What funnel analysis will increase sales in your company?

What funnel analysis will increase sales in your company?

What is Funnel Analysis:
Funnel analysis is the analysis of a set of sequential events or stages that start from a specific point, and end or lead to achieving a specific goal, and studying the conversion rate or transition between those stages.

For example, the marketing funnel starts from the point of spreading awareness in the target environment, and ends at the point of requesting the service, as its goal is to create demand for the product or service.

While the sales funnel starts from the point of requesting the service and ends at the point of closing the deal and receiving the required amount. Its goal is to close the sale and receive financial payments.

We see another example of a funnel that begins with a visit to a page within a blog and ends with a visit to five other pages, or perhaps achieving a dwell time on the platform of no less than 5 minutes.

The funnel can be part of a larger funnel, or the funnel can be divided into smaller funnels to focus its study.

Why is funnel analysis important?
Funnel analysis shows the causes of leakage in the funnel, and then we can avoid them and increase the rate of people or visitors who will eventually reach the end and achieve the desired goal.
A very small improvement in one stage can result in a significant increase in the end of funnel.
There may be more than one funnel interacting with each other to reach a common goal, and correct analysis will improve the way they interact.
For example, we have a marketing funnel via email, and a marketing funnel via Google.
Let us assume that they both appear on a common page, but through analysis it may become clear to us that they must appear on two different pages, and vice versa.
As a product manager, funnel analysis will provide new input into building the product. For example, it may reveal demand for a feature that is not well supported or draw attention to popular topics within a blog.
Our decisions will become data-backed, more accurate and more accurate than just individual desires.
The analysis may give us new patterns or behaviors that indicate the need to build a new product.
How we analyze funnels:
Before proceeding with the analysis we must be clear about the following:

The nature of the product and whether it is directed to individuals or entities and companies, such that we study the behavior of an individual, a company, a specific department, or perhaps a mixture of this and that.
Our goal is to analyze and set a primary goal before the analysis, for example, improving the conversion rate, reading desires, knowing behaviors...etc.
If we do not have prior goals, we must do a quick initial survey to build initial goals and then start again.
Defining the beginning and end of oppression so that it serves our goals that we seek to analyze so that we do not diverge too much.
Now the analysis method can be summarized as follows:

Clarify the purpose or objectives of the analysis.
Determine the start and end times to obtain sufficient data quality.
Establish the stages to be included in the funnel.
Use the correct tools to extract numbers from the stages.
A clear visual representation of the funnel with all the above points next to it.
Take a read by team members to gather several different opinions and viewpoints.

Tools to help analyze funnels.
First, most of the platforms that provide their services to embrace digital products also provide tools for reading data about visitors and users.

Like online course platforms, they provide analysis and recordings of visitors and their specifications.

But of course, we need our own tools in many cases, such as Google Analytics, Hubspot, and other similar tools.

We may ask the development team to build some internal components to record some data about users' movement.

Back to blog

Leave a comment