Keep track of your sales funnel, identifying points where customers are getting stuck or churning.
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This report lets you monitor your sales funnel, step by step, for each week. But what is a sales funnel?
Simply put, your sales funnel is the journey of your customers from visiting your website (or getting to know your brand in any other way) to completing a purchase. Obviously, your customers don’t purchase immediately after landing on your site, so the sales funnel will consist of different steps.
Based on your business type, these steps will be different. Here’s an example of a sales funnel for an e-commerce business:
- Clicking on an ad on Google;
- Landing on the website;
- Adding products to the cart;
- Completing the checkout process.
Of course, the customer doesn’t have to go through all the steps in a single day. For example, they may land on the website on Monday, and start adding products to the cart on Friday. This is still considered a sales funnel.
For a SaaS business, the sales funnel typically looks like this:
- Finding out about the brand, from a Google search, social media, and so on;
- Request for a free trial;
- Getting a sales proposal from a rep;
Regardless of how many steps your sales funnel has, this dashboard will help you keep tabs on them easily.
How does it benefit your business?
Keeping an eye on the number of customers who went through a specific stage of your sales funnel helps you to identify problematic steps. Imagine your sales funnel as if it was an actual path. Your customers walk through it. Some arrive at the end, i.e., the purchase, while others stop at various stages without reaching the end.
Identifying the point(s) where your customers tend to stop is important to pinpoint potential problems. Do most customers stop going through the path after the free trial? Maybe your product doesn’t have a feature that’s important to them. Or, do your customers stop after getting the sales proposal? Maybe your price is significantly higher than your competitors’.
Whatever the problem, with up-to-date and easy-to-understand data you’ll be able to identify it, overcome it, and lose fewer customers in the future.