A funnel is a tool that serves to know all the stages that a user goes through from entering your website until the conclusion of the business. This path and the steps that comprise it have to be carefully planned and optimized to reach the final objective, generally that the client registers or buys online.
A funnel can serve as your own structure to convert a Lead into a customer or as part of a launch, depending on what type of funnel you are using. Therefore, it is very important that you know what are the three most important types that currently exist. These are:
- the quiz funnel
- The quick exit funnel
- The full exit funnel
Do you want to facilitate decision-making in your company and not lose more sales? Keep reading, because at the end of this blog, in addition to knowing what a sales funnel is, you will be prepared to create one correctly and improve the results of your business. Look!
What are the general objectives of building and implementing a funnel?
A funnel will help you understand what your potential customers think and do at each stage of the process, for example, buying on your website, so that you will be able to know the percentage of existing losses in each of the steps.
This knowledge will allow you to invest in appropriate marketing activities and channels, create more relevant messages during each stage and thus optimize those where you lose the most users. In addition, you will be able to increase the number of leads and real sales opportunities about your products or services.
The information that you can acquire through a funnel will also allow you to carry out the necessary actions to establish a relationship of trust with your customers, improving interaction, engagement and the brand image of your company.
What is a quiz funnel and how does it contribute to the growth of a small business?
A quiz funnel is a type of marketing funnel that segments visitors by interest and is widely used to capture leads. They are the simplest that exist because their mission is only to increase your contact list.
Those leads that leave their data, for example on a Landing Page, can be used to start an education or indoctrination campaign with the product or service that you are about to launch.
How to build a quiz funnel?
The sequence of these funnels start with a traffic source, which can be; paid traffic, organic traffic or any (less direct) that should redirect them to a landing page where they will leave their data in exchange for a lead magnet that is something that will attract your ideal client and make them want to give you their email address to get what you offer The cycle is closed once the Lead receives the Lead Magnet that you promised.
What is a quick sale funnel and how does it contribute to the growth of a small business?
A quick sale funnel is a type of funnel that will help you promote and sell your products to your existing contacts. It is known as a simplified sales funnel since it starts with a sales page and does not contain a landing page for a subscription.
If you already have an existing customer base that you would like to retarget with your new products, this type of simple and effective sales funnel is for you.
How to build a quick sale funnel?
Because this sales funnel is aimed at users who are already part of your list, you can send them an email with a direct link to your sales page where the Lead only has the option to buy or leave. This will allow you to track their activity and will later include a confirmation or abandoned order email.
For Leads who have decided to buy the page, it will direct them to a payment processor, while for those who have not, you can start a sequence of “why didn't you buy” or advertising emails.
What is a full sale funnel and how does it contribute to the growth of a small business?
The full sale funnel includes additional steps not found in the quick sale funnel. It is suitable for targeting new customers as well as your existing contacts.
Full funnel models are strategies designed to accompany our clients throughout their purchase process, providing them with relevant information in a personalized and contextualized manner and thereby help them make the best decision. Having a tailored digital strategy, adapted to the needs of each client is essential.
How do you build a full sale funnel?
The full funnel perspective gives us the possibility to analyze, adjust and optimize our campaigns and strategies based on their different stages: Visibility/Attraction, Recruitment, Relationship, Conversion/Sales, Customer Loyalty/Upselling.
For our marketing and sales strategy to be successful, we will have to successfully address each of these phases and optimize the ratios towards the sale.
What are the metrics that one should measure from a funnel?
It is necessary to measure the results of the funnels in their different stages and see how it is possible to refine and improve them since there is no perfect funnel, there is always something that can be improved, from the cost of a lead to the conversion rate. Next, I will tell you what are the main metrics that you must take into account to constantly improve the results.
TOFU or Top of the funnel
It is the stage where the user has just met you and where you are going to try to attract as many users as possible to your website, blog or application. In this phase there are two fundamental metrics:
CPM: “Cost per thousand impressions”. In this cost model, you determine the price you want to pay for every thousand ads published.
CPC: It is that cost model in which you pay for each click generated in our ads. If the user sees your ad, but does not interact, you will not pay anything. It is a cost model used mainly to attract traffic to your landing page or the website.
Other metrics at this point are: visits, sessions and average session time.
MOFU or Middle of the funnel
Here users already value the option to buy from you although they still need more information. The key in this phase is to increase their interest and convert users into potential customers.
The main metric that you should consider in this phase is the CPL (Cost per lead). In this cost model, you pay a fixed amount each time a user carries out an action that you have previously determined, such as subscribing to a newsletter, filling out a form, downloading an ebook, etc.
Other metrics are: Number of leads generated, average conversion rate, new users vs. recurring users.
BOFU or Bottom of the funnel
At this stage of the funnel, the user, after having considered all the existing options, has decided that yours is the best one to solve his problem. It is the phase in which the user goes from being a lead to being a customer.
To close the conversion, you can offer a free trial so that the user evaluates the product or service and ends up buying it. Being a most critical phase of the entire process, one of the main metrics is:
Cost per Acquisition
It is the cost you pay for each sale made. This cost model is very common in the case of an ecommerce since it is directly linked to the transaction.
Other metrics at this point are: Sales generated and attributable to the model and campaign, sales conversion rate, closing times, sales velocity and Return on Investment (ROI). What are the programs or metric tools that can help you measure the success of your funnel?
Many companies struggle to measure their funnels, from a lack of visibility into the status of their opportunities to a lack of control to project business results.
As Peter Drucker, the management guru, said, you can't manage what you don't measure. The good news is that today we have technology to ease the hard work of getting the necessary metrics.
One is Google Analytics: It is an online data analysis platform of Google that, from the installation of a code in the pages of the site, collects information from users and transforms them into reports.
It is an excellent tool to better understand the public of your site and measure the results of digital marketing, being one of the essential tools of a strategy. It allows you to track various information about your domain, such as the volume of visits, the time the user is on your page, the source channels, and even conversions.
Alternatively GetResponse: Basically it is a platform or interface that is very easy to use. It has many advantages, but the most notable is that it is very intuitive, it is one of those tools that you only enter the editor and you immediately know what it is about.
One of the most pleasant functions is the possibility of creating reports that allow you, for example, to know how much result you have obtained from your campaign, this is done through very clear graphs. It is important to have this data to know what is really working for you and what is not, in order to improve it and ultimately achieve more sales.
What are the other useful tools for small businesses to build a successful funnel?
Having software that helps you organize your customers' journey and have the greatest amount of information will guarantee you better sales and greater order in your strategy. Here are some options for you:
This is a platform that will help you implement strategies related to the Inbound method and manage relationships with your customers. And thanks to automation, management and marketing you will achieve higher sales. Among the advantages are: Simple and effective communication, Integration to the Website.
This software is used to create marketing and sales funnels. First, you need to select your industry – for example ecommerce, consulting or B2B.
Then you will have to choose the funnel you want to make. You design it and there you can create various types of templates such as landing pages, webinar, membership, among other categories that will allow you to order your business, new leads or prospects.
This is a cloud-based solution that will help you speed up sales automation. Among its features are: It has a very friendly interface for the user,
manage your sales team, lead management and opportunity tracking, visibility of your sales funnel at all times
So, we can say that a funnel is more than just the sale of a product or service. It is a global vision that requires systematizing, reflecting and optimizing the different stages to achieve good results.
Always keep in mind that the process does not end with the sale. The final step is loyalty, creating a relationship of trust over time between your brand and the client is something extremely valuable and helps to optimize efforts and achieve greater profitability.
Do you need help with this or any other issue with your business? Follow me on @grlbuzz or write to me at: firstname.lastname@example.org