Empower Your Manufacturing Business with Sales Funnel Analysis for Manufacturing
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Sales Funnel Analysis for Manufacturing
Sales funnel analysis for Manufacturing
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FAQs online signature
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What is the best way to visualize a sales funnel?
To really sell the part-to-whole breakdown of a funnel process, the most apt chart type is the stacked bar chart. Instead of plotting stage bars in a line like in a standard bar chart, a stacked bar chart overlays all of the bars in the same place.
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How do you measure sales funnel?
Eight key funnel metrics to focus on Conversion rate. The conversion rate is a pivotal funnel metric that quantifies your company's effectiveness in transforming potential leads into actual customers. ... Sales. ... Leads. ... Costs. ... Entrances. ... Brand awareness. ... Brand consideration. ... Brand loyalty.
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How to calculate funnel percentage?
How to Measure and Calculate Sales Funnel Conversion Rates. The sales funnel conversion rate formula is the same regardless of which stages you're measuring — number of contacts in the later stage of the funnel divided by number of contacts in the earlier stage, all multiplied by 100.
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What are the four stages of the sales funnel?
If you consider your target customers at every stage of their journey, you'll increase your customer lifetime value and boost conversions. More understanding. ... Customer relationship management. ... An improved sales funnel strategy. ... Stage 1: Awareness. ... Stage 2: Interest. ... Stage 3: Evaluation. ... Stage 4: Engagement. ... Stage 5: Action.
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How to calculate a sales funnel?
How to Measure and Calculate Sales Funnel Conversion Rates. The sales funnel conversion rate formula is the same regardless of which stages you're measuring — number of contacts in the later stage of the funnel divided by number of contacts in the earlier stage, all multiplied by 100.
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How to analyze your sales funnel?
To recap, the general steps to optimize your conversion funnel are: Run a funnel analysis. Identify the stage most in need of improvement. Run a deeper funnel analysis on that stage. Pick the step of that stage most in need of improvement. Make a hypothesis about that step. Try to disprove your hypothesis with A/B testing.
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What is funnel formula?
Funnel Conversion Rate Formula Funnel Conversion Rate = (Number of users who completed the desired action) / (Total number of users who entered the funnel) x 100.
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How to compute sales funnel?
Sales Funnel Conversion Rate Formula Step 1: Find the total number of leads (TL) that entered the sales funnel in a specific period of time. ... Step 2: Find the number of converted leads (TC) and divide that by the number of total leads. ... Step 3: Multiply the number by 100 to turn it into a percentage.
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In order to properly describe sales funnel optimization, we need to go into a couple of strange areas, we're going to talk about some cartoons, we're going to talk about some Microsoft Excel, and we're going to be a little goofy in the middle of it. So hang on tight. Let's get into how do you optimize your funnel, and I'll give you this really cool Google Sheet - Stick to the end! And if a part of this video makes you say, "Oh, wow, that was actually kind of fun!" Make sure to hit that like button for the YouTube algorithm. You would be shocked to know how much that helps. A simple to like means a lot. So go ahead and hit that like for the YouTube algorithm. Let's dive in. I've got five different strategies on how to optimize all of this. A lot of people build out their initial funnel, and it has all these different steps and they plan this amazing system. And then when something breaks in this system, they ask, "Hmm, maybe I should change the FULL THING?" Please don't. You don't have to redo everything. Optimization is all about fixing the one piece that's wrong. The best description of how you should focus on your funnel optimization is actually found in a cartoon called the "Avatar The Last Airbender". He goes to a guru, and the guru teaches him how to open his chakras. And so I'm going to quote from that, but I'm going to change every time they talk about chakras, to funnel pages, because it's the exact same setup. Listen in! "The water flows through this creek, much like the (traffic) flows through your (funnels). As you can see, there are several pools where the water swirls around before moving on. These pools are like our (pages in the funnel). If nothing else were around, this creek would flow pure and clear. However, life is messy, and so things fall into the creek, making the creek not able to flow. But if we open the path between the pools, the (traffic) flows!" Now, what does this mean other than being really fun? It means that when you're looking at your funnel, you should not be looking at the bottom of your funnel and go, "Oh, I wonder why that's not converting..." If you're not getting enough traffic to it, the first thing that you should always focus on is the start of the funnel; how does somebody get into the funnel? Is it the ad? Is it the actual opt in page? Is it a... Is it a webinar? Is it a video sales letter? What is that first piece and if you can clear the muck out of that one first page and let the traffic flow, it will probably solve all the rest of your problems. So when you're focusing on funnel optimization, make sure that you are focusing on the top of the funnel, so you get enough traffic going through. My suggestion, my numbers that I rely on is I need to have at least 250 clicks from one traffic source. If it's from multiple