I got 5000 people who opted in, that's gonna lead us to a cost per click, it's already pre done for you a cost per click of 60 cents. Now, once again, we want that to be somewhere between above around 50 cents, but some are below $2.50. For sure, okay, especially for this fall, you can play with these numbers and go ooh, that broke, once again, only play with the yellow cells. All right, now with this particular funnel, all the stats that you want on this, which is a two step order form at the front end, The down sell either cuts you're going to want your opt-in rate to be about 2%- 2% of all visitors. So you have 10% of all visitors opt in 2%, actually, by now the actual average is somewhere between one and 5%. So you want to play within there, that gives you a cost per sale of about $30. That's probably just below the average, if you actually get this machine working, you can get around 32 to maybe 28. But that's about average. And that's outside of supplements that's more just in general like a cheap product. That's something like $7.99. So we got 100 sales for $7.99. Now, on your two step order form, there's usually this thing called an order bump. You can see the examples down below and what we've gone through that order bump has a take rate- there are people who want to buy. There's a sales rate for that. Well, what is the bump rate? Bump rate is usually about 20%. I've heard people say 30% I'm gonna play with 15% I'm just gonna keep it safe. Maybe it's not a super attractive offer. We're gonna say 15%. That means out of that 100 people I got 15 sales product is going to be somewhere between $27 and $37. Okay, so at that point, we're making money. Things are working now they're going to go into an upsell, a down sell and then one last upsell. So we have the stats here upsell, down sell, upsell. You can just put in your numbers here. It'll do all the stats for you. So it'll tell you what your opt-in upsell rate is. For upsell number one, it'll tell you what your downsell rate was, and your upsell ate. upsells and downsells play somewh re between 3% and 15%. If you get it rig t, you can get like a 20%. I've done hat I think we hit like 22% which is be utiful, but it doesn't stick aroun . So make sure that you hit the right numbers and play with the price point here. Okay, so the first product usual y somewhere like 47 to 97 usually doesn t break above that. that offer in half with like two payments, or it just says you know what, we'll take this out, we'll give you it to at like two-thirds of the price. A couple different things you can do there, but it's the same offer with either a couple things taken away or it's a, like a two payment option. The next piece is your upsell. This last upsell is a little bit more expensive. You can break above the 100 mark. This is all ing to your niche like some niches you can't do this alright, with info products, you absolutely can. Ecommerce is a little bit difficult, okay, I keep everything just below $100 on ecommerce for everything. And then for the upsell $1.97 is pretty good for an information product. So we can see right here what our take rate was once again, somewhere between 3% to 5%. Those numbers decrease as you add on more upsells that's the magic number of upsells. I would not play with anything more. Two upsells one down sale, one order bump. It's proven to work. I don't have to tell you why just works. Okay. At that point we've collected in total $3,300. Now how much did we spend? $3000. So if you come over here, we'll see when somebody came in bought, it cost $30 to get them to buy. But because of all of these upsells, our average cart value is $33. So for everyone who came in, we make an average of $33. So we're good. We're making money for every dollar we put in, we're making $1.10 out that's ROI. Now if you come over to the right, we've got our total revenue in here, as well as our earning per click earning per lead earning per acquisition. Okay. That is the unboxing funnel. Holy funnel types we have more than we need to go through what funnel type are you using? What are you trying to scale with right now? Are you an e commerce? Are you in information products? What are you doing? Let me know in the comments down below. I'll answer every single comment. Like the video, let's keep going, we've got more funnels to go over. Video sales funnels! Now, video sales funnels are much simpler, you can have this be on one page, you can have it be on two pages where you have the sales video that go to the next page as the order form- kind of doesn't really matter. Depends on what's working in your niche- know what's working in your niche, we have examples of this funnel as well below. So feel free to go and check those out. Now, you have an ad spend, for example, about $3,000 for this. So we're going to actually edit that because it's a yellow tab or yellow cell, I'm able to change it Let's change to $3500. Let's just play with numbers really quick. At that point. I've gotten about 2400 people to my page, pretty good. My cost per click $1.46. Why is it so high? Because often for these ads, you're trying to sell something directly, you're not leading with something super sexy or attractive. This is a shorter sales process, which means all the costs are going to get higher. Okay, so let's say that out of those 2400 visits, we get 25 sales. That's about normal for this funnel. So once again, cost per click, we'd like to get it somewhere around 50 cents 10 cents to $2.50. Pretty good. You don't want it above $2.50. Their sales rate on this type of funnel is somewhere between 1% and 3%. Now this type of funnel is really good if the audience knows you. They don't know you? This is much more complicated, okay, you have to do a lot of selling. Okay, software works really good on this. But otherwise, they better know, like, and trust you already, okay? Now that means that your cost per acquisition, or cost per sale, is going to be somewhere around $140 based on what we just did. Now, I can change the product like maybe this is only like a $67 product. It's just one time. If it's $67. And our our sales rate stays that way, we only get 25. But what happened