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The ideal activity on your website would be for users to start engaging, getting interested and then eventually turning into customers by making purchases. Sometimes it doesn’t happen this way. Users may drop off at some point before a sale.
This makes a sales funnel analysis important for every commercial website. On analyzing the user behavior on your platform, you will see the drop off points in your funnel.This information will give you the opportunity to improve your funnel.
You may also want to know which channel your actual customers are coming from. This data will guide you to optimize that channel for even more conversions and sales.
How to Create a Funnel Analysis
1. Define Stages
Right from the start to conversion, clearly define each stage. You should have an average of 8-10 stages in your funnel. For example ‘Enter e-mail’, ‘buy product’ and so on.
2. Choose an Analysis Tool
You can use google analytics or google spreadsheet. There are more advanced tools depending on what you need.
3. Make a Visual
Use a simple bar graph to visualize your funnel analysis.
How to Improve your Funnel
Bottleneck Analysis
The stage at which many users drop off should be checked. Especially if it’s not what you expect. For example, if you realize that consumers have filled all their details but turn away at captcha. It shows that either they can’t see it clearly or the process is slow and frustrating the user. This requires optimizing that page for efficiency.
Target your Customer
If you realize that for a certain product, a particular segment continues in the funnel until purchase, focus of targeting them in the future. For example, if your analysis shows that women buy men’s socks more than men. Your key message to them should be: ‘Wives, buy socks for your husbands’
Time-delay Between Stages
The time delay between stages will tell you a lot about consumer behavior and what to change in your funnel. For example, if a user on the products page delays to load their cart, probably they don’t have sufficient information about the product.
What to Avoid
Your focus on drop-offs should be more at the bottom of the funnel. If you focus on the top of the funnel, you will still have a retention problem and few sales. Fix the issues at the top but spend more time at the bottom.
Even after conversion, you will need your consumers to not only keep coming back but also spreading the word. That means a funnel analysis does not necessarily end at conversion. Get feedback on your customer’s experience with your product.
Conclusion
Funnel analysis is important for every commercial site or app. The above information would help you optimize funnel analysis. Not only will you boost conversions and drive sales but also make your website and platform function better.
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