audiences or groups, that throws it off, I need one traffic source to verify that this actually works. Once I get about 250 people, I can make a more or less statistically sound choice. Now there are those people when you start to grow, at least get to 1000 views on the page before you start to make decisions. However, for those of you who have a smaller budget, 250 works pretty well. Is this making sense to you? If it is make sure to like the video? If you're kind of lost? Let me know in the comments. Like the video comment, let me know how I can help you. And let's keep going. Okay, Ben, I get it I need to focus on the beginning of the funnel. But how do I actually unlock it because there's something lost like they're not going to the next page, what's wrong, okay? This is where the five strategies come in five simple strategies, things that you can do in order to unlock the pathway from one page to another. Because I learned in school, going to school to be an analyst, the number one job is to optimize the ability for that system to do its job even better! Constant vigilance, Constant optimization. So let's go. The first of these five optimizations is copy. It's the copy that is written on the page. So you can go and see what's working there. There's two categories. Number one category is going to be the biggest copy that's on the page, the headline. We need to optimize the headline, which I'm going to call the hook - we need to optimize the hook. And second, we need to optimize the body, which is the smaller text that goes throughout the rest, which I'm going to call the story. So we need to optimize a hook and we need to optimize a story. How do we do both? The way I describe a funnel is it's a pain meter. If you are able to speak to someone's pain well enough, they can move on from one thing to another. But you must do a couple of different things, which includes in the headline, number one, you need to speak to the customer's pain, you need to understand that customer well enough to talk to a pain point that they're dying to get fixed. And you are going to give them an amazing offer to get around that. So number one, make sure you hit on that pain correctly inside of your hook. Also inside of this hook, make sure that you have curiosity built in if I can read your headline it is that you have that is going to relieve my pain, I will not take that step. You have to have curiosity built into this headline, make sure you have a curiosity built in. But once you've got those two things, the last piece is actually kind of funny. Its readability. If you go through your headline, and you cannot read it out loud without stumbling, you're screwed up. I'm going to be honest, this is like the last piece once I figured out how to do the rest of copywriting. I just need to read it out loud, and I read it out loud and, "Oh gosh, fix that..." ... "No, that doesn't make any sense"... "ooo"... "Okay, cool!" Once I got it readable at the same time as curiosity based and pain based, my copy is optimized. You can create multiple split tests and optimize that way - that's totally your choice. But that should cover it for the hook or the headline of your page. Let's move on to the body. How do you optimize the story. Now the copy on your page may be really long or maybe really short. It kind of depends on what the goal of the page is - how the funnel is set up. So my suggestion are these, for the story. Number one, make sure you correctly continue to hit that pain point. And build in that curiosity, the same pieces from that you need to continue throughout the copy and tell a story. The best copy that converts, if you are just stuck is tell a story in a short form. The epiphany bridge story by Russell Brunson, he does extremely well, it's also the story that we see in every single movie, this is not going to talk about that in this video, we'll have another video that talks about that you can see it pop up over here. But for now, make sure that you tell a clear and concise story that continues to hit on that pain, and provide a little bit of curiosity. And then if your page is really short, the best way for you to do this sell benefits. Oh, by golly, do not sell the features. This is why it works. why it works. Nobody cares, j are there because they are in pain. They want immediate relief from this pain as fast as possible. Your job is to tell them how they're going to get relief. How am I going to relieve it if you've got to start talking about features that's going to add complexity, complexity, complexity, complexity, and they're going to say, Why in the world might ever want to learn about this, get more information on this trust my email or my credit card to you at all. Your job is to promise relief from the pain. So focus on benefits all the way throughout your copy. Really quick editor Ben, if you've been enjoying this at all, just slide in, give the video a like or comment down below. Let me know what it is you're learning or what it is you want to learn. You tell me We'll make videos about it. Wow, let me know. The next piece is your offer. And I actually have a story around this one, I went to funnel hacking live, I had launched a funnel, I'd spent almost $1,000 on ads on it. And I wasn't getting an opt in rate from Facebook above 10%. And I'm like, well, that's just must be in industry standard. It must stink like that. That's just that's just must be the reality. And I'm standing in line at funnel hacking live waiting to go through. And I said Man, I wish there was something I could talk about this and I just said it out loud. I was thinking myself, the guy next to me goes, I do this for a living. I run Facebook ads for people all the time. What's the issue? And I'm like, Oh, well, I have this really good offer. And I've tried to hit the pain point well and do all this stuff. He goes, alright, what's your OPT in rates and below 10% He goes, your offer sucks out, you haven't even seen it he goes, the market is telling you this is not attractive enough for them to put in their email and requested. You need to up the ante, show them why this is so