to our ROI, net revenue went down. Okay, average cart value is only 67. Because it's the only product we're offering. So this needs to be at least somewhere around 127. Let's keep playing with this 147 there, it's 147 and we keep those sales, right, it's good. Now these are all just fuzzy numbers. The real way to do it launch, putting your numbers, you can adjust from there. Next funnel. Let's go through webinar. Now there we have two different kinds of webinars. We have a live webinar and an auto webinar. Okay, those statistics change a little bit. So really quick just to go over the basics: still gonna do cost per click 50 cents is great. But for a live webinar, that goes up. It goes up your cost per lead is going to go up quite a bit. All right. So between 10 cents and $2.50 is our right. You want to get an opt in rate of about 20% and then your cost per lead- it can go up to $18 and it can go around $2.50 it can go lower. You can't do it. But $7.50 probably decent. It'd be nice to get it lower, but $7.50 is pretty good. Now how many people are actually going to show up to your webinar, because you have people jump into your webinar, they become a lead. And then you have to remind them to come on the day that you actually do it. You're not going do it every single day. And every single moment that they're hopping on, so you have to remind them, that means certain amount of people just aren't going to show up, honestly, good show up rate in between 10- 20%, I've broken the 20% mark, but there's a lot of reminders, and it has to be a very attractive offer, okay, then it works. Alright. So optimize that show rate by making that very attractive. Now, what is the buy rate by rate is somewhere around 10%, if you do a really good job, you follow a good script, you are engaging, if you're in really good value, that works. Okay, but it's not a guarantee. None of these are guarantees. All right, cost per acquisition, probably about $75. Okay, average cart value is about 99. So we're good to go. So I can change all these numbers, put it in my own numbers, and it will spit out the new one. So if we spent 10 grand, instead, we are like, our net revenue is negative $30 bucks. Okay, so we're going to need to work on maybe our show up rate, while you will up that just a little bit, some more people show up doing a little bit better, okay, 15 sales, maybe instead of the 10, we're good to go. Alright, so just make sure to optimize and adjust, this becomes a tool for you to look at what's worked in the past, what isn't working currently, and how to adjust- maybe you just make those three tweaks, and you're good to go. Now, if you're going to do an auto webinar, the numbers change, because your people are watching automatically, it is pushed instantly. And so with a different style of everything. So you have your cost per click, still about the same, your opt-in rate is going to be about the same. And then your cost per lead. It can be similar, it can actually go down just a little bit because they're not going for a specific date. So let's go ahead and say that we get a bit more leads. And let's say we get 1500 leads, well not 15,000. Okay, so our cost per lead is about five bucks, cool. The show rate is about 50%. Now, 50% to 80% is good for an automated webinar, because usually there's this page right here on the thank you page, where they're just waiting, and they're just kind of waiting to get access, there's a little countdown timer, it's gonna, you know, couple different variations you can do on this, I would suggest looking at the Dan Henry, automated one, he tested it, it works really well. And it cuts that number out. So it's automatically 100%. That works better. So check out that hack when you're done with this. All right now, that's in the description below. Now how many people are going to buy usually between one and 5%, you see that cut? Because you are a lot live people like there's there's there's literally a feeling that's lost, you can tell and it becomes "a well I guess or maybe" so unless the offer is really good. And it's totally proven with live when you turn it to auto may not work as well. So we want to make sure that you get that as high as possible in your live before you go auto or if you go auto- that's fine. Come in here it look the numbers, adjust. Okay. And then you have your cost per acquisition about 10 bucks to get a sale. That's not realistic. That's not realistic at all. What is that number? Oh, I see, I calculated that wrong. See, there we go. Sort of cost per acquisition is $395. That's a little bit more normal, three and a half to $5 to make a lead. And then our ROI is 1.53, which means every time I put in $1, I make $2.53. I add on that 153. So this is a moneymaker this works. This is why webinars are attractive, if you get the numbers, right, this can work. That makes sense. All right. Any aha is yet have you gone. Oh my gosh, this actually works. If that's been you. Don't comment below and just tell me, Ben, this is helpful, like, okay, I finally get what's going on here. Let me know. Let's keep going on. The second to the last funnel is the product launch funnel. Now these numbers aren't provided many places so I ha'd to go off my own, like what I've seen and what I've heard people say in passing in webinars and things like that. So these numbers aren't precise, but they are a good gauge just to get you started. So once again, you can put in all your numbers in yellow, and it will automatically spit out all the numbers for you your cost per click, you want it to be somewhere around 50 cents, but it's probably going to be that's gonna vary, okay? Your 20% opt in rate stays about the same, you can't get it up if this is very attractive. If you're proving that you're gonna give a lot of bonuses for every single day that this training happens, because this is a four day training, these are not simple funnels, okay. And I've seen them launch live, that's kind of where I'm playing with these numbers. The cost per lead is going to be- it's going to range. You can do $2.50 - $2.50 and under would be amazing, but usually it's going to be $2.50 and you shouldn't hit 18 for this