Leveraging conversion funnel analytics to maximize sales
Carefully planning conversion funnel details is critical for the success of any B2C site. The conversion may be getting signups or purchases.
There are two major considerations associated with a funnel: (1) number of steps and (2) seamlessness in each step.
Once the conversion funnel is designed and the web pages associated with each step are identified, the funnel performance can be modeled in Google Analytics (GA). Monitoring this will facilitate identifying bottlenecks and bounces throughout the funnel, which in turn help in doing continuous optimization of the funnel.
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Below are the steps to model a conversion funnel in GA:
- Go to “Admin” section
- Under “View”, click “Goals”
- Click “New Goal” and select the template that most represents your end goal
- In the “Goal Description” select the type. (In most cases, it will be “Destination”).
- Provide the url of the end goal page (example: “Thank you” page)
- Optionally provide goal/conversion value
- Click on “Funnel”
- Specify the pages that make up the funnel (home page, product description, et cetera) and their urls. Keep “required” flag as “no” unless there is a real reason to. You can exclude the final goal page, because it is already entered previously.
- Save the funnel
Once created, the funnel analytics tracks each page view leading up to the goal (conversion) page.
To view the funnel and related metrics, go to “Conversions” and “Funnel Visualization.” It will show the number of conversions from stage to stage, in addition to providing useful stats such as bounces. Note that the numbers provided are page views and not users.
GA also enables advanced types of funnel analytics which can incorporate enhanced e-commerce tracking or custom reports showing marketing channels and segments. An overview of these capabilities can be seen here.
Below are some general tips to improve funnel performance:
- Minimize the number steps leading to the conversion page
- Provide more information in the product page to make it more compelling, such as demonstration videos and photos
- Offer upsell options after the user adds item
- Capture email upfront before asking for payment. This allows you to market items to the user if the cart is abandoned
- Offer a promotion (ex: 25% off one-time only!) if the user abandons signup
Hope the above information enables you to improve your funnel output. A useful methodology to improve web pages (that make up the funnel) is through A/B and multivariate testing, which are discussed in a separate blog.