Funnel Analytics - See the Problem. Fix the Problem. Boost Conversions!
By Manasi Nair - March 02, 2017
So, like any smart marketer, you’re analysing your customer’s behaviour across touchpoints and using that to tailor your marketing messages to them. It works and they arrive on your brand property. Then what?
In order to achieve the goal you have set out for your customer (which could be a purchase, a newsletter subscription, a registration or anything else), they have to go through a certain number of steps. It’s a given that any successful business will have processes in place to:
- Acquire new prospects and leads
- Convert those leads into buyers
- Get those buyers to buy more or buy more often (or both)!
With funnels, marketers can minutely track this process (or processes) and identify what works and what doesn't. A funnel provides a visual representation of the conversion data between each step. When you can map this journey step-by-step, you can determine:
- Which specific steps are bottlenecks causing the maximum trouble or confusion for your customers
- Whether there are any process flaws, bugs or technical bugs between steps
- Whether there is any objectionable language or content that is somehow altering your customer’s behaviour during a critical, terminal step like checkout or sign-up.
As Netcore Smartech unveils its latest breakthrough feature - Funnel Analytics, today’s blog post is a deep-dive into how funnels can help marketers make fast, surgically accurate decisions!
Funnels help you map your customer’s journey as they go through various stages, right from arriving on your brand’s property, to performing the action you want. A funnel analysis pinpoints the stages where customers drop off. You can then investigate why they’re dropping off. Funnels equip marketers to re-examine and optimise those stages to increase conversion rates. Marketers can thus calculate conversion rates on specific user behaviours.
Funnels Drive Actions!
While goals (like a purchase or registration) are essential, what they really do is indicate the overall performance of the campaign. But to gain deeper insights into campaigns that can help Marketers take focused, remedial actions, funnel analysis is the starting point. By continuously monitoring and analysing funnels, it is possible to assess the impact of changes to an application, platform or page, on conversion rates.
With Netcore Smartech, marketers can create their own, customised funnels in just four easy steps.
#1 Create a Funnel
Marketers can add up to 20 steps or stages in a single funnel.
#2 Select the database
Marketers can choose to create a funnel on their entire database or on a specific segment or list of contacts, such as their most loyal customers or their most inactive ones.
#3 Select the time period
Marketers can select the duration of the funnel. This means they can analyse customer activity over a pre-defined period of time, like the last week, the last month or a custom data range of their choice.
#4 Select datapoints for each step
Marketers can build and view their funnel based on Web, app or custom activities/events like page browse, app launch, add to cart, checkout, etc.
Marketers can further drill down in each step and apply filters based on parameters like product name, product price, etc. as well as UTM parameters and “First Time” and “Time of the Day” parameters.
And that’s it! Your funnel has now been built and is ready to view.
With Netcore Smartech, we use an engaging and simple-to-understand graphical representation that gives marketers an upfront snapshot of the following:
- All the steps chosen while creating a funnel
- The total number of unique contacts who have performed each and every step
- The dropout percentage for each step
- The overall funnel conversion rate (CVR) (for example: if 1000 customer visit your website but only 10 convert into buyers, your CVR is 1%)
- A comparison funnel based on the demographic attributes of the contacts
Marketers also have the option to view and save the dropouts and converted contacts for each step so that they can plan the right communication for them. In addition, funnels can be saved and printed for future reference.
So, go ahead, slice and dice your data and create captivating visualisations for effective strategies. Contact an expert today and get started!
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