You're looking to optimize your marketing funnel. What metrics should you be tracking?

Yes you should know about your traffic sources and to use different sources as well and be diverse enough so that you won't be depended on one source only . It's always good to have back up . For us we are planning to do offline promotions, instagram , youtube , google ads , whatsapp , linkedin and website in the near future to diversify our traffic sources

Knowing Where your traffic is absolutely coming from will determine the how you can prioritize the the exact desires of your clients wants and needs.

I believe that tracking traffic sources is crucial for marketing funnel optimization because it provides valuable insights into the effectiveness of different marketing channels and helps identify areas for improvement. It helps in identifying high-performing channels, understanding visitors behaviours, comparing over time channels performance and identify new growth opportunities.

In my opinion tracking traffic sources is important as it helps you to understand the quality of your campaigns . This also helps to understand which marketing activities bringing more visitor and which need to be improved.

To optimize your marketing funnel, track metrics at each stage. For awareness, monitor traffic sources and brand impressions. In the interest stage, measure engagement and time on page. For decision-making, focus on conversion rates and cost per acquisition. Post-purchase, assess customer retention, satisfaction, and lifetime value. Overall, analyze conversion funnel visualizations, ROI, and lead-to-customer ratio. Regularly use these insights to refine your strategies and streamline the customer journey.

The fundamentals of conversion rates are important. Conversion rates don't need to be a crazy science. We need to think of what is our end goal, is it meetings, opportunities, or revenue? Whatever it may be, then we start evaluating every single step it takes in the customer's journey to get there. Putting yourself in the customer's journey helps as well to get a different perspective.

Its important you have a customer journey in place where you can track how slowly/quickly you leads are moving down the funnel and what are the conversion rates at each stage. If you are using MAP like HUbSpot you can always build a funnel report to track conversion rates across your customer journey. Pro Tip : Dont just stop at customer - but also track how many customers are actually becoming your referral partners and how many are getting churned and how many renewals are coming in.

Conversion rate is an important metric. It helps you determine the efficiency of your ads and helps you make better investment decisions. Having said this, the absolute importance of conversion rate will depend on the type of business, services, products, and business needs. For example if your ultimate goal is ROAS then average order value, CPA, and CPC will take precedence over conversion rate. I am not saying CTL is not important here but in the absolute scheme of things, its value as a metric depends on the type of business and other factors.

Develop multiple versions of the customer journey, focusing not on A/B testing but on establishing distinct buyer personas. In a context where access to personal data is strictly regulated, these varied customer journeys can serve as indirect methods to characterize your clientele. By understanding the specific paths customers take to reach you, you can more effectively tailor your subsequent interactions with them.

When it comes to conversion rates, there is no one size fits. I look at industry averages and try to optimize my pages so that my conversion rates are way above that. That is one way of being sure that what we are doing right in the initial stages.

By tracking CPA, you can understand the cost of acquiring each new customer through your marketing efforts. This allows you to compare the effectiveness of different campaigns and channels, identify which ones are driving the most results at the lowest cost, and optimize your marketing budget accordingly.

CPA serves as a financial yardstick for evaluating the performance of your marketing funnel. By tracking and analyzing CPA data, you can make informed decisions that enhance the efficiency, profitability, and growth of your marketing efforts.

We can focus on a profitable source which provides new customers at a bare minimum cost and also we have to keep a track of customer life time value . We even look at other customer info. After adding them as new customers which are their contact , mail , location , date of registration, last order time , total value purchased , total no. Of orders , average order price , and the channel from which they are acquired

The goal of a marketing strategy is to maximize the enterprise's capacity utilization. Hence, it's not advisable to restrict efforts to just one marketing channel with the lowest customer acquisition cost, even if other channels are not immediately profitable. Instead, focus on optimizing the average cost of acquiring new customers across all channels. This approach ensures that the enterprise consistently receives a steady stream of orders.

It might look simple if we just look at Cost per acquisition formula which is to divide the media cost by no. of new customer acquisition. But CPA is a more granular metric and we must also look at other metrices like ROI of marketing campaign, website conversion rates to get a more accurate picture of different marketing activities' results.

