Measuring Success in Your Sales Funnel
Measuring Success in Your Sales Funnel
The FieldTest Team · August 7th 2019
When it comes to your sales funnel, success comes in many shapes and sizes. Many advertisers expect their sales to skyrocket the moment their digital campaign goes live, but it’s not that simple. Digital campaign success doesn’t always equate to revenue. In fact, just getting your product in front of people can be a win for many brands.
You see, every stage of the funnel has different metrics for success and, more importantly, each stage leads should lead your customers to the next stage. If you’re a new brand, you’ll find success in the top of the funnel by simply making people more aware of your brand and its offerings. If you’re an established brand that customers know about, your success metrics might be clicks to your site and actual sales.
Here’s a closer look at the expectations for each stage of the funnel. Remember that every brand is different, and your goals will change based on what you’re trying to accomplish in each phase of the funnel.
Top of the Funnel: Awareness
The top of the funnel is where you generate traffic and make people aware of your brand. Remember that this stage isn’t about sales - it’s about generating traffic that eventually creates an audience for lower funnel conversions. As mentioned above, just getting your product on someone’s mind in the upper funnel is a victory in and of itself.
All too often, young brands think their campaign is a failure because the ads aren’t driving sales. In the awareness stage, you’re simply prospecting and getting your product on more people’s radar. One click can mean the world in this stage, and it’s best to not set your expectations too high because all you want to do here is plant the seed. With a little care and patience, you’ll generate more conversions and eventually have a garden filled with customers clicking and buying.
Middle of the Funnel: Consideration
The customer has moved through the awareness stage and now they’re considering their options. This right here is another victory to celebrate. Why? Because you’ve gone from an unknown brand to an actual blip on their radar.
Again, every brand will have different goals at this stage, but your basic mission here is new website visitors and actual site engagement.
Many marketers struggle with this stage, as they set their expectations too high and consider it a failure if customers don’t make a final purchase. Even worse, if a customer bails out of the site (or checkout), many marketers see their campaign as a total letdown.
Here in the middle of the funnel, dollars can be great, but the simple act of visitors checking out your site (and products) can mean the world to your campaign.
Bottom of the Funnel: Action
Success at this stage has many forms. An actual sale is always excellent, but even favorable actions like a newsletter sign-up can be counted as huge victories. And what if a customer leaves their cart filled with items? That’s okay because they’re shopping for your product and you can now target them to come back with a special offer on their items of interest.
Here at the bottom of the funnel, customer loyalty is paramount. It’s great if they buy your product, but you need to make sure you nurture the relationship and keep them coming back for more. Better yet, your customers will tell their friends about you, and you can’t put a price tag on word-of-mouth advertising.
At the end of the day, success isn’t always about the final sale. Focus on small goals throughout each stage of the funnel and you’ll win over new customers, retain their loyalty, and get more repeat visitors. Continue to test and measure and you’ll eventually learn what your customers want and, most importantly, you’ll be able to give it to them. In the grand scheme of things, that’s the metric for success that every advertiser can get behind.