Ryan Shank explains why small businesses need to track sales funnels by individual campaign, not just overall numbers. A wedding coordinator might get 100 leads but only 40 sales, but if one channel converts at 80% and another at 20%, you're wasting money on the wrong one. Monitor each source separately, kill what doesn't work, and scale what does.
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What up guys, it's Ryan from PhoneWagon. We're on day 12 of our morning updates. We got Blue Bottle today, again, we're back. It's kind of almost gone, that's a little embarrassing. And so yeah, day 12 morning update. It's beautiful here today in New York City. You can probably hear the sirens going off, that's very on brand for New York and that's what we were going for. So one of the things I wanna talk about today that I was just going over with one of my buddies is tracking your sales funnel by lead source, and let me tell you why this is so important. So if you look at your blended sales funnel, okay, and just to give everyone an idea, sales funnel is going to be at a very, very high level, and different businesses will have different points and different touchpoints in the sales funnel, but at a high level, it's going to be leads that you get in, then either pitches or consultations or demos, and then sales, right? There might be different, Again, like different touchpoints in there, you might have to set an appointment and then you might have to see how many people are gonna show up for the appointment, so there might be little metrics in there that you're gonna wanna optimize, but ultimately kind of the high level leads, appointments or demos or consultations, sales, and that's what the sales funnel looks like. And it's really important, one, to know your blended funnel, okay, so out of last month we got 100 leads, of those 100 leads we were able to do or have 60 appointments and of those 60 appointments, 40 people bought, that'd be a really pretty good closing rate, 40 out of 60, right? So that, you know, like 67% close rate, that's really awesome. I was actually just talking to another friend of mine who is a wedding coordinator and it's the same thing, so basically they get inbound inquiries for people that are looking to have a wedding at their venue and what she does is then she then reaches out to them and schedules a tour of of the property, right, and they go on a tour of the property, and then, you know, she's able to then close a certain amount of brides or brides and groom, usually the brides make the decision, and then have their wedding there, but it's the same thing, it's a sales funnel. My point though, so you want to know your metrics, but you also want to know your metrics by source, because your blended numbers might look okay, right, they might look pretty good and you might say, okay, everything's fine, let me keep all of my different campaigns turned on, because everything seems to be going well, however, you might dive in and find that one or two campaigns are actually not working and you could either turn them off, get the same amount of sales from less leads, less spend, making your return on investment even higher, or you might be able to optimize those campaigns that aren't working and get them to work, and then obviously everything will also be higher as well because you'll now be getting more sales from the same amount of spend or a little bit, a little bit higher spend if you're able to then bump up the sales. But it's really, really important to track the metrics of the sales funnel by source so that you aren't, you know, wasting money and so that you are able to optimize each each of your different campaigns. So for instance, if you guys are doing, you know, say you're a small business, say you're a chiropractor, right, and if you're doing, you know, some campaigns on Zocdoc, you know, maybe you can optimize certain things. I actually was just on there and I was looking at reviews, but then what happens is it's the doctor and then you go to book an appointment and it's like, actually you're going to be with an assistant, like a physician's assistant. You're like, whoa, whoa, whoa, I don't want, you know, the B squad. I'm looking for the docs. And maybe they lose conversions on that. Also, a lot of chiropractors and other kind of medical businesses, not necessarily true like, you know, doctor doctors, but, you know, chiropractors, physical therapists, cosmetic surgeons. They'll do a lot of like lead gen, paper call. They'll do a lot of things like that. So you want to really pay attention to your sources, the campaigns that you have going to see which ones are actually working, and then the different funnels by each of them, because a lot of them, the good thing is if they are working, you are able to crank the spend on them and able to increase your leads by a certain, you know, depending on the traffic that you have in those sources, almost, you know, a lot. So you can increase, you know, if it's working, boom, instantly deploy capital into that campaign and then you'll be able to get more sales by it. So really important, that's what we're doing today is we're looking at different channels that we have going. We got some working, so we're going to say, let's open the floodgates on them and see if the conversion funnel continues to hold for those channels. If it does, Boom! Throwing cash into it, and then we're gonna see, see what it shakes out to. So super excited about that. Tuesday, beautiful day. Have a great day. Love you guys.
