3 Buckets of Lead Magnet Tracking for Online Marketing Mastery
Is your Lead Magnet high or low “performance”?
High performance is converting at >10%
Low performance is converting <2%
If <2% your online marketing is probably 😷💩.
And you need an emergency🦺 rescue!
<2% is your lead magnet “funnel🌪” leaking🌊 traffics (people) like a bucket 🪣 with holes🕳.
Don’t worry, I am Urban Renström, there is always science and research involved in everything I say, teach, and demonstrate.
Track your Lead Magnet using a Sheet
A simple lead magnet tracking sheet
| Bucket #2 Tracking Track the number of sign-ups per each 1k impressions | Impressions | Sign up |
|---|---|---|
| Test #1 – 1000 impressions | ||
| Test #2 – 1000 impressions | ||
| Test #3 – 1000 impressions |
The Simple Simon Maths of Lead Magnet Tracking
The concept is simple: if 1000 people visit your website and only 1 converts where did the 999 others go?
They hit the back button🔙. They left. They leaked out of the holes in your bucket.🕳. Right?
What do you do if you’re not feeling it on a website?
For starters think of Google, as filling your bucket (website) with visitors.
When traffics, visitors, land on your website then your duty, is to convince people to opt-in to your lead magnet, signup for your newsletter and buy from you.
Right? 👆that is just internet marketing. No mess no fuss simply “convince as many people as possible to buy from you”
“Buy from you” ethically but yes, convince them.
So far so good. Right?
Conversions are a Spectrum of Events
Earlier we talked about conversions as a spectrum 🌈 of events. These events are from the invisible infrared to red to yellow, to green to blue, to violet, to UV to also invisible x-rays and, the Hulk level, gamma rays.
You want people to macro convert – click and buy. Whereas 80% of people click, look, leave, return, leave, put items into the cart🛒, leave, wait a week, come back, read more, leave, read reviews, etc. etc. etc. Each of these events is a micro-conversion. People move one step closer to splashing the cash 🏧.
Dropping this conversions spectrum back into online marketing and we see:
the 1st micro-conversion is traffics clicking on the Google result and taking them to your website…
then the…
2nd micro-conversion is traffics staying and reading.
then the…
3rd micro-conversion is reading more, and then something something something happens and
money magically shows up in your Stripe account!
Right is that now how online marketing works? /s
So how to stop people from getting sucked down the funnel exit whirlpool🌪?
Yea? Simple is as simple does (and the simple is not easy).
This “Conversions Tracking” sheet is you finding the whirlpools sucking people down and away and closing those bloody holes to Stop. The. Traffics. Leaking 🚱.
“I will help you. I have spoken.” (guess the movie quote?)
Ready to Ready. Fire, Aim? Good.
SERPs, Website, Email Conversions and Online Marketing KPI
Back to basics: you have three distinct buckets. Each bucket with its own exit whirlpool🌪 you must plug.
Bucket #1 is everything that happens before traffics land on your website.
Bucket #2 is everything that happens on your website.
Bucket #3 is everything that happens in email.
Right? I know oversimplified by easy to get.
Let us ignore Bucket #1, (yes, yes, I know, I know…getting traffics is a massive deal and not just an analogy).
Bucket #2…
is everything that happens on your website. That is why you must track the performance of your lead magnet.
The two events to track are:
- The number of people who viewed/saw the popup for your lead magnet – i.e. Impressions
- The number of people who did the email signed-ups – i.e. signups
Bucket #3 is the email marketing tracking:
- How many people did the DOI (double opt-in) shuffle?
- How many clicked a link in an email?
- How many took the ultimate CTA (booked a call with you, bought a product etc.)?
- How many people raise their hand?
Simple Bucket #2 Maths
Staying with Bucket #2 let us put this into our calculator 🧮.
Divide the number of people who signed up by the number of people who saw your lead magnet.
Multiply this number by 100 to get your conversion rate as a percentage.
e.g. 3 signups / 100 impressions is 0.03, and 0.03 times 100 = 3%.
As a benchmark number – 3.1% is the worldwide average pop-up conversion rate for websites.
Track the signups and impressions until you get 1000 impressions on the lead magnet popup.
Why 1000 impressions? Because you want statistically relevant data to make informed decisions. Because with 1000 impressions and a 2% conversion rate you will get 20 signups. But maybe during the first 800 impressions, you get 0 signups and the 20 signups happen in the last 200 impressions.
Should you take action based on the first 800 impressions?
Should you take action based on the final 200 impressions?
No to both questions. The first is a false negative, the second is a false positive.
Phase I Tracking
🌀Wait for a sample size of 1000 impressions and note the number of email signups.
Do the simple maths and divide the number of signups by the number of impressions and you have the conversion rate. Then;
Wash. Rinse. Repeat.
What does that mean?
“Wash” means “make a change”
“Rinse” implement the change and run the experiment (gather another 1000 impressions)
Then do the “Wash, Rinse, Repeat” cycle until the number of email signups improves.
🌀”Repeat” until your conversion rate is acceptable and/or levels off. 📊
Phase II Tracking
Fix Bucket #3. which we’re not covering here…look for a different post that covers that fix.
Phase I Tracking – What should you test🧪?
- If you are asking for both name and email. Only for the email address.
- Use single opt-in vs double opt-in.
- Use a video instead of text on the op tin form.
- Change the “offer” you offer. Is your existing lead magnet irresistible?
Benchmark numbers
3.1% is the average pop-up conversion rate. The top 10% of websites have a 9.3% conversion rate. These numbers are from here.
e.g. during the week of 25-31st Oct. 647 visitors * 3% = 20 signups (or should be!)
FAQ – Online marketing KPI and Lead Magnet Tracking
Image credit Fleur
