With the increase in commercial companies throughout the years, businesses have faced stiff competition. The number of start-ups has also grown, which may cater to consumers’ specific needs. Some brands have also diversified their product lineup, creating products for all types of consumers.
Having a well-designed marketing program may help businesses stand out and reach more potential customers. If your company reaches more consumers, this may boost your sales and increase your revenues. While it’s true marketing campaigns may be costly, creating one is essential in growing your business, especially if you’re just starting. For better results, you may consult with marketing teams for different growth strategies and revenue tips.
What Is Funnel Analytics?
Making decisions in terms of the company’s marketing strategies may be challenging and often involves a lot of factors to consider. It may involve business decisions that need input and further analysis from various stakeholders. In this whole process, funnel analytics may come in handy. This method involves knowing the customers’ journey, from the time they’ve heard of a product to the moment of buying it.
If your company wants to understand your consumers, using a marketing funnel may be beneficial in providing important insights and knowing what campaigns work and what don’t. Funnel analytics aims to show the company’s wide reach at the beginning of their campaign and further filter the consumers down based on their interests or buying patterns. Like a funnel, the end part of the process involves fewer consumers compared to when it started. This is the stage when the purchase is made, which completes the cycle of converting sales leads into revenue-earning transactions.
Generally, the marketing funnel may be an effective way to understand the sales conversion process and create different marketing plans and sales campaigns. If you want to maximize this, here are three ways to leverage funnel analytics to make better marketing decisions.
1. Build A Customer Database
Businesses may build awareness by attracting customers to their events or web page. In some cases, this may be crucial to securing customers for sales conversion. If you want to easily reach out to them, it’s best to collect important information, such as their mobile number or email address, so you may send them follow-ups or newsletters. You may group your email list according to different factors, such as age or gender, which may help in deciding what message to send to them.
2. Know Your Online Metrics
With the increase of people shopping online, it’s important to measure your reach and engagement through different social media platforms. Knowing your company’s audience may help you align different campaigns toward them. You may also create new marketing strategies that are aimed at attracting consumers outside your social media following. There are different tools available online, and most social media sites offer in-house data.
3. Hear From Your Consumers
Customer engagement may be vital in helping consumers decide on buying your product. You may hear from them by doing surveys, which may help you understand their preferences and interests toward a specific product. You may also collect after-sales feedback, which may help in improving the product for future consumers.
Different Stages of Funnel Analytics
The marketing funnel differs and may be modified according to the company’s goals and preferences. At the top of the funnel (TOFU), most companies start by using different promotional materials and incorporating them into their awareness campaigns. Businesses may sponsor different events or launch a mobile app to attract more audiences. They may also post online advertisements on different social media platforms.
Next, at the middle of the funnel (MOFU), businesses aim to nurture the leads generated from their campaigns by engaging with them. This may involve organizing email newsletters or live events on consumer education. For example, if the company has found out many people are skeptical about their brand’s effectiveness, they may invite potential consumers to a seminar hosted by industry experts to promote brand awareness.
Lastly, at the bottom of the funnel (BOFU), companies may give out free samples or trials to interested consumers. Businesses may also opt to share testimonials and feedback as part of their campaign. Once the consumers are convinced, this may lead them to buy the product.
Many businesses need to create different marketing strategies to reach more customers and potentially improve their sales. Companies may gain insight through the marketing funnel, which shows the cycle from attracting customers to having sales. With this, companies may pair their insight with building a customer database, which may be used in spreading brand awareness and marketing campaigns. Companies may also make better decisions by knowing their social media metrics so they know who to target and how to improve their online reach. Lastly, it’s best to hear from your consumers to know their needs and wants.