- Nov 27, 2020
- By Cam Sivesind
Understanding your Full-Funnel
In today’s ultra-competitive landscape, data, and its proper use, has become ubiquitous with remaining competitive and establishing an advantage. Our world is driven by data, and businesses of all shapes and sizes use it to make key decisions. The challenge for many organizations is not simply understanding the need for data. The challenge is how to gather, configure, and analyze the right data to drive marketing decisions that ultimately lead to more revenue. Full funnel reporting can offer unparalleled insights into how well your sales process works and provide the data your organization needs to achieve and maintain its advantage when converting prospects to customers.
While it’s not akin to searching for the holy grail, knowing how to obtain and properly leverage data begins with configuring your data once you have it. More than 25 years ago, Microsoft Excel may have been the primary tool most organizations used to house and manipulate data to view trends and gain other insights. Today’s technology allows us to leverage the power of business intelligence software, many of which can create beautiful and insightful dashboards packed with critical information. Creating nice looking dashboards is not the only benefit of having data work for you via full-funnel reporting. There are other advantages you can do to help ensure you’re on the right path.
Top of the Funnel
At the top of the funnel, attracting prospects is key, and leveraging content via ads shared through social media and search results can be very effective. In addition, landing pages, infographics, and videos can capture the attention of those you seek to engage with and prepare them to consider establishing a relationship with your brand.
Middle of the Funnel
Once you’ve attracted your prospects, engaging them, and encouraging them to want more can be done by sharing informative blog posts, social media engagement, case studies, eBooks, and white papers. Remember, the primary goal is to continue them along the funnel toward making a buying decision for your brand.
Bottom of the Funnel
Once your prospect becomes a sales qualified lead, you want to convert them into paying customers. In addition to delivering excellent products or services, continually delighting your customers can come in several forms. Those could include surveying them for their opinions, establishing customer appreciation campaigns, and including them in “early” beta tests, and continuing to anticipate their needs through proactive customer service.
The funnel should really be viewed as a bottoms up approach. The methodology of gaining insights all along the funnel is to see where you might be doing well in leading prospects to buy and where you might need to refine if some prospects don’t continue down the path.
What you can do with Full-Funnel Reporting
Full-Funnel reporting does not have to be a one and done approach. In fact, there are multiple ways to configure and leverage the data associated with your reporting to obtain a comprehensive, 360-degree view of your customer relationships. Leveraging the flexibility and capability of your funnel reporting, companies can:
- Track prospects through the conversion process tailored to meet your organization’s needs. For example, those moving through the buying journey can be tracked and identified as they provide contact data. They can also be identified as more robust prospects if they register for and sign up for webinars. Are there characteristics of prospects that marketers can see at the early stages that tend to lead to a sale?
- Your organization can also create specific models that are meaningful for your product or service. One such model can include the attraction phase that features blogs, bringing someone to view the entirety of your website, or encouraging a prospect to register for a free trial. Another model might include the first two phases but end with a registered download of an eBook or white paper. Your model can provide data that informs you about which prospects are beginning to separate themselves; those who are moving toward a purchase and those who are content with where they currently are in the funnel.
- The beauty of developing an effective full-funnel model is the ability it has to measure performance and effectiveness over time and to refine it if necessary. That refinement should include better understanding the data that informs you of the likelihood your prospects will buy as they move through the funnel.
With LeadsRx, your organization can leverage highly refined tools designed to track your prospects as they move through your sales funnel and gain insight and visibility with a single click. At the end of the day, it must all be about driving revenue. If your funnel is not helping you drive revenue, it’s time to review your entire funnel approach.