TABLE OF CONTENTS
- What is funnel optimization
- Why is funnel optimization important
- How to optimize your internet marketing funnels
- Know your audience
- Use an omnichannel approach
- Setup Google Analytics goals
- Analyze your landing pages
- Reviews and customer stories
- Create valuable content
- Referrals and retention
What is Funnel Optimization?
Funnel optimization is a process of streamlining your marketing funnel for achieving the high conversion rates, acquisition, and retention of customers. It is a tactical approach to conversion rate optimization that increases the conversion rate of leads.
Research by Marketo shows that 50% of prospects aren’t ready to make a buying decision, irrespective of the tactics used in campaigns. Sometimes, businesses even lose possible customers at the final stages of the funnel. Optimizing every step in your marketing funnel increases the number of prospects that go through the funnel and convert to customers.
There are three fundamental stages of a marketing funnel:
1. Top the funnel: Awareness
In this phase, your prospects get to know about your brand, the solutions you offer, and how your brand is different.
2. Middle of the funnel: Consideration
Prospects in this stage analyze if they can benefit from your solution.
3. Bottom of the funnel: Conversion
In this step, your leads convert to customers.
Why is Funnel Optimization Important?
A study by Salesforce revealed that 68% of businesses fail to identify and measure their marketing funnel, and 79% of leads never get converted. The lack of an effective funnel decreases the conversion rate. So, building, measuring, and optimizing a marketing funnel is significant to your business.
An optimized marketing funnel will reap several benefits, including:
It will improve your existing funnel and help you identify the most suitable marketing strategy for your business.
- You will gain more sales as funnel optimization boosts conversion optimization
- It will help you ensure that you target the right audience
- You will gain an edge over your competitors who aren’t optimizing their marketing funnel
- It will help you identify the ways you can improve your solution to benefit all your prospects
How to Optimize your Internet Marketing Funnels
Here are seven proven tricks that will help you optimize your marketing funnel.
Know Your Audience
Research from LinkedIn B2B Institute revealed that 75% of B2B organizations fail to produce advertising with potential for long-term growth.
You will need to have better knowledge and data about your ideal prospects to start optimizing your marketing funnel. Having a clear idea about the needs of your potential customers will help create powerful marketing tactics and boost your sales.
You can do this by conducting research on your ideal targets and studying your successful competitors.
Setup Google Analytics Goals
The best way to start testing your existing marketing funnel is by creating it in Google Analytics.
By setting conversion goals in Google Analytics, you will be able to track your prospect’s actions, from the time they land on your page to when they drop off. It will help you understand:
- The points in your funnel where you lose leads
- How you can improve your marketing funnel
- The patterns behind customer drop off
- Besides helping you optimize your funnel, it will measure your conversion rate and provide a detailed analysis of your customers’ actions on your website.
Use an Omnichannel Approach
Your customers will expect a seamless and unified experience across all your platforms. To achieve this goal, omnichannel marketing plays an important role.
An effective omnichannel marketing strategy needs alignment. Alignment means your marketing, sales teams, organization’s objectives and goals, product development, customer support, and PR teams need to be on the same page.
Through an omnichannel approach, you will have an opportunity to deliver a personalized and seamless marketing experience to your prospects and gather more data about them.
Analyze your Landing Pages
A landing page is a standalone webpage created to promote a solution to your prospects. It is designed for marketing campaigns, designed with a single goal, call-to-action (CTA).
Here are a few tricks for a high-converting, impressive landing page:
Ensure that you use clear, to-the-point, concise headings
Ensure that your landing page has an eye-catching, appealing design
Display reviews, endorsements, or trust badges
Include strong call-to-action (CTA) so that it is evident to your customers about their next step
Limit the number of hyperlinks so that it is easier for leads to take further action
Reviews and Customer Stories
LinkedIn research discovered that displaying customer reviews on landing pages and websites can boost conversions by 270%. Trust plays a significant role in a successful marketing funnel. Reviews, testimonials, and customer stories are one of the best techniques to gain the confidence of your leads.
Create Valuable Content
Imagine you’re looking for a new smartphone. Do you scroll through a name and buy it or read helpful product reviews and watch related videos to make a purchase decision?
Marketing without great content is impossible. Before undertaking a purchase decision, customers look to read informative and compelling content. To have valuable content, make sure your content is:
- Original and intentional
- Engaging to keep your readers hooked till the end
- Answer the questions the readers have
- It has the potential to be talked about and get shared
- Solve problems of your readers
- Generates new ideas
Referrals and Retention
According to research by Harvard Business Review, 84% of B2B decision-makers buying journey starts with referrals.
After a prospect gets converted to a customer, the relationship isn’t over. So optimizing a marketing funnel isn’t only converting leads. It also includes retaining existing customers and establishing a healthy relationship with them.
When your leads turn to customers, you should consider a few tips to retain them, like notifying them about new updates, after-sales services, and periodic assessments. These actions will encourage loyalty and gain you referrals.
Creating a funnel is not enough. You must optimize it to enhance this efficiency.
Optimizing your marketing funnels is one of the most effective methods to boost your conversions, and every business should be doing it. By investing time and giving effort, you will surely notice better engagement, boost conversions, and increased sales.
Deepak Wadhwani has over 20 years experience in software/wireless technologies. He has worked with Fortune 500 companies including Intuit, ESRI, Qualcomm, Sprint, Verizon, Vodafone, Nortel, Microsoft and Oracle in over 60 countries. Deepak has worked on Internet marketing projects in San Diego, Los Angeles, Orange Country, Denver, Nashville, Kansas City, New York, San Francisco and Huntsville. Deepak has been a founder of technology Startups for one of the first Cityguides, yellow pages online and web based enterprise solutions. He is an internet marketing and technology expert & co-founder for a San Diego Internet marketing company.