As a content marketer, you’ve heard about a lot of tools and I’m sure you use many of them regularly. This article talks about funnel analytics. You might be wondering… What is funnel analytics?
Funnel analytics involves understanding the flow of a specific set of events or patterns that lead toward a specific goal. In other words, as a marketer, it allows you to isolate problems at any point in your visitors’ conversion paths so you can take meaningful steps toward optimization.
Why the term “funnel”?
Here’s a good funnel visual from Kissmetrics.
A lot of users visit your website, but only a few of them go down the funnel. An easy way to understand a funnel is through the Amazon.com analogy. A lot of people visit the site. Many view products. Some add products to their carts. A slice of these buy the product. The “browser” is at the top of the funnel and the “buyer” is at the end of the funnel
<img src= “https://blog.kissmetrics.com/wp-content/uploads/2015/08/marketing-funnel-example.gif” alt= “Image source: Kissmetrics.com”>
You might have heard people say, “widen the funnel!” This basically means you need to find a way to get a larger audience. The larger your audience, or number of leads, the wider your funnel. To cast a wider net, create content and become a thought leader. Your goal is to get people talking about you and coming to find you – organic inbound.
Funnels are not used only in sales or e-commerce sites, they have other uses depending on what you’re monitoring and on your goals. For example, you may want to track newsletter sign-up (human views form, fills out form, submits form, confirms email) or page conversion (human views sign-up page, fills out form, submits form).
Here’s some tools that can help you design a good funnel and get the best from your current funnel; these tools are referred to as funnel analytics tools.
Consider these tools
Full Circle Insights: A marketing performance management tool that gives Salesforce users insight into their overall marketing impact.
Squeeze CMM: This tool generates reports and tracks audience activity and interests to measure the ROI of content.
Insight Squared: An all-in-one analytics software for sales, finance, marketing, and support data.
Curata: This is an awesome tool that helps monitor your funnel analytics among other great services.
Why Use Funnels?
As a content marketer, funnels are an indispensable tool. They serve a host of functions. One important function is you can actually tell where you’re losing customers.
Let me explain. When you understand your funnel, you can understand where potential customers are turning away and then, you can act.
Let’s use a subscription-based online business as an example. How might their funnel look? Site visit -> Read content -> Sign up for a trial -> Use product -> Pay. Although people can’t be forced to use a product prior to purchase, it’s a good idea to track so you have an additional data point to analyze. Did they make an informed decision? Is there a trend? What changes, if any, need to be made?
Funnel analytics let you understand the behavior of your leads and customers, and from that you can infer a few things: what they like, what they don’t like, what to change or improve, and what to trash.
So now that you know all about funnels, don’t waste any time or effort. You have a key tool that can tell you if you’re going in the right direction.