Conversion Funnel Optimization: Best Practices
Before completing a deal, the customer has a journey to make. It starts with an ad or a post somewhere on social media or a landing page and finishes with clicking the “purchase” button.
The funnel optimization helps the marketers see at which point customers may get lost, go for another product, or fail to get to the destination button.
Read on to know what funnel optimization is about and how to enhance your funnel conversion rates.
What is a Conversion Funnel?
Before all, one should recognize how the eCommerce conversion funnel works. People use funnels to pour water into the bottle, while businesses apply conversion funnels to get customers to buy their services.
In particular, any lead conversion funnel is divided into several stages.
- Awareness. This stage is at the top of the funnel, which is about attracting community and speaking about the product.
- Interest. The subsequent phase contemplates that customers develop an interest in buying your product. What matters here? Your proposition or uniqueness, showing your competitive advantage.
- Desire/Decision. The next step refers to convincing your leads that your product is a perfect match in terms of value and necessity.
- Action. The particular one is at the bottom of the funnel. At this point, the customers need the last push to purchase the product.
As a result, an online conversion funnel is about recognizing how customers end up buying a product from you. However, not many people get to the bottom of the funnel. From all the prospects you have, less than 10% get to the conversion stage. In this regard, you should consider the funnel conversion rates.
What is a Good Funnel Conversion Rate?
The conversion rates are different, considering the vast number of industries. Yet, a reasonable conversion rate is known to be between 3% and 5%. Notably, retail, gifts, and pharmacy industries tend to have higher rates, while the jewelry, decor, or electronics, offering more expensive products, have lower numbers.
How can they be an indicator? Conversion rates determine how effective the efforts of the marketing and sales teams are. Marketers, working at the top stages, can attract many clients, yet, the sales team can fail to lead the potential customer to conversion. Thus, if your rate is within the range above, you get profits. However, by targeting a higher rate, you will increase your revenues and grow as a business.
How to Improve Funnel Conversion Rate?
Well, the advancement of the funnel conversion rates is concerned with adding to the multiple phases. You can focus on the action phase and think of the discount or affect the interest phase by adding details to differentiate your product and keep the leads in the funnel. The best practices underline the usage of email marketing, data, optimizing CTA, increasing traffic:
Get prospect’s emails via lead magnets and other tools
Email marketing is the way to approach the prospect directly and, thus, improve the lead conversion funnel. How? Based on the buying persona and insights on behavior, you can design a personalized message and trigger them to buy a product.
In this regard, one can use lead magnets, exchanging an ebook or guide for the prospect’s address. Thus, you will know for sure that the customer is interested in your products.
In business-to-business practice, a marketer can use the following email finder: https://getprospect.com/email-finder/email-finder-by-domain. This tool will help to extract corporate email from the website of the prospects.
If personalized and offered the correct value, you can get an introduction to a quality prospect or set up the demo, reducing the customer’s journey and improving a lead conversion funnel.
Implement any improvement from data
In the funnel optimization process, you should realize why you are making changes to the existing model. The data you gather is essential for it. Pay attention to the traffic and the number of people proceeding with the transaction. If your Google Analytics account shows you have a lot of visitors but a low conversion rate, the issue may be with the CTA or attraction of clients.
For improving the eCommerce conversion funnel, you can focus on product sales, shopping cart stats or completion rate, email newsletter sign-ups. In the B2B niche, you would need to focus on the number of leads. Such stats and their analysis will help you define and reach goals.
Make the CTA and converting pages clear
Sometimes, conversion rate sales funnel offers can be changed by modifying the CTA. General practice underlines that simple messages bring better conversion. At the same time, ensure that your landing page is structured and optimized in terms of user experience.
The shorter the way from the landing page to the shopping cart or transaction completion, the higher the chances to close the deal. Besides, modifying the landing pages is crucial. Try to identify the most clickable parts with heatmaps. If you see the pattern, take action. Also, add some urgency, combining CTA with discounts, to push leads to buy.
Generate more traffic by reflecting customer’s pain
Funnel conversion rates depend on the traffic you generate. So, you have to be seen. The best way to interest a person is to reflect on their struggles and offer solutions by creating content. By this action, you don’t sell but provide value and help your prospect, adding to the awareness stage of the online conversion funnel.
If the content is problem-focused and has insights, you can even combine it with SEO tactics to rank higher in Google search. By targeting keywords that reflect specific issues, you can attract some quality leads.
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The particular tactic concentrates on social proof. When you try to interest the target audience, incorporate the third-party examinations or add experts’ opinions. They will underline that your proposition is unique and helpful. That way, you develop trust, essential for funnel optimization on the top phases.
