An effective way for an online business to increase their conversion rate is by understanding the customer’s experience in their website and responding to their needs.
In addition, as a business owner, you should know your customer, what strategies work on them and the products that grab their attention. A funnel analysis makes it possible.
What is Funnel Analysis?
A funnel is a defined flow of a business from the moment the visitor gets into the website, to the moment they leave. For instance, from the splash page to the sign-up page and finally check-out. It is a series of actions that lead to a desired action, the action being conversion.
For most businesses, a large number of users visit their website, but very few get to the checkout page. A funnel analysis, therefore, is a method of studying the funnel and identifying hindrances that make visitors leave a website before getting to the conversion point.
How to use the Analysis for the Benefit of Your Business?
Having done a lot of social media marketing, public relations, PPC campaigns, and Inbound Marketing, you have drawn a lot of attention to your website. But how many people get past the splash page or landing page?
A funnel that reveals a high drop-off at this point indicates that your website is not holding attention. Alter your website to capture the attention of your visitors and nurture their interest.
With the right customer experience analytics tool, you can tell the demography of your visitors and tailor your website to their needs. Introduce products that interest them and analyze their response. Your conversion rate can only increase if you expose your customers to the right content.
At this point, your visitor may be comparing prices with your competitors, offer juicy deals, customer loyalty programs, and coupons.
If your customers are getting past the landing page but dropping off at the registration, payment, or cart, analyze the possible reasons. There could be a problem in the form of complicated processes, broken links, or the customer could be insecure about feeding their bank details.
A session replay of some of your customers who dropped off can indicate the exact problematic area. For instance, a series of frustrated mouse clicks, a click followed by a long pause, or mouse movements that indicate the customer was looking for something are possible pointers to problems in your website. Resolve the issues and analyze the effects on your funnel.
People are getting less and less patient by the day, the easier and faster it is to navigate your website, the better and higher your conversion rate.
Handling your online business blindly is likely to result in minimal results. Funnel analysis enables you to identify the exact areas in your funnel that are leading to a low conversion rate. You can then make effective improvements to increase your customer base.
They are many options out there to whatever product you are offering. If you don’t keep your customers happy and satisfied, someone else will.