Building a viable conversion funnel or, as it’s also called, a sales funnel, is an effective way to boost your business’s revenue. A study by the Aberdeen Group bears this out. Their study reports that well-aligned marketing efforts and conversion funnels can achieve a 32% annual revenue growth over the previous year on average.
Digital marketing, web development & design, and sales teams must act together to create an effective, streamlined conversion strategy. And conversion funnels are a key component of such a strategy. However, there are specific metrics that shouldn’t be overlooked when businesses are trying to assess the effectiveness of their conversion funnel.
Conversion funnel metrics that aren’t ignored
Digital marketing and sales are both highly data-driven, so it’s not surprising that businesses are looking at conversion funnel metrics. Doing so provides insight into the effectiveness of their sales funnels. It also provides information about ways the funnel may need to be upgraded to take advantage of new sale opportunities.
For these reasons, some of the common conversion funnel metrics businesses typically pay close attention to are:
- Lead volume.
- Conversion rate.
- Total sales.
- Acquisition costs.
3 metrics you shouldn’t overlook when considering your conversion funnel
All the metrics above are important when gauging the effectiveness of your sales funnel. Yet there are several other metrics that businesses often overlook. Looking at these metrics can help your team learn key information about its conversion funnel:
- Lead sources — Knowing where your leads are coming from can make a huge difference for your business. Having this information allows you to find the precise adjustments your funnel needs to bring in more qualified leads and, by extension, more revenue.
- Cycle time — This metric allows your team to follow how long it takes potential customers to advance from one part of your conversion funnel to the next. Tracking this metric can give you a better understanding of how efficient your team is at nurturing sales leads. This data can also help you identify slow spots in your funnel that need to be addressed.
- Closed-lost reasons — Your team should be keeping track of closed-lost reasons. This data allows everyone to see where and why people are exiting your conversion funnel prior to becoming customers. Such data is priceless when it comes to figuring out ways to adjust your sales funnel; improve sales team training, staffing, or processes; and more.
Need help following and improving your conversion funnel metrics? BURG+CO. can help
Increasing traffic to your website plays a role in increasing conversions and bringing in new clients. However, it’s difficult to turn visitors into conversions with a broken or inefficient conversion funnel. Fortunately, BURG+CO.’s digital marketing team can help.
Our team has years of experience in helping businesses improve their digital presence to attract more traffic, but we also excel at creating, monitoring and updating conversion funnels to bring in as many qualified leads as possible. If you’re looking to perform better in search engine results, attract more visitors to your site and convert more visitors into loyal customers, we’re ready to talk to you to see how we can help. Contact our team today for more information about our digital marketing services or to schedule a complimentary consultation.