Are you unsure about your online product offering? Do you want to scale up further, but you don’t know how? Then I have good news: you already have everything you need to improve your product funnel. In this article, I will take you through 5 steps on how to optimize your product funnel based on the data you already have.
Step 1. Determining KPIs
Determine what the Key Performance Indicators (KPIs), or the most important statistics, of your product funnel are and attach numbers to them. These are the numbers that you ultimately want to improve by optimizing your product funnel.
Let’s say you sell an online course as your main product, have a webinar as your entry-level product and an e-book as a giveaway, then ‘the number of customers for your course’ could be your KPI. You’ll put a number on this by thinking about how many customers you ultimately want for your course to reach your revenue target. For example: “I want 100 customers for my course (main product)”.
To know how many registrations you need for your webinar to reach these 100 customers, you need to know what percentage (webinar conversion %) of these registrations will ultimately purchase your course. And to know how many downloads your ebook needs, you also need to know what percentage (ebook conversion %) of these downloads will register for the webinar.
product funnel
So you see that in this example you ultimately have 3 KPIs:
Sell main product
Entry level product conversion rate
Conversion rate giveaway
Step 2. Collecting data
Now that you know what your KPIs are, you can collect the data to measure how your KPIs are doing now. You can get these figures from your marketing automation and payment software and you want to have continuous insight into this. Pay particular attention to how leads and customers go through the funnel. What path do they take? Don’t get blinded by the figures themselves.
For example, you can do this with a dashboard scotland email list 13234 contact leads that is linked to your systems. Here you can see both the number of customers and the conversion % of your products, but also the entire journey that leads and customers take.
Also read: How to determine a growth hacking funnel & associated KPIs
Step 3. Analyzing your data
After collecting the data, you will analyze it. What do you the chinese rainbows, marketing according to confucius notice? Which giveaway has a high conversion rate and which one a low one? And what does this look like for the entry-level products?
You can also look at other metrics, such as the aob directory number of days it takes leads and customers to go from a freebi.