If you’ve spent any time researching marketing analytics, you’ve probably come across the term “marketing funnels”. Have you ever wondered why your website isn’t seeming to get conversions like you had hoped? Well, setting up marketing funnels within your analytics is essential when it comes to helping you answer this question.
What is a marketing funnel?
To put it simply, a funnel is the set of steps users go through before making a conversion on your website. It’s the path you want visitors to take starting from the first interaction with your site until they reach their destination.
Many companies that sell products have a “purchase funnel” that would appear as follows:
For other companies offering services, their funnel might look more like this:
While there are obviously steps that can be taken in between, such as going to an about page or reading a blog, these are the keys steps that are taken to reach a conversion.
Benefits of funnel analytics
Why is it called a “funnel”? Well, picture what an actual funnel looks like. It’s wide at the top and continually narrows until it reaches the end. A marketing funnel works the same way. In the beginning, there are many people who will take the first step (visiting the website), but along the way people will drop out off the funnel and only the most interested will move further towards a conversion.
This is where the value of funnel analytics comes into play. Various tools, such as Google Analytics and HubSpot, allow you to set up funnel reports which analyze your marketing funnels and allow you to see at what point users are dropping out. Some tools even offer attribution reporting which pinpoints the specific pieces of content on your website that are responsible for making conversions at each stage in the funnel. Take the purchase funnel we mentioned earlier for example. A funnel report would show you that you have 2,000 visiting your site, 1700 viewing products, 200 adding products to their cart, and only 40 purchasing products. From there, you would be able to see that you may need to focus your efforts on improving the product viewing experience, considering product prices, and other factors that could be preventing users from adding products to their carts. Rather than wondering why you aren’t getting the conversions you want, funnel analytics and reporting provides companies with concrete stats to suggest where their marketing efforts need improvement.
What does your funnel look like?
If you’re looking for help in this area, we offer funnel reporting as part of our Digital Marketing Services. Please contact us, and we’d love to help you get started! Stop wondering why your website isn’t getting you the results you’d hoped for and start taking action based on what your funnel reports are telling you.