How to measure your Marketing Funnel’s Performance?

When did you last do a review of your marketing funnel?

Are you sure its performing? Have you recorded the performance metrics of your marketing funnel?

Is it simply the number of sales – which is valid – but is that always the case? How do you attribute a sale to your marketing funnel ?

How do you measure a funnel’s performance – its efficacy and its worth – and its relevance?

We often are clear on what we want to sell, but struggle with the best way to launch and develop the sales or marketing funnel.

Let me give you my two cents – and this is universal to ANY PRODUCT or SERVICE you plan on selling.

A funnel is ONLY as good as the metrics you set for gauging its performance. 

I always plan a funnel with the goal first and then reverse engineer the entire plan, platform and timelines keeping a single focus in mind – the goal.  I hope that you do as well.

“A marketing funnel is a client’s journey with you” is how Sprouts Social, a forum that I tend to follow defines it. A marketing funnel defines the steps that  you, as a business, need to take to help your customer take the right decision of purchasing your product.

If your funnel performs as intended, you support your customer in making the “right decision” at the right time and they share this information with others so others follow suite.

But remember – a funnel is not a one-time creation. It needs to evolve and change with the behavior of your customers.

Thus the original question – “Have you recorded the performance metrics of your marketing funnel?“

Is your customer behavior – and expectations the same as when you created it? I believe not. The expectations of our customers have changed and that too big way these last few months. Thought it was always changing, the rate of change has accelerated and market demands that we too change – and fast. I mentioned this in my previous post and would reiterate this time and again.

Our funnels needs to change based on current market conditions.

Reviewing and redefining clear, measurable and current performance metrics for our funnels are mandatory for it to perform. Unfortunately, they are often ignored when we have created one.

We create a funnel and then try to fit the funnel’s performance to an imaginary and fixated template with the hope that it will work. It often doesn’t but we still stick to it believing that it might one day. We let hope take over the actual results.

Mistake. Big Mistake.

The time is NOW to change the performance metrics of the funnel. And it means reviewing your marketing mix elements.  Redefining and reviewing the relationship between what you offer and its relevance to your client personas. Going back to the drawing boards and sketching out the entire customer journey afresh and implementing the same using all tools in the marketing mix.

Map the elements of your marketing funnel to the 5 steps mentioned :

  • Awareness
  • Consideration
  • Conversion
  • Loyalty
  • Advocacy

More on the specifics of this in a later post, but suffice to take one message home – Start reviewing the performance metrics of your funnel and see how you can optimize it to your advantage.

If you need some support in getting this done, just reach out and we can point you in the right direction with a template that can help you to start the process and do an objective review of what is working in your funnel and whats not.

 

 

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