What is funnel analysis? How it can boost your conversion rates?
Every day, so many visitors visit your website, but very few of them convert and actually become your customers.
Funnel analysis can help you know where your customers leave and what makes them leave your website before making a purchase. Through funnel analysis, you can understand what your customers expect and what you need to do to push them ahead into the funnel.
In this blog, we will explain you in detail about funnel analytics and how it can help boost your conversion rates.
What is funnel analysis?
Funnel analysis is the process of mapping the flow of customers till the final step of the customer journey. Many prospects don’t cross all the stages of the funnel and are lost in between. Marketers can use funnel analysis to understand and track their users’ journey to optimize it. They can evaluate what makes the customers drop down and tackle those issues.
The reason why the website funnel is named funnel is that it looks like that of a regular kitchen funnel. The number of prospects entering the funnel is much more than the number of prospects that become customers.
Businesses or enterprises widely use funnels to know the effectiveness of their marketing functions. A user funnel can help to identify the factors that prevent the customers from proceeding in the funnel and taking action.
For instance, an eCommerce website customer journey looks somewhat like this:
Homepage> Product page> Cart> Checkout> Thank you page
Funnel analytics can help you monitor the users’ actions at each step of the customer journey. You can know the barriers to their conversion and how you can improve their journey. Below, we have shown the funnel analysis using WebMaxy Analyzer. You can see the user drop-off and conversion rate as well.
What is the use of funnel?
Funnel analytics can help market researchers and strategists in many ways. It can aid them in knowing the scope of improvement and the website areas that need to be enhanced.
1. Identify the high-traffic and high-exit pages.
Full funnel analytics help you show the drop-off and conversion rates of your different web pages. You can examine at what stage your potential customers leave and what might be the factors causing it.
Below, we have shown the WebMaxy funnel analysis.
By knowing at which stage your users drop, you can focus on optimizing your efforts there. You can analyze the multifaceted factors that might be influencing their decision.
Determining the loopholes in your strategy can help you refine your conversion funnel. This way, you’ll be successfully able to pass more potential customers down the funnel.
2. Evaluate from where the potential customers are coming
Funnel analysis can aid you in knowing from where your maximum potential customers are coming. For example, by identifying from where your highest traffic comes, you can amplify those sources. Many advanced funnel visualization tools, such as Google Analytics, can help you do this.
Google Analytics comes with a feature called the Goal flow feature. First, you need to set up the goals such as signup, contact us, subscribing newsletter, etc. Then, by using the goal flow feature, you can filter the source from where the highest converting traffic came from.
Knowing from where most of the customers come, you can optimize those channels and increase the conversion rate.
3. Make data-driven decisions
Funnel analysis can assist you in knowing if your business is doing well or not. You can also discover the areas that need alterations and improvements. A funnel report can help you in making data-driven decisions and advancements.
A high drop-off rate at a particular stage can exhibit that a strategic change is needed. Similarly, a good conversion rate indicates that your business is on the right path. Business owners and marketers can use a funnel report in their presentations to measure KPIs and metrics alongside.
Now, as you know that executing funnel analysis has many business benefits. The following section will explain how you can implement advanced funnel analysis.
How to do advanced funnel analysis?
You can carry out more comprehensive advanced funnel analysis by combining it with other analytics tools, as mentioned below.
1. Know how your users interact with your website
From the user funnel, you can identify the high-exit pages of your website. Then, with the help of WebMaxyheatmaps and session recordings, you can see how they interact and engage with those pages.
Heat maps highlight the areas where users have clicked and scrolled. You can get to know the elements of your website they have interacted and engaged with before exiting.
Putting up heatmaps on your low-converting pages can aid you in spotting problems. You can find out any broken links or confusing design elements that users are rage-clicking.
WebMaxy Session recordings enable you to see users’ sessions on your website. You can see how they interacted and engaged with various components of your website. By watching the session recordings of the visitors on your high-exit pages, you can see how they browse through your website. The content they look at and the areas where they spend time.
The session recordings feature can assist you in making UX changes and placing CTA appropriately based on the visitors’ attention.
2. Survey your visitors on-page
Funnel analytics, heatmaps, and session recordings data can help you develop a robust strategy. You can also execute A/B testing to test the design changes and see if they are making an impact. However, it’s essential to take the customers’ feedback directly. You can gather qualitative data by conducting on-page surveys and taking feedback.
Your assumptions and guesswork might not always be correct. Therefore, it’s vital to take the users’ feedback and get accurate answers to your questions. With WebMaxy Analyzer, you can conduct on-page surveys with pre-designed templates.
These surveys have well-researched questions, and you can also customize the questions as per your choice.
You can take surveys on your low-converting pages and ask questions to your prospects like:
- What are you looking for today?
- Did you like your experience with us?
- What’s stopping you from purchasing?
- How can we help you today?
By asking the right open-ended questions, you can get a lot of information about your site visitors. Understanding your customers’ needs, wants, and pain points can help you provide them with the best experience.
Below, we have given the simple steps to create a funnel with WebMaxy Analyzer.
How to create a funnel with WebMaxy in simple steps?
WebMaxy Analyzer is a user behavior analytics tool that can help you gather accurate customer insights. By tackling your customers’ pain points, you can boost your conversion rates.
Now, let’s look at the steps to create a user funnel with WebMaxy Analyzer.
Step 1: Create a WebMaxy account.
At first, you have to create your WebMaxy account. You can create your WebMaxy account by simply filling out the form given below.
You will also get a tracking code that you need to install at the backend of your website. Once that is done, you can create a funnel for your website.
Step 2: Go to Dashboard and click on Analyze.
Go to your WebMaxy account dashboard, there you’ll see the ‘Analyze’ option. Click on ‘Analyze’; under it, you will find the ‘Funnels’ option.
Step 3: Creating a new funnel
On the right-hand side of the funnels page, you will get the option to ‘Create a new funnel.’ Click on the ‘Create a new funnel’ option.
Step 4: Add the name of the funnel and page URLs
In this step, you have to give a name to the funnel and add the steps along with their page URLs.
Once it’s done, you have to save the funnel, and your funnel is created.
Step 5: Viewing the funnel
All the created funnels are listed on the funnels page. By clicking on the ‘Analyze’ button on the right-hand side of the funnel name, you can view thefunnel report.
A sample funnel report of WebMaxy Analyzer. You can also see the drop-off and conversion rates.
The Bottom Line
Funnel analytics can help enterprises and businesses to better understand their customers’ journeys. Not all the prospects that enter the user funnel end up becoming customers. By optimizing the funnel strategy, marketers can boost their website conversion rates.
WebMaxy Analyzer is an all-in-one website visitors’ analysis tool and offers various features like funnel view, heatmap, session recordings, surveys & polls, etc.
Schedule a call with our experts to learn more about WebMaxy Analyzer, or email us at [email protected].