The Top 3 Sales Funnel Metrics You Should Be Tracking Every Week
Your offer is launched, your funnel is on autopilot, and you’re making money in your business. Congrats! We’re so proud of you!
Now it’s time to track and optimize your funnel to make sure it’s performing at its very best.
You’re probably already aware of how much money your funnel brings in each week (at least we hope you are!), but there are a few other things to keep in mind as well.
These are the sales funnel metrics you should be tracking every week...
Your conversion rate will tell you how many people are purchasing your offer out of how many leads you have. You can track leads however works best for you and your offer. Some people use email subscribers within a specific segment, while others use the number of people who view the sales page.
However you choose to classify your leads, it’s important to keep your eye on how many of them purchase to make sure your sales funnel is converting customers.
Calculate your conversion rate by dividing your number of conversions (AKA sales) by your number of leads. Then, multiply by 100 to get a percentage.
Return on Ad Spend (ROAS)
Your Return on Ad Spend is how much money you’re making compared to how much you’re spending on paid advertising. This is an important number to track to make sure that you’re actually profiting from your advertising expenses.
To calculate your cost per purchase, divide your total costs by your total revenue.
Average Cart Value (ACV)
One of the reasons to create an entire sales funnel with multiple offers is to increase the amount of income you bring in. It is much easier to sell to existing customers than to new customers, so offering even more value to your audience is a great way to keep your business as profitable as possible.
Also, knowing the ACV (Average Cart Value) also informs you on how much you can spend in order to acquire a new customer. For example, if you’re aiming for a 2x ROAS and your ACV is $50, then you know you can spend up to $25 to acquire a new customer for that product.
To calculate this metric, you simply divide the total revenue by the number of transactions you had overall.
There you have it, the top 3 sales funnel metrics you should be tracking every week. We hope this helps you continue to scale with ease!
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