Have a Sales Funnel? Here are 7 Metrics You Need to Track
If you use a sales funnel for your online business, you need to know key numbers to measure its performance — and identify any gaps or weaknesses.
It’s very easy to become inundated with numbers nowadays. You may not know what to track, or more importantly, why you’re tracking these numbers and what you can infer from them.
That’s what we’re discussing below: seven essential metrics to evaluate your sales funnel.
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How a sales funnel works
Before we dive into the seven numbers you need to know, let’s review how a sales funnel works.
A sales funnel helps us visualize the journey from site visitor to paying customer.
Picture a big cone with the larger section at the top. Here is where people discover your business, maybe through your blog, a social media post, or your YouTube channel. They browse around your website.
As your site visitors become more engaged by subscribing to your email list or downloading one of your freebies, they move further and further down the sales funnel. Eventually, they buy one of your offers and become a customer.
The process of nudging prospective customers along the sales funnel is called nurturing. And nurturing is tough! Prospects can drop out of your funnel at any time for any reason.
That’s why sales metrics are so important. You can use your data to pinpoint where you might be losing prospects so you can adjust your strategy and improve your numbers.
Best traffic sources
First up — your best traffic sources. This metric will give you an idea of how your marketing efforts are performing at the top of your sales funnel.
By investigating your best traffic sources, you’ll learn how people are discovering your business and what content is actually bringing them to your website. Maybe blog posts on certain topics are engaging site visitors. Or you notice that people are clicking on the link in your Instagram bio when you share Reels and videos.
Look at your top-performing traffic sources, and you don’t need to guess which platforms are bringing in more leads. You have definitive data through Google Analytics and other sources to help you make decisions.
Number of people visiting your sales page
I know that the number of people visiting your sales page sounds like an obvious metric, but it really is that helpful! And when you have so much data to pore over, it can easily be forgotten.
Before you jump to the conclusion that your offer is terrible or not what your audience wants, look at this metric. Make sure that your sales page is actually getting eyes on it before you overhaul your pricing, your copy, or your website.
Average time on sales page and scroll depth
You know how many people are visiting your page. Now, how much time are they spending on said page? How far down are they scrolling?
Average time on sales page and scroll depth will tell you if your site visitors’ need for information is being met. It can also tell you if your website is interesting and engaging enough.
If a prospect is spending very little time on your sales page or only scrolling about 10% before they exit, they may not be convinced that your offer is right for them. You may need to reevaluate your copy or design elements to convince leads to stick around.
Device used
This next metric is not a number, but it’s a valuable piece of data nonetheless.
Knowing if the majority of your visitors are using mobile, desktop, or tablet devices will help you pinpoint any device-specific obstacles that prevent them from moving along your sales funnel.
Think about auto-filling forms, required account creation, or required sign-in. Think about site speed, navigation, and mobile-friendly formatting. Test your sales page and checkout on as many device types as you can to proactively identify any issues that may come up
Number of people initiating checkout
How many people are initiating checkout? This number will tell you how many leads are prepared to become customers…and what may be holding them back.
Is it the price? Is it the checkout process or types of payment taken? Do you have alternative payment plans that make your offer more accessible?
All of these reasons (and more) can prevent a lead from taking those crucial next steps to becoming a paying customer.
Order bumps or one-time offer sales
An order bump is an attractive, often low-cost offer that customers can add to their purchase easily. Bumps typically align with your main offer and help them accomplish their goals.
A one-time offer, or OTO, is higher-priced in comparison and provides more value to the original purchase. OTOs are usually sold on their own sales page and can be more expensive than the initial offer.
Order bumps and OTOs help you meet your customers’ needs better and also increase your average order value. And of course, they help you achieve your ultimate goal of moving someone through your sales funnel and turning a prospect into a customer
Number of purchases (and conversion rates)
Last but certainly not least, we have number of purchases — aka how many times your sales funnel successfully converted someone into a buyer.
Use this metric to calculate your conversion rate. The conversion rate is the ratio of prospects at the beginning of your sales funnel to those who become customers at the end of your sales funnel.
You can also use conversion rates to see which stage of your sales funnel needs attention; for example, if your sales funnel is converting well on every step but you’re not hitting your sales goals, you may need to focus on directing traffic to your sales page.
The higher your number of purchases, the higher your conversion rate. The higher your conversion rate, the more effectively your sales funnel is performing!
Use data to strengthen your sales funnel
Once you’ve pinpointed these metrics and begun tracking them regularly, whether weekly or monthly, evaluating your data becomes so much easier. You can then use that data to make improvements to your sales funnel, offers, and marketing efforts with confidence.
Still feeling overwhelmed at the sheer amount of data for your business? Dominate Your Data can help!
With Dominate Your Data, you get a custom-built data dashboard that takes the mystery out of your metrics. No more wondering how your traffic, marketing, and sales numbers are doing. No more wasting time thanks to indecision and confusion.
Are you ready for a simple, all-in-one dashboard that gives you a simple way to measure your success? Learn more about Dominate Your Data now!
