Why 6 & 7-Figure Businesses Should Split Test Funnels, Not Chase Leads

Written by: Polly Powell, Executive Contributor

Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.

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As a 6 or 7-figure business owner, you're always looking for ways to increase revenue and grow your business. One common approach is to focus on generating more leads, but what if I told you there's a more effective way to boost your revenue without spending more money on advertising or lead generation?

This is where split testing comes in, also known as A/B testing. By making just a few tweaks to your sales funnel, you can optimise your conversion rates and generate more revenue from the leads you already have. In fact, split testing is a powerful tool that can help businesses of any size identify new opportunities for growth and stay competitive in their industry.

In this article, we'll explore five top reasons why 6 and 7-figure businesses should be split testing their funnels instead of looking for more leads. From optimising conversion rates and improving user experience to reducing cost per acquisition, staying competitive, and identifying new opportunities for growth, we'll show you how split testing can help you maximise your marketing efforts and generate more revenue from your existing leads.

So if you're ready to take your business to the next level, keep reading to learn how split testing can help you achieve your goals and increase revenue in 2023.

1. Optimising Conversion Rates through Split Testing

One of the most important goals for any business is to maximise its conversion rates. The conversion rate is the percentage of visitors that land on your website or landing page who take a desired action, such as making a purchase or filling out a form and opting in.

A higher conversion rate means more customers and more revenue for the business. However, achieving a high conversion rate is not always easy. This is where split testing can be an effective tool.

The process of comparing two versions of your landing page, email, or other marketing elements to determine which version is more effective at achieving a desired goal, such as increasing conversions. The Split testing process involves showing each version to a randomly selected group of visitors and measuring the results.

There are many software that can be used to help you do this, for example you use 1 URL and the software will divide the traffic 50/50 to each page for you.

One of the main benefits of split testing is that it allows you to optimise your current marketing assets without making major changes to your marketing strategy. Instead of making assumptions about what will work best, you create 2 different versions and use data to make informed decisions about which version to use.

There are many elements of a marketing funnel that can be split tested, including different sections on your landing page, email subject lines, calls to action, and checkout processes. For example, I always recommend starting with your landing page headline, as you only want to test 1 thing at a time to see which version results in more conversions.

This would be a controlled test using either time or the number of visitors to the page.

I wanted to make sure you understand how important it is to Split test your Funnels and how small increases can give BIG RETURNS, just by changing 1 thing.

Look at the example above, then all we do is make 1 small tweak to the funnel to increase the opt in and look how it changes the other numbers.

Now let's look again, just by doubling the traffic to 2000, and keeping everything the same, look how the numbers change.

This is how split testing can increase your sales and compound over time.

Overall, split testing is a powerful tool for optimising conversion rates and improving the effectiveness of your business's marketing strategy. By testing different versions of your landing page and then using data to make informed decisions, you can continually increase your conversion rates and generate more revenue over time without having to spend more on advertising or continuously looking to get more leads.

2. Improving User Experience through Split Testing

User experience is a critical factor in the success of any marketing funnel. A positive user experience can lead to higher customer satisfaction, increased customer loyalty, and more revenue. On the other hand, a poor user experience can lead to frustration, low conversion rates, and lost customers. This is where split testing can be an effective tool.

In the context of user experience, split testing can be used to test different design elements, layouts, and navigation options to identify the version that provides the best user experience.

One of the main benefits of split testing for user experience is that it allows businesses to make data-driven decisions about their design and layout choices. Instead of relying on subjective opinions or assumptions from your web designer about what looks best.

For example, a business might test two different versions of a landing page, each with a navigation menu. By measuring how users interact with each version, the business can identify which version provides a better user experience and make changes accordingly.

You can record the user activity using a platform like Hotjar to see how the users interact with your page. Hotjar records the activity in real time and you can watch back the videos of how they interacted with your pages, it will also create heat maps to see the collated responses to where most people moved their mouse or clicked on buttons.

It's a highly effective tool in understanding the user experience.

And don't forget you can also use split testing on different colour schemes, fonts, and images, to identify the elements that are most appealing to users. Don’t underestimate how using different fonts can increase conversions on your page. This will help you create a more visually appealing and engaging website or landing page that provides a better user experience.

Using data from split testing, you can make informed decisions about how to design and layout your site to increase conversion rates and boost revenue. And let's face it, who doesn't want more revenue?

So if you want to improve your website's user experience and ultimately increase your bottom line, give user experience split testing a try. It's a powerful tool that can help take your business to the next level!

