Aaron Kerlin-Scott

Aaron Kerlin-Scott

How to measure the success of your marketing funnel.

If you’re struggling to understand the value of your business existing online, or you’re unsure if your return on investment is “good”, then you need a marketing funnel. I strongly believe that a marketing funnel can scale your business dramatically, but you have to measure its success.

How do you measure the success of a marketing funnel? It’s not just about the number of people you sell to. To compliment my marketing funnel guide, I’d like to focus on the relevant factors you should consider when measuring successful marketing funnels. 

What is a marketing funnel?

Your marketing funnel is a method of structuring the journey someone takes from learning your business exists to making a purchase. Think of it like this:

  1. You have 100 people discover you on social media.
  2. 75 people click on your recent blog post that you’ve advertised there.
  3. 56 people click on your “chat with us” button to schedule a call.
  4. 10 people purchase from you following your call.

The strength of the marketing funnel is that it allows us to understand how effective each stage is at building enough of a relationship to create a purchasing decision.

Steps two and three both have a 75% conversion rate, whilst the final step only has a conversion rate of 18%. In isolation, we understand that we need to improve the value of our discovery call with the potential client. There is nothing wrong with the rest of our process.

Out of isolation, we might worry that our online strategy is failing, because we only convert 10% of everyone who discovers us. Imagine the financial and time cost revamping an entire process, when you only needed to worry about a single element. Frustrating, right?

This is why your business needs a marketing funnel. Question is, though, what’s the best approach?

Set Clear Goals

This advice is relevant across your entire strategy – set SMART goals. Your funnel will fail if it’s not built to achieve a target that is specific, measurable, achievable, realistic and time bound. We are often clear with what we want to sell, but not how we seek to do it. This is where you should focus your efforts. 

Remember, a marketing funnel is the steps your visitors take to become your customer. Just as your customer will change, their needs will change & therefore, your funnel will change. So, you should take time to ensure your SMART goals are still relevant. 

Your funnel might be working, but it’s failing outdated objectives. Say you are offering people a 20% discount on purchases today, but you’re aiming to get 100 people to sign up for your newsletter in person. Well, in today’s climate, that won’t work. However, if you set the same target through digital channels – you’d likely do very well. 

Set a Clear Path

I truly believe that a marketing funnel can be as small as three steps (you can even combine the first two reducing it further!). Remember these three steps. 

  1. Awareness. 

The step I take to become aware of your business. Whether it be through advertising, Google search or word of mouth. 

  1. Interest. 

The step you take to get me interested in your business. This is delivering actionable value that is relevant to me, your consumer. Either it gives me something I can improve, or a discount I can use in your store. 

  1. Purchase

The step I take, when I believe you are who you say you are and trust you will do what you are offering.

You may change a step in this process, and not consider the impact it has on your marketing funnel. If you change your lead magnet (what you offer in exchange for a sign-up) without reviewing your metrics, then you will damage your business. 

It may not be the case that your lead magnet is performing poorly. You might just need additional steps to convert your visitor to a customer. Remember, people need 8 separate contacts on average to make a sale. Your advert, then your landing page is only 2. 

Don’t give up in your funnel. Redefine your path to purchase. Go back, understand what problems your perfect customer has and solve more of them, with value, for free. 

Set the value of each contact.

If you met someone for the first time, you’d give limited information about who you are. You wouldn’t burden them with detail. So, you shouldn’t do that in your funnel. 

Deliver the right level of content at the right time. If I am finding your advert offering a free guide, I don’t need to know your price list. Sure, if your pricing is a benefit of working with you, make reference to it. In the first contact, you should be very light-hearted and basic in the way you lay out your information. See my previous blog post on successful landing pages. 

Step two – gaining interest – should offer interactive, actionable content. You want to start solving pain points to get the visitor to a point where buying your service or product seems beneficial. If you’re not solving problems, they won’t engage, and you won’t get sales. 

By the end of your process, people know who you are and what you do. If they’re still with you, they’re seriously interested in what you’re offering – so deliver it. Prove your legitimacy through reviews and testimonials and then hit a clear, contrasting call to action. Tell them to buy from you. 

Spoiler – you will rarely create “end of process” content. You will invest your time in the beginning, offering easy to digest, valuable content. 

Be Consistent with your Analysis

I don’t want you to monitor things every day, but you should take time to review your numbers. I’d recommend monthly, because you will get a feeling if something is wrong. Remember, your investment won’t change the success of your funnel – only changes in consumer behavior will.  When that happens, make sure your funnel evolves too. 

Struggling with your funnel marketing strategy?

Not only do I build websites that convert, but I help businesses every day with their marketing funnel strategy. If you’re looking to scale your business in 2021, then The Marketing Mate has got your back. 

Aaron is the Creative Director of The Marketing Mate. His passion lies in minimalist design and delivering valuable content in the simplest way possible. 

Want to work with The Marketing Mate? Use the contact form below.