Let’s talk conversion! The Conversion Funnel is a great tool to find and bridge gaps in your conversion process. Watch the video above, and read through the synopsis below to get started!
The Conversion Funnel
The Conversion Funnel Maps out a customer’s journey from never hearing about you to become a loyal follower. Let’s say 1,000 people hear about your business, 100 of them actually look you up, 10 of them are interested in working with you, and one actually becomes a customer.
One strategy to get more of these people to convert into customers is a low barrier to entry. If you have an inexpensive entry-level product that a customer buys, they are 14 times more likely to buy your higher-end products. They bought your inexpensive option and found value in it, so they can trust in purchasing your more expensive products as well.
Let’s Take a Look at the Five Levels of the Conversion Funnel
Awareness
Think About WHERE Consumers Hear About You. This might include SEO/SEM, Social Media, Word of Mouth, Trade Shows, Ads, or networking. This is the contact point for those 1,000 people who hear about your company.
Research
Of those 100 people who look you up, where are they getting their info? Where is information available on you? This might be your website, YouTube channel, Print Materials, or Social Media.
Engagement
This is where the 10 interested parties end up. How do they show they’re engaged? This might be a phone call, filling out a form, a direct message on social, or a walk-in.
Conversion
How are you pitching those ten people? Are they seeing a presentation deck, or a sales sheet?
Loyalty
How are your paying customers staying up to date with you and spending more money? Do you add them to an email list after purchase, a text list, or do you encourage them to follow on social media?
What do I do next?
Finding the gaps in your conversion funnel can lead to big changes to your business’s bottom line. Are there any categories where your brand is falling short? Hopefully, by going through this list you remember that outdated form on your website. Maybe you realize a follow-up email campaign is needed for new users. Whatever your particular case might be, we hope this review of the conversion funnel helps to improve your marketing efforts.
Great roundup, Art! Rewarding loyal clients, being aware of industry competition trends, and always striving to improve value are some of the ways you can create a more effective branding strategy. Competition awareness is one of the essential factors for achieving an effective branding strategy. When you’re aware of what your competitors are doing, it’s easier to keep up and stay relevant in a marketplace.