We offer post sales services as well and usually when someone purchases from our store we take a survey and try our best to understand how was there experience through reviews and feedbacks . If there are some problems which are faced by them then we are likely to act upon it and try to not repeat this . We have an automated channel from which a message is sent on their whatsapp after 24 hours of making a purchase from us where they can review our service and give us a review and for doing so they earn points which they can use to get discounts in future .

Enhancing your marketing funnel effectively requires a keen focus on customer satisfaction as a primary metric. This emphasis aligns with the core objectives of a marketing agency, where ensuring customer contentment is paramount.

Marketing attribution is crucial for marketing funnel optimization because it provides a clear understanding of which touchpoints, or interactions with your brand, are most influential in driving conversions. By identifying the most effective marketing channels and messaging, you can refine your funnel and increase your overall conversion rate. Marketing attributions only related to leads generation. It is a broader concept that applies to the entire marketing funnel, from awareness to purchase to retention. By understanding which marketing touchpoints are most impactful at each stage of the funnel, you can optimize your marketing efforts to drive more conversions and ultimately, more revenue.

Attribution is a powerful tool that can help you improve your marketing results. By understanding which marketing activities are generating the most leads, you can allocate your resources more effectively and improve your overall marketing performance. Not just limited to Leads - you can also build high level Revenue Attribution models where you track how your opportunities/deals are moving across different stages in the pipeline and which sources are responsible for this. If you are doing ABM - you would be interested in building a model to track from which sources your acccounts/companies are created the most.

Marketing attribution is definitely useful and important. One should be serious while defining it and using it via trial and hit method. Try different conversion strategies and create a one which breaks it

Attribution is an attempt to improve on the old adage of “I know half of my marketing works, I just don’t know which half.” Make sure to simplify and communicate your model to key stakeholders. It’s not likely everyone agrees but, at minimum, everyone should understand the points on the curve that are important. You’ll have folks that think the first brand touch is the most important while someone else will be partial to the channel closest to the sale. Most of the models listed above at least somewhat useful, but using a linear model will provide for the best decision making as it reduces bias for applying credit to any particular channel.

Executing a marketing strategy often involves navigating its complexity and diverse aspects. Measuring the impact of individual marketing channels or activities on the overall conversion rate can be challenging, as can optimizing the effectiveness of all marketing channels. In this intricate, multi-dimensional marketing environment with numerous parameters, artificial neural networks can be valuable tools.

Return on investment in marketing is not always a reliable metric because it depends on the state of the market. For example, underinvestment in a marketing campaign will yield a low ROI, but this result will characterize the threshold of market entry rather than the quality of the marketing campaign itself.

ROI is a fine metric, but consider finding the lifetime value (LTV) of a customer/sale and comparing it to the acquisition cost. This is particularly important in recurring revenue models. While the calculation above is a good marker to track, it is more top-line. LTV takes into account margin to understand the true contribution that marketing’s investment is driving for the business. It can be more attractive when selling programs and budget increases to the finance folks.

Sales Disqualified Lead rates and disqualified lead reasons. Reviewing this data monthly is one of my go-to’s for ensuring inbound lead quality is top-of-mind and is a constant feedback loop between marketing and sales that marketing takes action upon. If there are any patterns in DQ’s/DQ Reasons from paid channels, specific campaigns, etc., you can identify places to pull back spending. On the opposite end, focusing in on leads that are becoming opportunities and revenue and finding positive indicators/patterns will constantly keep you data-driven in doing more of what’s working and less of what isn’t working.

In my opinion, the time it takes for a unique visitor to become a returning visitor and then convert into a Lead is an important factor to measure the effectiveness of your marketing campaigns and content. Additionally, one should also measure the buyer's journey and the time it takes for a Lead to become an MQL (Marketing Qualified Lead) to SQL (Sales Qualified Lead) to Opportunity, and ultimately a paying customer. While these are not directly attributed as key metrics, they really showcase the overall performance of the marketing efforts and help optimize the marketing funnel based on how we want to penetrate a user further down the funnel.

Velocity. Which sources run at which velocity… for example content marketing tends to be a slower velocity lead to sale than a service enquiry form. But this may differ depending on the pain point your content addresses. Consider timing each stage of the customer journey to predict how long it will take you to generate a sale i.e. time from lead to revenue is x days.

Remarketing and retargeting strategy Continuous Brand recall is must Understanding needs of your consumer Their pain points and how your product or service can solve there issues should be absolutely clear