ridiculously valuable. And if you can do that, you win. But you have to be able to provide that so the market is spoken, your offer stinks. If the copy is good, your offer stinks. That's Holy cow. Why doesn't anybody teach this anywhere dumping on if you're having an issue you've got your copy just write the offer is more than likely the problem now you can take that same offer and you can branch off different copy ideas for different audiences try to hit on different pain points that this offer will relief from. So I always go first to copy then you can change the name of the product it doesn't really matter. Okay, once you've done that as long as it provides the value, then you probably need to change the offer if conversions just are not working okay, so number one test your copy number two you may need to make that offer a little more valuable to your customer. There are full strategies on this my favorite strategy but I would suggest you just go over to use YouTube and search after this video is probably going to be the sales Larson Xavier method x A B i e r IG Xavier, and I teach it I'll probably teach it in the video. If I shoot a video on it. You can see it up here. Otherwise, make sure that you go through that strategy. It's a great way to spice The offer and make it work optimization point number three of five is simply to clean up your design, it is not to make your design, wow and pop it is to clean it up. Often that painful work far better if it is all white background, if you just have a headline that promises something good in image of what you're providing, and decently written copy and one color on the page. And that color is a very drastically colored button. Okay, it's gonna work so much better than if you go through and you create all these amazing designs, you get branding and all that crap involved. The Great idea, but if you're just trying to prove this thing in the market first, do not go design heavy, make something bland, make something simple, make what I call a minimum viable funnel. So that way you can get it out, you can test the copy, you can test the offer. Once you get that working, sure design it up, it's going to be great. And you can see that it will help with the conversions. But it will help more than be offer no more than the copy. Definitely not clean up your design, make it simple only use two fonts and one color. Those two fonts should simply be your headline, font. And then all the rest of the copy should use another font to fonts, one color all on a white background. But then people tell me I need to up the design all the time and InDesign hack Yes, you do it your funnel is working. If you proven those pieces out a design hack will up the ante it will increase conversions. But don't make it your first thing work on the copy, then work on the offer, then you can play with some desire. The two last pieces of this our audience and strategy. Let's focus on audience first, because this is the easiest one to fix. If you have tried to revamp your copy, if you've tried to revamp the offer, if you played with a couple of designs with AV tests, and it's just not working more than likely what you're offering is just not right for the audience. You focused on the audience that was like this is a peripheral issue. It's not their main issue, you need to adjust audiences to find the audience. That means the answer to this pain point, like it's on fire, you don't want to be selling call 911. Now, if perhaps you sneezed, no, you want to be selling call 911. Now, if you are fatally injured, you need help. That's what you need to focus on, you need to focus on the right audience. So maybe you just found one where that pain point was just in the peripheral. Okay, once again, a copy can fix that a lot easier. But it may be the audience to switch to a different audience in your advertising, that may just do the trick. When actually start advertising for my funnels, I advertise to anywhere from three to 10 different audiences just to verify what's going to work best with the copy I've already written. Okay, what's going to work best at that point. But if I want to do scale, all I need to do is go back to those audiences and start testing variants of the copy for the same offer. And it can work. So it's a great way to scale, it's great way to grow and optimize. But as you're going test the audiences find what works best for the copy and the offer the design that you're running with, right out of the gate. And last but not least, if you are still stuck after all this, there are strategies around each type of page, what kind of page should you be using? What does that look like? I broke down all of those, I created a sales funnel analysis spreadsheet that I will share with you guys. If you want the link is at the very bottom in the description. Okay, so just go all the way down. You guys can get it Alright, so you can get this analysis spreadsheet and it will tell you the numbers you should expect per type of funnel own. If you don't know what type of funnel it is, that link at the bottom will also give you the video that will explain what type of funnel you should be using. That's the whole goal. If you can get those pieces together, you're on your way to optimizing this funnel and making it a profit generating system. That's the whole point of a funnel. sales. funnel optimization means nothing if you cannot make your ROI that much closer. That's the goal. That is why sales funnel optimization. So much fun. If this video made you smile or major brain go Oh, I get it. Make sure that you do me a quick favor, give a like to the video just make sure that we can spread this message as much as possible. That really is an amazing indicator like the video for the YouTube algorithm. Subscribe ring that bell if you want to get more notifications of the amazing videos. And while you're here, you might as well watch either a video where we break down that free spreadsheet that you guys get access to or see examples per funnel type of what you should be building over here. Enjoy
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