The 5 powerful ways mentioned would surely changed the way you look at analytics!
Web Funnel Analysis is a powerful tool for helping you drive higher quality leads, identify which leads are worth investing time in, and ultimately grow your business. It’s an essential tool for every sales team, and especially for marketers who want to understand how their website is performing and what changes they need to make. In this blog post, we’ll highlight how you can take advantage of web funnel analysis to drive better business results. Read on to learn 5 powerful ways you can use web funnel analytics data.
The first step to using web funnel analysis data is getting a clearer picture of your key performance indicators (KPIs). Your KPIs are the metrics you should track to measure the success of your marketing strategy. Schedule a FREE consultation here.
If you’re not sure which metrics to track, or how they relate to your business, start with these 3 questions:
- What outcome are you hoping to achieve from your marketing strategy?
- What are the key steps to that outcome?
- How will you know when you’ve achieved success?
Once you’ve clarified your KPIs, you can start collecting data to measure them. You’ll want to track at least these metrics:
- Lead generation - How many leads are you generating from your website? How many email subscribers do you have?
- Conversion rate - Do your leads convert into customers? What are their demographics? How many of those leads become paying customers?
- ROI - What is the business value of each lead you acquire? How much revenue did the leads generate?
- Customer lifetime value - How much money do customers spend with you each year on average?
Once you’ve tracked your KPIs, you can use that data to determine your marketing budget and decide which channels are worth investing in. To do this, you can use a variety of marketing budget calculators, or you can simply do what many marketers do: assign a budget based on the results they’re getting.
To determine your marketing budget, you can estimate the cost of acquiring a single new customer (the acquisition cost, AC) and the cost of retaining an existing customer (customer lifetime value, CLTV). For example, if you’re charging $100 per month for your product, and you’re estimating that you’ll pay $40 to acquire a new customer, then the marketing budget would be $60. You can increase or decrease this budget depending on your results. SaturnOne Web Funnel Analytics is on BETA. Signup FREE: https://www.saturnone.io/journey-analytics
Next, you’ll want to assess your website traffic quality. You can do this by calculating your bounce rate, which is the percentage of visitors who leave your website immediately without completing a single action. Low bounce rates mean more of your visitors are staying on your site and completing their desired action, which is a sign your traffic is of high quality.
To calculate your bounce rate, you can use one of many traffic quality calculators, or you can simply take a look at your website traffic data. The main metric you should care about is the percentage of visitors who navigate deep enough to visit your checkout page. If this percentage is low, it’s a sign that some of your visitors may not be converting, or that your product or service may not be valuable enough to justify the purchase.
Next, you’ll want to assess your website conversion rates. A conversion rate tells you how many of your leads convert into paying customers, expressed as a percentage. A good rule of thumb is that, after a customer is on your website and has browsed around, they should have a clear idea of what they want to buy and how to purchase it.
To calculate your conversion rate, you can use one of many traffic and conversion calculators, or you can simply take a look at your website conversion data. The main metric you should care about is the percentage of visitors who become paying customers, expressed as a percentage. Ideally, you want this number to be as high as possible, as this means more money is being brought in from your website. SaturnOne Web Funnel Analytics is on BETA. Signup FREE: https://www.saturnone.io/journey-analytics
Lastly, you’ll want to assess your website real user experiments (RUE). A RUE is an experiment that you run on your website to see how your visitors react to new design changes before implementing those changes in your marketing strategy. For example, you may want to run a new RUE to test how your web page layout affects your conversion rates.
Ideally, you should run a single RUE on your website. A low RUE score means that your design is affecting your conversion rates negatively, so you may want to consider making changes to your page layout. A high RUE score, on the other hand, means that your design is affecting your conversion rates positively, so you may want to consider making those changes!
You can calculate your RUE score by taking a look at your website analytics data. The main metric you should care about is the percentage of visitors who complete a desired action on your website, expressed as a percentage.
In this post, we highlighted how you can take advantage of web funnel analysis data. We highlighted 5 powerful ways you can use web funnel analytics data, including:
- Define key performance indicators
- Assign marketing budgets based on ROI
- Assess website traffic quality
- Assess website conversion rates
- Assess website real user experiments
We hope this article has provided insight into how you can use web funnel analysis data to drive better business results. Schedule a FREE consultation here.