What is a Funnel Analysis?
What is a Marketing Funnel?
Since the early 1900s, the fundamentals of the marketing funnel have remained pretty consistent. No single model, however, is widely adopted by all businesses. But most people prefer to keep their model simple, mostly employing the “TOFU-MOFU-BOFU” technique to keep it easy to track.
- TOFU (Top of the funnel): The visitor is in the “awareness stage” at the top of the marketing funnel. They may or may not be aware of your brand or even the items or solutions they require. At this stage, your goal is to get your brand noticed, raise Awareness, and establish trust.
- MOFU (Middle of funnel): The MOFU client has narrowed down their options and identified their problem. They’re ready to consider your brand as a viable choice. They are, however, still weighing the pros and cons of several brands.
- BOFU (Bottom of Funnel): Your bottom-of-the-funnel leads are well-qualified and on the verge of making a buy. They’ve agreed to stick with you through the two higher funnel levels, making this the smallest and most profitable pool of prospects. They only need a little extra nudge to buy
Concept Of AIDA
Let’s take a closer look at this.
- Attention: The first stage in marketing or advertising is to think about how to get people’s attention.
- Interest: Once a consumer is aware of the potential of a product or service, the company must try to ignite the potential customer’s interest.
- Desire: Once a customer has expressed interest in a product or service, the goal is to make them want to try it, shifting their mentality from “I like it” to “I want it.”
- Action: The ultimate goal of any marketing effort is to get the client to take action and buy the product or service.
Why is Funnel Analysis important?
At Kuware, treat these Funnels analyses like the test reports of your marketing strategy that tell you what is going right and what is not.
What is the Digital Marketing funnel?
- Customer relationship
Knowing these stages can help you figure out at what stage the customer is bouncing back so that you can work on these areas for better customer engagement.
Why should you be using funnel analysis?
1- Helps you make decisions at the right time
2- Helps right team members to take action
Once you know where the problem lies, you can segment the grey areas and assign the task accordingly. It will help you envision and let you know where the pain point is rather than trying to get a good guess at where the problem may lie. Also, the productivity of your entire team tends to increase once certain specialists devote themselves to a specific task.
3- Helps you get a clear vision
You have no time to ‘beat around the bushes when your business is down. Knowing WHAT something needs to be fixed is as important as knowing HOW needs to be fixed; it just simplifies things for everyone on your team, giving everyone a clear vision to work on the problem points.
4- Helps in comparison
It helps you compare your highs and lows and help figure out what is right for your business. Having statistical data that can help you compare your monthly or yearly funnels. It is a great way to map out the future actions that can help you rectify your errors done in the past.
5- Helps to keep up with changes
As time changes, consumers’ habits and patterns will change too. You’ll need to examine and observe those changes from time to time to stay ahead in your business. Doing Funnel analysis is a great way to alert you when something isn’t right, and it will keep you updated with current changes and market shifts.
Best Tools for Funnel Analysis
Here is the list of some of our favorite tools that will help your Funnel Analysis task easier.
- Google Analytics- One of the best FREE online analytics tools with goals tracking feature.
- Plerdy- is one of the most commonly used tools for analyzing sales funnels in general.
- Instapage- The best landing page builder and funnel analytics tool.
- Visitor Analytics- The most user-friendly. Full web analytics are included, as well as other features.
- OptimizePress- is the best WordPress plugin. Create and track complete sales funnels, landing pages, and tracking analytics.
- Woopra- is the best tool for analyzing the entire client journey.