Data Analysis Must Reveal The Dynamics Of Your Sales Funnel
The sales funnel is as relevant today as ever and your understanding of its dynamics should be fundamental to your customer journey mapping and how you ensure that you deliver the right experience at key moments of truth.
The key questions that your data analysis needs to answer consistently is "Where do I lose customers and prospects?".
This may sound easier said than done: the sales funnel has flipped, you will have different customers and products and lots of potential touchpoints.
If you don't know where you lose customers and prospects in the course of their relationship with you then here are 4 things to consider.
1. Track and analyse
Track and analyse he velocity of your prospects and customers across the key sales funnel stages of Attract, Convert, Close and Delight.
Look for where people drop off and try to understand why and where they go.
2. Do you know the conversion rate at every stage in your sales funnel?
Mapping the customer journey is one thing. Having the right reliable metrics available is quite another.
3. Why do people drop out?
No you have the metrics you need to understand the causality.
This may not be easily understood from your data and some element of customer feedback might be required.
4. Not all customers are created equal
It's easy to forget that your customers aren't equally valuable and your prospects don't all have the same potential.
For some, it may not be worth investing to change a natural drop off point for some customers. And in some cases you may have customers who are value destroying (it costs you more to service them than you can realistically expect to generate across the lifetime of your relationship with your brand).
Try to segment your understanding of the customer journey and attach a value to each interaction.
This is just one of the 8 questions that we consider in our latest guide - 8 Key Questions For Relentless Marketers.
Download your free copy here and ensure that you have all of the answers.