Basic KPIs to Track in every Funnel Stage 

Monitoring your clients’ activity at each level of the marketing funnel is a critical success element for many firms. Unfortunately, most businesses need to focus on monitoring their customers’ wants and habits as they focus on decreasing expenses and raising their ROI.

As a result, businesses lose opportunities to reach out to potential consumers by offering a terrible customer experience despite many customers being ready to spend extra for a beautiful customer experience.

In this technology age, where most businesses seek to automate more processes, learning more about your customers’ expectations and experiences at each level of their connection with your organization is a guaranteed approach to creating a fantastic customer experience.

This post will look at numerous marketing funnel KPIs that you should consider at each level of your customer journey map. But first, let’s go through the principles of marketing customer journey. Let’s get started.

What is a customer journey? 

The customer journey is the customer engagement with your company, comprising all touchpoints across multiple channels at each step of the customer lifecycle. As a result, it is critical to emphasize that as a firm, you must first question your consumers before you can chart your Customer’s journey based on your assumptions.

As a result, it is critical to evaluate and comprehend your consumers’ decision-making process when purchasing your product based on which channels they use and which factors they pay attention to at each stage of the customer journey.

What are the advantages of understanding the customer journey? 

The following are some of the advantages of understanding the client journey:

Delivering an excellent client experience.

You have a high chance of providing a faultless customer experience if you understand your clients at each stage of their Customer Journey.

Understanding the decision-making process of the consumer.

At each stage of the Customer Journey, the Customer Journey provides you with more information about your customers’ actions and habits.

Provide an excellent level of customization.

You can create a better-tailored client experience by learning more about your Customer Journey. This increases your chances of conversion.

Knowing which channels are critical at what moment. 

A customer journey map shows which channels are most important at each stage. Using these channels increases your chances of obtaining qualified leads and conversions.

Possibility of developing an ideal message.

Understanding your client journey allows you to adjust your messaging to their expectations at each stage, stressing the variables that are most important to them.

What are the stages of the customer journey? 

There are numerous methods for defining stages within the customer journey. Some focus primarily on processes before the consumer converts, while others focus on activities after the purchase decision. Let’s have a look at some of these stages.

Awareness. 

Since awareness is the first stage in any customer’s journey, your potential consumers know they have an issue you must fix. Customers begin exploring information on the topic and seeking answers to their inquiries at this point.

For example, if your company does not deliver satisfactory items, clients will begin to look for other providers or discuss with friends and colleagues.

Consideration.

At this point, potential clients are aware of some of the possibilities available to them. As a result, now is an excellent time for your company to explore options such as content marketing, which includes producing newsletters, free templates, and webinars.

After the study, you can now view the market’s major players and their offerings as a business. You may analyze different provider offerings and eliminate those that are not suited for you, and after people have registered to your newsletters, you can deliver updates and intriguing blogs.

Decision.

During this stage of the Customer Journey, your potential client is ready to choose from the available options and make a purchase decision. Reviews, case studies, and testimonials are critical at this point.

a cart abandonment image as an example of marketing funnel KPIs

Image alt text: a cart abandonment image as an example of marketing funnel KPIs.

Author credit: By chat360 – https://chat360.io/, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=122525601

Customers only evaluate the best match for their needs in this case, so after hearing their testimonies, consumers are ready to decide whether to get into a contract with your firm by comparing them to discover which product best meets their demands.

Retention.

Retention is one of the most crucial aspects of the client experience. Regrettably, many businesses need to pay more attention to this by focusing solely on client acquisition. At this point, you must ensure that your consumer is pleased with your solution. You inform him of any exceptional deals or incentives you offer.

Here, you must focus on the quality of your connection with your clients by providing them with attractive deals and making it easy for them to reach the assistance center.

 Advocacy. 

At this point in the customer journey, every company wants to succeed. If a consumer reaches this stage, it indicates he is so pleased with your service that he becomes an active promoter of your business.

Consumers who have progressed through these phases are beginning to develop one of the most potent marketing channels, word of mouth.

How do you track marketing funnel KPIs for a business? 

Let’s now discuss how to track the top marketing funnel KPIs for businesses on the phases mentioned above of the client experience. Let’s get this party started.

1. Monitor the sources and mediums.

Understanding how customers locate and connect with your company site during the discovery stage is critical for optimizing your customer experience and nudging your visitors to the next level, especially for ecommerce organizations. You may use analytic tools to determine your traffic source, such as search engines like Google.

2. Page count per session. 

At the contemplation stage, the number of articles your visitors read demonstrates how intriguing the user finds it and that they are eager to study more of your site. A suitable target for this market marketing funnel KPIs is two pages per session.

3. Email open and click rates.

This is the proportion of email receivers who click on links. A greater click-through rate indicates interest in your product or content, increasing the likelihood of conversion.

Moreover, the open email rate is the proportion of receivers that open your email. A low or deteriorating available rate may indicate that your subject lines must be more engaging.

4. Total number of online transactions.

Total transaction tracking is a critical baseline indicator for computing marketing funnel KPIs. Keep an eye on these throughout time. Track the success of discounts and promotions to compare performance to regular sale days.

5. Purchase frequency.

The retention rate represents the proportion of recurring clients in your customer base. Repeat customers are satisfied clients who boost your firm’s profitability, so keep an eye on this measure.

What are the basic marketing funnel KPIs to measure success?

Let’s look at some marketing funnel KPIs that are significant at different stages of the customer experience. Look at various marketing funnel KPIs critical at each step of the customer journey.

1. KPIs at the awareness stage.

Your primary goal at the awareness stage will always be to attract your target market. As a result, ad clicks are critical since your effectiveness is determined by how you reach your target demographic.

Your brand message should resonate with consumers when they utilize the ad and help them realize your product is worth their money. The quantity of ad clicks indicates how many users are interested in the adverts, which may help you optimize your awareness approach.

2. KPIs at the consideration stage. 

This is when you may find out if your visitors are interested in your items. Consequently, pricing page hits are an excellent measure of your client’s interest in your articles. You must measure the number of price page clicks and discover the subscription plan with the most clicks.

3. KPIs at the conversion stage. 

As a firm, your primary priority at this point is ensuring that your marketing and sales activities are turning prospects into customers. You may utilize free trials to increase your paid conversion rate. The higher the trial-to-paid conversion rate, the cheaper the cost of acquiring clients.

4. KPIs at the retention stage.

At this point, you can judge your company’s success in retaining its converted consumers. Customer retention rate is one of the primary KPIs, which is the percentage of consumers that continue to use your product because of the value they obtain from it.

Retention is even more critical for businesses since recurrent purchases are required to keep the firm running. As a result, your company’s objective here is to boost client retention.

Moreover, the customer satisfaction score is another KPI that measures a customer’s degree of happiness and experience with a particular feature, product, or interaction. It is critical to measure customer satisfaction scores at each touch point of the customer journey to assess the overall level of satisfaction.

Conclusion

Knowing all of the marketing funnel KPIs, we believe you are in a position to assist your marketing team in developing well-informed plans and tracking their progress at each level of the marketing funnel. As a result, you must maintain vital metrics at each level of your marketing funnel.