one. That's kind of a high estimate, alright. The pitch rate, how many people are actually going to view the pitch because here's the thing, you get somebody who opts in, and they go to a thank you page, and then you have to send them email reminders for day one, day two, day three, day four. That all depends on your email, open rate, it all depends on people's schedule. So by the time you actually offer the product, which is usually on day four, how many people actually saw it, I think that number is somewhere close to around 20 to 30%, honestly, if not lower, but I'm gonna go with 38% here, just kind of give it a number in the air. So you want to go somewhere between 20 to 50 would be great. But that can vary quite a bit. Now your buy rate is going to be somewhere between three and 10. If you got 3%, that would be really good in and of itself. So don't shoot for the moon here, just play with the numbers, alright? Do it, put it in play with the numbers, okay? Then your cost per acquisition- the cost to get a sale around $375. So that means if you put in a whole bunch of money, this would work. And then you know, This all depends on all your numbers inside of here, but average cart value is gonna be the same. If I put $7500 in here, I make about 19 grand, I'm walking away with 12,000. In net revenue, this works, it's a lot of work, there's a lot of videos, there's a lot of strategy behind it. But this is a lot of fun. Okay, so they're not a lot of examples of this funnel down below, but we'll work on finding those for you. So check the description just to be safe. The last funnel that we're going to go over is the high ticket funnel. So this is that the this is like something you're selling it for $6,000, $25,000 and up. Okay, this is like a coaching program. This is like a mastermind group something of that nature. Because this is or you know, like a done with you kind of a service, this is a little more expensive. And because of that it's an application process. So when they come in, they opt in, they apply. And after applying, they give you homework, you have to do certain things. So there's a whole application form, not just the opt in, there's a whole bunch of steps. So let's go through what these numbers should be. Now a lot of these numbers are kind of mystical, can you don't know them. What you do know is, in general, what is your cost? For that lead cost for that acquisition? How does that cost to get somebody ready to jump on the phone, they filled out, they didn't just opt in, they filled out the full application. So the cost per application is somewhere around $100. That's about normal. Okay, everything else is going to be about there. So you have a couple things that people don't get in here. So usually you're going to sell these people on the phone, how many people are going to answer this phone call, based on that how many people that you get on the phone are actually closable- are actually interested in being closed, and you can actually close this thing, okay, you have to have a good salesperson, that really helps, okay, but if you can do all of that right- if you need a good salesperson, and you can get these people on the phone, and they are hungry, specific strategies that worked with this funnel, you can have product that's $7500, you can have products that are $10,000, $25,000. You just have to be able to prove that you can provide this value at a high level, otherwise your cake is fully cooked, you have to be very careful. But if you can get this right, the ROI is spectacular. It's spectacular. But you have to get the value, right. And if you get the value proposition, right, this works. It's a machine that's really nice. But not a lot of people can guarantee results provide a such a high ticket result. Plus you need sales, people who are really good at what they do. A lot of us who came online do it because we don't like talking to people. So that's kind of a problem. So we need to make sure that you have all the right pieces inside of there. And so the funnel of choice, not so much this one, but definitely one of the others. And there are examples of high ticket funnels down below. Alright, that is seven different funnels plus strategies on ads and emails and all the numbers. How do you get this baby? How do you get this template, let me show you how really quick, what you're going to do is go down into the description, and you're going to find a specific link there, that link is going to take you to this page, where you're going to be able to put in your name and your email. And we're going to email this to you directly. So you're gonna have all of this thing that will calculate your analytics for you that will give you the benchmarks of what you need going forward. So put in your email, and I promise I will treat you appropriately. I'm not a spammer. I give value. Case in point. Is something really cool. For those of you who are advanced, there is the ability and all of these to put in your COGS. So you can put in your cost of goods sold over here email, oh, you know, it. I charge $7500 for this, but the COGS are more like you know, it's actually cost $4500 to actually deliver because I bring on so many people to help. Well do you still have an ROI? Yes. How much are you taking home? Okay, and then you can or how much do you have to spend for ads for your ad manager, things like that. You have that all the way throughout- you have all of the COGS in here so that way you can work this out backwards as best for you. So you can actually understand what your net revenue looks like. Just really cool. For those of you who are advanced, you're gonna like this one. If this helped you at all, make sure to like the video, subscribe, ring that bell. You're going to want to ring the bell because we have tons of value still coming out. And then share this with a friend if you know somebody who's like, you know, I just don't get this. If this has been helpful for you to all share it out! Let people know this can make sense and there are tools that are available to help you. Not all paid. People are giving them out in order to help you succeed. I look forward to seeing your success.