Important Metrics to Track at the Middle & Bottom of the Funnel

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What is a Sales Funnel?

A sales funnel is a customer’s journey and process of purchasing a product or service. Depending on which variation of the sales funnel is used, four stages are typically present: Awareness, Consideration, Conversion and Retention. These 4 stages are also referred to as the top, middle and bottom of the funnel. Key performance indicators or (KPI’s) are metrics that should be used at every stage of the sales funnel to measure the success of a sales and marketing strategy.

 

MOTF & BOTF Explained

Every step of the sales funnel is strategically designed to move the customer to the next stage. The top of the funnel (TOTF) or awareness stage is where the buyer’s interest in the product/service is captured. The middle of the funnel (MOTF) is an essential step in getting a customer to engage with a brand/company via sales enquiry or lead. Key metrics that need to be tracked in the MOTF include: - Banner click %, retargeting lists, new leads generated, visitor frequency and the number of direct returning visitors. The bottom of the funnel (BOTF) is about converting leads into customers and driving customers to become brand advocates and repeat customers. BOTF vital metrics that should be tracked include: - unit types sold, days to conversion, average order value, revenue per visit and retargeting lists.



Drill Down MOTF & BOTF Metrics 

In our previous blog post, we discussed the value of using data to drive business decision making. A data-driven approach allows a business to make more informed and strategically sound strategic business decisions backed up by quality data and quantifiable metrics. Drilling into customer and sales data can provide invaluable insights to improve planning in all parts of a business. The following MOTF & BOTF drill-down metrics are vital to aid decision making for any business:-

·         Blog Comments:- producing blog post topics inspired by keyword research and customer purchasing data is an excellent low-cost method to drive relevant customer traffic to a business. By analysing the number of blog views and comments, a company can infer detailed insights into customers feelings towards a brand.

·         Social Media Followers:- tracking and evaluating the number of social media followers can aid a company’s social media strategy

·         The Number of Social Shares:- this metric shows how specific target customers react to the content a company shares on social media. The number of shares can provide insight into the quality of the content creation strategy for any company.

·         New Leads Generated:- every marketing team for any size business will be ultimately judged by the number of leads created and sales completed. Without producing high-quality sales leads, a company will not create revenue. Tracking the number of new leads and the quality of these leads, any company can garner greater insights into its core customers in more granular detail.

·         Banner Ad Click %:- understanding the number of customers who click on an online advert and why they decide to click can improve the quality of the ad creation, save on ad spend wastage and help drive customer engagement.

·         Promotional Email Metrics:- analysing the number of engagements on a promotional email campaign can improve a company’s email campaign content strategy and segmentation of email databases to target the right customers.

·         Offer Bounce Rates:- promotional offers can play a vital role in improving sales and rewarding customers. Correctly understanding why some promotional offers have better appeal and drive more sales can improve long term sales strategy.

Written by:



Sources:

·         Steven, K., 2021. 37+ Sales Funnel Statistics to Know In 2021 (Ultimate Stats List). [online] KhrisDigital. Available at: <https://khrisdigital.com/sales-funnel-statistics/> [Accessed 26 April 2021].

·         Glew.io. 2021. Sales Funnel Metrics: The Ultimate Cheat Sheet | Glew. [online] Available at: <https://www.glew.io/articles/sales-funnel-metrics-the-ultimate-cheat-sheet> [Accessed 26 April 2021].

·         Crabbe, A., 2021. 30 eCommerce KPIs for Every Stage of the Funnel. [online] Inbound.human.marketing. Available at: <https://inbound.human.marketing/ecommerce-kpis-for-every-stage-of-the-funnel> [Accessed 27 April 2021].

·         Grow.com. 2021. How to Define Your Middle-of-Funnel Goals and Set Your Sales KPIs | Grow.com. [online] Available at: <https://www.grow.com/blog/how-to-define-your-middle-of-funnel-goals-and-set-your-sales-kpis> [Accessed 27 April 2021].

Location: Dublin, Ireland

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