3. Reducing Cost per Acquisition through Split Testing

Have you heard of cost per acquisition (CPA)? It's a big phrase that basically means how much it costs for a business to get a new customer or lead. When CPA is high, it can be hard for a business to make money from their marketing efforts.

That's where split testing comes in. By trying out different versions of ads, different landing pages, and targeting options, you can figure out which version is the most effective at getting new customers into your ecosystems while also costing less money.

You can also test different platforms against each other, for example if you currently use Facebook ads but you haven't tried Youtube ads or TikTok ads.

Take your already performing ads on Facebook, modify for the appropriate platform and test. By testing different advertising platforms, businesses can diversify their marketing channels and identify new opportunities for growth while optimising their ad spend.

Which platform will give you the best CPA?

One of the best things about split testing is that it helps you make decisions based on data instead of just guessing. For example, let's say you want to try out two different versions of a Facebook ad. You can measure which version gets more clicks and then you can measure which ad leads to more new customers. This helps you figure out what works best and adjust your marketing budgets accordingly.

Facebook has split testing features to help you do this built into their ad platform.

4. Staying Competitive through Split Testing

In today's competitive business landscape, it's more important than ever for businesses to stay ahead of the curve and continually improve their marketing strategy. Split testing is a powerful tool that can help you stay competitive.

One of the main benefits of split testing for staying competitive is that it allows you to test and optimise in real-time. This means that you can quickly identify which marketing elements are working and which ones are not, and make changes accordingly. This can help you stay ahead of the curve and adapt to changing market conditions and consumer preferences.

This can also be used to test new products to market before building out all the assets that are needed, test fast, fail fast and use data to make decisions.

Split testing can also be used to test different marketing channels, such as social media, email marketing or direct mail to identify the channels that provide the highest return on investment. This can help you allocate your marketing budget more effectively and stay competitive with other businesses in your industry.

Another way that split testing can help you stay competitive is by testing different pricing. By testing different price points, you can identify the price that maximises revenue while still remaining competitive with your competitors in your industry.

Overall, split testing is a powerful tool for businesses that want to stay competitive and continually improve their marketing strategy. By testing different marketing elements, channels, and pricing strategies, businesses can identify the most effective strategies and stay ahead of the curve in their industry.

5. Find New Opportunities with Split Testing

Split testing can be a powerful tool if you want to look for ways to identify new opportunities and bring new products or services to market. By testing different versions of your marketing funnel, you can quickly identify which product offerings, pricing strategies, or marketing channels are most effective at converting leads into customers.

For example, you might test two different product offerings, each with a different pricing strategy, to see which offering generates more conversions and revenue. By using split testing, you can identify which product and pricing strategy is most effective and adjust your marketing strategy accordingly.

In addition, split testing can also help you save time and money by quickly identifying products that aren't effective. By testing multiple product variations at once, you can identify and eliminate ineffective strategies before investing too much time or resources.

This can help you stay agile and bring new products to market faster, while minimising risk and maximising revenue.

Ultimately, split testing is a powerful tool for businesses looking to identify new opportunities and stay ahead of the competition. By testing and refining different elements of their marketing funnel, you can optimise conversion rates, reduce cost per acquisition, improve user experience, and identify new opportunities for growth. This can help you stay competitive, diversify your revenue streams, and maximise your return on investment.

If you're interested in getting started with split testing, be sure to download my guide which will help you Skyrocket your Conversions, Faster than a Superhero on Redbull

"13 Ways to Split Test Your Funnel" This guide will provide you with everything you need to know to get started with split testing and optimise your marketing strategy for maximum results.

In conclusion, split testing is a critical tool for any business that wants to succeed in today's competitive business landscape. By testing different marketing elements, channels, and strategies, you can optimise your marketing efforts and identify new opportunities for growth. Download my guide and get started on your split testing journey today here.

You can also follow me on TikTok for daily updates on Funnels, Automations and Marketing Tools and my fav Tips.

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Polly Powell, Executive Contributor Brainz Magazine

Polly Powell is the founder of 5 StepFunnels, a company that helps online business owners with a full funnel system that creates high converting funnels, automations and social advertising campaigns to attract leads on demand and convert into customers... Polly is also the host of the Below the Iceberg podcast, where she interviews Million Dollar Entrepreneurs who have achieved $1million dollar sales through one funnel. Polly is highly sought after for her expertise with online funnel and advertising strategies and has helped countless entrepreneurs achieve their business goals, she has also built Funnels for some of the Biggest Names in Life and Business coaching in the World. In her spare time Polly loves walking her dog Izzy.