How much traffic do you get every single day on your website? and among the number of prospects what number do you get finally purchased something from you? And what number have you just lost from the beginning to the end of your conversion funnel?
Haven’t think these question yet, right?
You may receive a tremendous numbers of traffic on your site every single day but the number of converting to customers is very few. This is because your sales funnel has leaks that are causing the drop out of potential prospects in every stage. How’s that possible?
Think your sales funnel as a bucket and you don’t notice some hidden leaks that are causing you dropping of water when collecting from ocean. Metaphorical example but I think you now understand what it is exactly saying.
In ecommerce sales funnel includes a various stage through which a prospect needs to pass for the final call-purchase. The path can be simplified as homepage < category page <product page <add too cart < checkout. And leaks in any of these stages causes significant drop out of customers.
Leaks in conversion funnel are pretty much obvious and common phenomena, and there are many ways to fix them. All you need to find out the leaks and to fix them with conversion optimization. So wherever you notice holes in your conversion funnel, track down and try to fix them to reduce and possibly permanently stop the drop out.
How to find sales funnel leaks?
There are many ways to find out where the wholes are. Before taking any measures to stop these pesky leaks you need to find out the leaks first. You can find out leaks by analyzing google analytic reports. Here are two most common and easy ways to find out your conversion leaks-
The most common and easiest way to find out your conversion funnel leaks is to visualize your funnel. You better do it before tracking down your data, because visualization of your funnel allows you to look up into your funnel directly. It also helps you to find out the problem areas with a full dropout rates and percentage.
Visualization will help you to draw your own conversion funnel where you can identify where and who is leaking out. Not only this, you will also be able to identify the key stages and causes and effects of such leaks. Thus you can understand where to focus and what strategy you need to seal the leaks.
Analyzing your goal flow is the most accurate way to find out your conversion result. With visualization you can find the problem areas but with identifying key goals you can narrow down your leaks by your defined goals. Not only this, but also it is more flexible than visualization, allowing you to use advanced segments and data comparison.
You can analyze your goal flow path with various analytic tools but Google analytic is the most used and recommended tool for this analysis.
How to fix leaks in your conversion funnel?
After identifying the leaks in your conversion funnel you should step forward to fix them and there are several ways you can fix your conversion funnel leaks. But whatever measure you take it should be time suitable and perfect match for your conversion stages- where the leaks are visible. Here we discussed some of most effective strategies for fixing overall leaks in your sales funnel.
Generally, it’s a good habit to analyze your whole sales process (from top to bottom) time to time. This is helpful to understand your lead acquisition process, if they are qualified or not, how you are handling these leads, and your strategies to convert them into customers.
Going through whole sales cycle is also important to find out the areas and reasons of prospect dropout. For example, if your sales cycle is complex, or take a huge time, then these may cause you loosing great amount of leads in various stage of your sales process.
Your first thing to do when considering selling products to customers is to make general leads to do business with you. Whatever they think you need to manipulate with your marketing initiatives primarily and ultimately with your whole sale cycle.
The top of your funnel is the most important part of lead generation and leaks generally occur here frequently. Whomever you target you have to ensure that they come out with expected goals at the end of the sale cycle.
Most of retailers do the common mistake of targeting wrong leads that often drop out at the middle of funnel. So, focusing on top of the funnel is important which also help you to focus on generating the right opportunities with the right prospect.
A significant leak that often ecommerce retailers and marketers skip is disqualified leads. A lead can be disqualified for various reason such as interest, behavior, locational status or based on other attributes like culture, religion or even nationality.
Targeting disqualified leads may occur leaks in your sales funnel. How? Simply these leads are not meant for your business. So whenever they find your business uninterested staying in your funnel they quit. And such leaks can cause huge drop-offs.
Research and study about leads before reaching them. Try to know if they are a fit for your business and why. Match them with your ideal customer profile. And if they do, then find out what makes them uninterested about your brand and products.
These are actually primary level enquiry that you need to do in term of every leads at entry level. And if you find leads that are not showing interest in your brand and business then try to find out the reasons. It could be your marketing strategies, or your response to them, or your message that is not reasoning your customers value. Other reasons could be price, market competition, or UX that are making the leads less interested about you and your brand.
A sale depends on how quickly you respond when a customer knocks you. Generally, 35-50% of sales go to the vendor that responds first. With the average lead response time over five minutes, the chance of converting a lead into customer decrease eventually.
A significant leak can be your delaying time to respond to your customers’ message and it can make the prospects leave your site within 5to 10 minutes after entry. Today’s online customers are too much busy and they prefer vendors who act quickly.
Maintain a healthy time frame to response on your customers knock. This is a great practice not only to fix a response related leak, but also for increasing your UX. Follow or adopt the best CRM tool for increasing your or your team’s efficiency in responding customers message.
Your prospects are leaking out for various reasons and one of the most common yet vast reason can be your poor management skill. You are getting too many leads but can’t lead them to your sales funnel, or they just dropping out from the cycle. Because you don’t have built a good CRM to get you organized.
According to study, 60% of leads in sales funnel will buy from your competitors, and you can round the number by targeting these significant numbers of leads with an integrated CRM which can track your leads actively, and then follow up with them automatically.
You can’t convert 100 percent of leads that come to your site. But you can turn a significant number among that didn’t convert at first stage. Yes, that is your left over.
Online customers often get confused when they find options and they again turn back to the first vendor. This is a huge chance for you to focus on these left overs at the end of your sale cycle and to make them entre into the funnel again. You just need to ignite the fire inside them. And to do so, automate communications with them, offer exclusive deals or simply just remind them what they are about to loss leaving you behind.
Leaks are most common phenomena in sales funnel. Like CRO you need to optimize your conversion funnel to seal the leaks and to reduce the drop-offs. It seems tricky to optimize but with practice you will be the master. The hard part is spotting the leaks. When you find out where the leaks are occurring, it means 50% is done. All you need to optimize your actions and processes to plug these leaks.