A Conversion Funnel maps out the sequence of steps an individual takes as they move from becoming aware of a product or service to completing a desired action. Conversion funnels help businesses optimize the customer journey to improve sales and customer retention.
The key stages typically include:
- Awareness: Attracting potential customers through marketing efforts like ads, content, or social media
- Interest: Engaging prospects by providing relevant information or nurturing content to spark curiosity
- Consideration: Addressing specific needs or objections by showcasing features, benefits, or testimonials
- Conversion: Encouraging users to take the desired action
- Retention (optional): Building ongoing relationships to encourage repeat business or brand advocacy
Businesses use conversion funnels to inform marketing strategies, track user behavior, and identify areas for improvement. Its importance lies in helping organizations increase efficiency, drive revenue, and create more personalized customer experiences. By analyzing the funnel's performance, marketers can pinpoint bottlenecks and find opportunities to convert leads into loyal customers.
We Build Partnerships that Last
Case Study
Manufacturing: Danby Accelerating Performance with SPIFFs
Appliances manufacturer Danby was looking to motivate its sales ecosystem in a meaningful way.
Together with 360insights, a channel strategy was developed and the right tactics were identified that would amplify their sales operations throughout their complex sales ecosystem, along with ways to maximize revenue and create connections between their channel and brand.
Discover how, with the right incentives program in place and an awareness of how and where it was allocating incentive spend, Danby was able to effectively optimize that spend to increase ROI.