What is Digital Marketing Conversion Funnel
Understanding Conversion Funnels
Whether people are attempting to sign up for your online service, or purchase a product from your website, there will be a certain number of steps they will have to take in order to give you money. Funnels help us see this process easily, by giving us a visual representation of the conversion data between each step.
Every online business has stepsthat people must take to become a customer. You can say that ad supported businesses are an exception – and that’s true, because people who click on ads aren’t customers!
Whether people are attempting to sign up for your online service, or purchase a product from your website, there will be a certain number of steps they will have to take in order to give you money.Funnels help us see this process easily, by giving us a visual representation of the conversion data between each step.
Funnel tracking allows you to begin isolating problems at any point in your visitors’ conversion paths so you can take meaningful steps towards optimization.
Analysing Sales Process through Conversion Funnels:
Now, let us understand the concept of Conversion Funnels.
Conversion funnels help us see the salesprocess in more depth. It shows us the journey, the route, the road-blocks and speed breakers, the diversions, the red lights, and shortcuts that a user takes on his way to making a purchase of good or service, and how he arrives at your goals. It’s a visual representation of each step of the process.
The exhibit in this slide shows a generic funnel. The wider at the top, because that’s where most of your customers are beginning, and narrow at the bottom because you keep loosing people at each step of the sales journey, shown through the use of arrows on the edge of the funnel.
Types of Conversion Funnels:
Funnels come in all shapes and sizes. In this example, the visualfunnels can show us what steps and at what stages you can have problems. If people are not reaching the payment or high abandonment before the check-out page, there’s a definite problem. You can use funnels to test page variations. The copy and language used, identify bugs and browser issues.
With Google Analytics, you can setup your own visual funnels. Depending upon your specific setup, they looking something like this.
- 100% Conversion funnel– It would look like a straight cylinder.
- Wider Top, narrow bottom funnel– A typical tunnel is wider at top, and narrow at bottom.
- Optimized funnel– It has a more gradual shape, suggesting very little abandonment.
- Bulged funnel– It’s a poorly optimized funnel indicating an issue.
- Drop-offfunnel–It’s also a poorly optimized funnel indicating an issue.
In most cases, your digital marketing funnel would be specific and you may not need to track things this broadly.
Funnels help us see this process (or processes) easily, by giving us a visual representation of the conversion data between each step. This allows us to:
- Determine what steps are causing customer confusion or trouble.
- Figure out what language or copy might be altering your customer’s emotional behavior during checkout or sign up.
- To be aware of bugs, browser issues and other technical nuisances.
Before you save your goal, you have the option of adding a funnel:
- Select the Use Funnel checkbox.
- Enter URL’s and names for the funnel steps.
- Select the Required Step checkbox for the first funnel step.
Step 3 is often recommended for generating simpler funnel data but is optional.If you do, in fact, want the Funnel Visualization report and the Funnel Conversion Rate to also count entries into the funnel below step 1, keep the Required Step option unchecked.
Multi Channel Funnels:
- Go to Google Analytics
- Select Reporting > Conversion > Multi Channel Funnels > Top Conversion Paths
There’re many ways to build your attributionmodels. You can make matrices individually in Excel, and then compare them. There’re also third party attribution tools. If you’re using Google Premium, you can modify your attributions on the fly.
If you’re not on Google premium, you can still get a good idea of various attribute models by making use of multi channels funnels.
The Multi-Channel Funnels reports are generated from conversion paths, the sequences of interactions (i.e., clicks/referrals from channels) that led up to each conversion and transaction. By default, only interactions within the last 30 days are included in conversion paths, but you can adjust this time period from 1-90 days using the Look back Window selector at the top of each report.
Conversion path data include interactions with virtually all digital channels.
MultiChannel Funnels include interaction with channels like:
- paid and organic search (on all search engines along with the specific keywords searched)
- referral sites
- social networks
- email newsletters
- custom campaigns that you’ve created, including offline campaigns that send traffic to vanity URLs
Top Conversion Path is the path a user took to covert. This way you can see which of these channels are bringing in the most revenue, and drive your efforts in that direction.
In the reports, channels are credited according to the roles they play in conversions—how often they assisted and/or completed sales and conversions. The Assisted Conversions report shows how many sales and conversions each channel initiated, assisted, and completed, along with the value of those conversions and sales.
The Top Conversion Paths report shows the conversion paths that your customers took on their way to purchase. The Time Lag and Path Length reports show how long (in days and in interactions) it took for users to ultimately become customers.