Top 5 Metrics You Should Track for the Top of your Funnel

Welcome to our final blog of the Revolut series, today we explore the top five important metrics to track for the top of the funnel (TOFu). So, what is the funnel? The funnel is also known as the ‘sales funnel’, described by Tyre (2020) as a metaphor to define the traditional sales process from beginning to end. It is labelled a funnel due to its conical shape. Over the years there has been many different forms of this funnel changing stages depending on what your objectives are, but they all lead to the same conclusion, new conversions. We are going to examine the customer creation funnel, in particular the awareness stage or top of the funnel.

Awareness is at the top of all funnels, there are no potential customers if they are not aware of your business. So how do we measure awareness? We need to ensure our website has google analytics. Click here for learn more.

With google analytics we can track all kinds of data on our website visitors; including their demographics, where online they came from (traffic), what they did on our website. However, important metrics at TOFu will illustrate to us as a business if we are being considered in our marketplace, for example if people are visiting our website, is there enough traffic and if we need to modify our digital marketing strategy to improve these metrics. When creating a digital marketing strategy, we will have Key Performance Indicators (KPIs) which are objectives we want to achieve by a certain period. The Top 5 Important metrics at the TOFu below should be in any digital marketing to ensure that targets are being met and progress is being made to solve problems

1. New Visitors – being aware of the number of new visitors you have, where they came from whether it is direct or through a different channel can help find pain points in your digital marketing strategy. Revolut use these metrics to explore data on their visitors and whether their current marketing campaigns are beneficial. Direct new visitors could illustrate high word of mouth reviews.
2. Content Bounce Rate – this will illustrate whether your content is being received well by visitors. Possible problems could be targeting the wrong customers, or your content is not to the standard of other companies in the same marketplace.  Revolut has great content on their website, they would use this data to find out what blogs are working, if they have enough information on how their service works and if this is causing potential customers to bounce.
3. Pages per visit – depending on the type of business, this can help with your customer journey. Revolut utilize this is ensure customers can find their content through their website layout and whether changes are needed.
4. Inbound Links – very important to examine your inbound links and ensure they are links you want your business to be associated with. Click here to use the Ahrefs tool to examine your website inbound links. Revolut study these links to ensure they can keep their domain authority high.
5. Retargeting Lists – this data is excellent for driving conversions in the funnel, you collect data on visitors to your website, segment the users and you can target them in campaign at a later stage. Revolut apply these retargeting lists to convert users into customers. 

Comment below and let us know your experience with metrics and your sales funnel.

References:

Roetzer, P. (2014) The marketing performance blueprint: Strategies and technologies to build and measure business success. 1^st edn. Hoboken, New Jersey: John Wiley & Sons.

Tyre, D. (2020) ‘Sales Funnels: What they are & what you should make instead’, Hubspot, 21 March. Available at   https://blog.hubspot.com/sales/sales-funnel?_ga=2.23772735.4439669.1619549592-1745194882.1608554584 [Accessed 27 April 2021].