So you’ve decided to build a marketing funnel. You’ve mapped out a goal and the various processes along the way to funnel new prospects to that goal. Now the most essential step you need in the development of your funnel is tracking the data to determine how well your funnel is functioning.
A word of caution. It’s important to remember that every bit of new content you add and every new stage built on your funnel you’re generating more data. Even though it’s all relevant to your sales process in one way or another it’s easy to get bogged down in the data and metrics tracked instead of focusing on a few key performance indicators. And that is what will give you the best information you need to make necessary improvements.
Seven essential data tracking resource points:
1. The amount of resource traffic – the Entry Rate refers to the number of resources that are currently in your funnel. Track this rate and see how changes in your marketing strategy impacts it, you’ll see positive increases in the number of resources you are able to generate.
2. Your conversion rate – if you’re just going to choose a few tracking resources, this would probably be the most important tracking resource to include. Basically, this resource tracks the number of prospects entering your funnel at any point and then the number that are converted into customers. As you make adjustments to your marketing strategy, you will see this number improve or decrease letting you know if you’re on the right track for not.
3. Sources of entry – as you monitor the traffic sources from which people are entering your funnel you can have ideas and how to expand the reach of your marketing campaigns. For instance if you see a large percentage of your prospects coming from a single post you did on a blog, then you know that you need to generate more posts building on the information in the original.
4. Time spent in funnel sections – in a perfect funnel your marketing would be so compelling that prospects would jump in at the top and flow to the bottom without restriction in one day. But that’s rarely the case, so it’s important to know are they are getting stuck in one of your stages. Then you’ll know that you need to either add more content, change a page or address some questions that are unique to this area of the final.
5. Possible leaks – along with amount of time spent in a funnel, if you see a large number leaking out of your funnel at a particular point then you will know that you aren’t doing enough to answer their questions or desires. You’ll know that you need to add more content to build on their needs so they can move ahead.
6. Tracking engagement rates – if you are engaging prospects with calls to action on multiple posts or landing pages you need to know which are sending the most converted customers through your funnel. This will give you the ability to know which one is sending the most converted customers through the funnel. Then you will have the ability to replicate your success with future posts or content.
7. Conversion rate – your conversion rate (or “close rate”) is the number of opportunities that turn into eventual sales. If your conversion rate is lower than you expect, look at some of the other resources you are tracking for ideas on how to improve the success rate of your marketing funnel.
These days there are many different tools on the market to help you track the data on your sites, for most marketers Google analytics is probably the most comprehensive, easy to implement and it’s free. You can use this funnel tracking tool until you determine that you need something more advanced, at which time you can move to a different paid type sales analytic program for tracking or to a complete marketing automation program.
It’s important to understand that creating a sales and marketing funnel is no easy task. It’s not a project you’re going to complete in an afternoon or even a day. And setting up a resource tracking system is essential for a functioning marketing funnel.
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