I do think it is important to pinpoint the locations in your sales funnel that hinder your ROI. Based on the discussion we had in class, a problem with a step in your sales funnel can drastically affect your revenue. Once again this blog discusses the sales funnel and gives a visual representation. Figure #1 below shows the sales funnel presented on the blog. This sales funnel is more similar to the one Jim introduced in class. The five metrics to help gauge sales funnel efficiency are:
1. Traffic Sourcing and Engagement Stats from Content. This can be achieved by using Google Analytics.
2. Call-to-Action Effectiveness. This is the measurement of click-through rates on a particular page.
3. Landing Pages Submission Rate. This blog stresses the importance of understanding exactly how much a particular landing page is generating regarding form submissions.
4. Email Click Rates. I found this interesting to be included in this blog because I thought it would be focus solely on website traffic.
5. Measuring Email Marketing Automation Performance. This helps you understand if marketing automation is generating an ROI. “Marketing automation shortens the sales cycle by creating touchpoints that move prospective clients forward in the buying process.”
This blog did an excellent job describing a way to gauge sales funnel efficiency for businesses.