Improve Conversion Rates with Better Funnel Metrics
If you’ve ever been overwhelmed by the number of funnels on a campaign or felt unsure about which funnel will perform best, then you’re going to love our newest feature.
📢 Attention all partners!
If you’ve ever been overwhelmed by the amount of funnels on a campaign, or felt unsure about which funnel will perform best, then you’re going to love our newest feature.
Introducing: Funnel Metrics!
Watch our Head of Product demonstrate how it works in the video below 👇
What are Funnel Metrics?
Funnel metrics, defined as key performance indicators (KPIs), represent the conversion rates at each pivotal stage of a customer's journey, from initial interaction such as adding a product to their cart, to the final action of purchasing the product. They serve as an essential tool to measure the volume, velocity, and conversion rates of customers, thus providing an in-depth view of your team's marketing and sales performance. These metrics are crucial in determining whether leads are converting at high, average, or low rates, enabling you to assess and optimize your marketing campaign effectively. However, identifying which funnel stage to optimize can be a complex process that requires a comprehensive understanding of user journey and behavior.
That’s why we’re introducing new funnel metric recommendations for Partners on Squaredance! We trained our machine learning to recommend personalized funnels based on a Partner’s habits, past campaign performance, and any other metadata provided through our platform. It even considers data from other similar partners!
How do I interpret this data?
When using funnel metrics, there are two signals to pay attention to:
1. Confidence signals:
The bars show how confident we are that this funnel will perform based on lead source and geo.
2. Historical signals:
The lead and conversion rates shows data within the past 6 months across all partners.
If both signals are strong, it's a good indication that this funnel will be successful.
If the historical signals are low but the confidence signal is high, it's still likely a very good indicator, and you may want to test it out!
If both signals are low, we wouldn’t recommend it for you but you’re welcome to investigate further before testing.
We believe this new level of transparency will help bring your attention to new opportunities, inform important decisions, and most of all, improve overall performance.
So, test it out today and let us know what you think!
