5 min read
How to Create an Advanced Product Funnel on OutgrowJust like the gift that keeps on giving, we’re back! And this time it’s to tell you everything that you need to know about product funnels. Let’s get started.
Benefits of an Advanced Product FunnelLet’s establish this - if you’re selling something online - you need a product funnel. But how? We'll see now as we understand how a product funnel can be the solution to your sales-related problems:
Increases Lifetime ValueYou can use a product funnel to develop relationships at every stage of the buyer's journey. It allows you to understand the needs of your clients, and streamline your marketing and communication efforts accordingly. This not only leads to increased conversions but more importantly, an increased lifetime value as well. Pro Tip: Do not give up on your leads. Just because a lead said no now, does not mean it has to be a complete loss. After all, if they’ve provided you with their phone number or email id, it’s only because they’re interested in you and your product! Be sure to follow up with your leads to ensure that you don’t miss out on any opportunities.
Offer ProductsThrowing shots in the dark to understand what your prospects want? Not when you can rely on a product funnel! It is one of the most powerful tools in your arsenal to recommend the right product at the right time to the right client. By directing the client through a product funnel you get invaluable insights about them and end up offering them the product that’s an optimum fit. Pro Tip: Product Recommendation Quizzes are a magnificent way to not only attract leads but also offer your clients a highly personalised experience. Definitely a game changer!
Sort and Rank LeadsIn order to increase your sales efficiency, an important practice is to sort and rank your leads according to how important they are to your organisation. And a product funnel lets you do just that! It provides you with all the lead data you need to segregate, score and then rank the leads generated.
Predict your Product Sales VolumeA product funnel helps you attract potential customers. It also allows you to cross-promote products that you think the leads might be interested in. Most importantly, it enables you to predict outcomes based on inputs. For example, you can calculate how many raw leads you need in order to reach your sales target based on your conversion rate. Just remember, if you can measure it - you can manage it!
Types of Questions in a Product FunnelNow that you’re almost in love with product funnels, let’s understand the type of questions that you can ask. Remember, this step is crucial to how well your funnel works. Take a look at the four basic types of questions in a product funnel:
Demographic QuestionsThese include questions pertaining to age, gender, education level, employment status, annual household income, marital status etc. For example: “What is your age?” or “Are you married?”
Lifestyle QuestionsThese questions focus on a respondent's activities, interests and opinions. Some examples include “What is your favorite sport?” and “Do you smoke?”
Segmentation QuestionsThese are the questions are those that will divide your clients into smaller groups based on the common characteristics that they share. An example is - “How often do you feel stressed?”
Follow Up QuestionsYou ask these questions to show that you are listening, to make your clients know that you are interested and invested. These do not necessarily have a direct effect on the funnel. For example, “What is your ideal weight?”
Still wondering which questions to ask? Check out our template of an advanced product funnel here!
Creating an Advanced Product Funnel at OutgrowDid you know that interactive funnels made with Outgrow have an average conversion rate of more than 40% whereas a great landing page usually converts at 10-15%? Here’s a step by step guide to how you can create an advanced product funnel with us: 1. Select “Outcome Quiz” from your Outgrow Dashboard. 2. Next, click on “Select a Template”. 3. You’re going to get to see a product funnel template and an example under Funnels. Simply click on “Use Template” to start creating one of your own. 4. Start by customizing your welcome screen. Make sure to personalize the funnel by adding your logo, a suitable color theme etc. 5. Add all your questions from the left panel and make the edits on the right. 6. Now, add all the outcome pages you want to lead your prospects to. 7. Once you have added all the outcomes, you now need to map these outcomes to the segmentation question. 8. You can now direct the users to the “Order Now” page that corresponds to the product/service on the outcome page. Here’s what an advanced product funnel made using Outgrow looks like.
Now, You're Ready to Launch your Funnel in an EmailEmails are approximately 40 times more effective at acquiring new customers than Facebook or Twitter, primarily because email subscribers convert at an extraordinarily high rate. You can launch a product funnel created using Outgrow via email to drive your sales. Here’s how: 1. Under the “Configure” section of your builder, click on “Launch in an Email”. 2. Simply click on “Copy” to copy the embed code and paste it in your email/email solutions application. This will open the first question of your funnel directly in the email itself!
ConclusionLet’s boldly go where no Star Trek lover (or marketer) has gone before! A product funnel is one that affects both your sales and marketing strategies. Hence, there is a vital need to constantly reevaluate it. It’s important that you try to understand where most prospects, who don’t make a purchase, exit the product funnel. Just keep in mind that creating your product funnel is an ongoing process and you’re sorted! All the best!
Anoushka Chopra is a marketing executive at Outgrow. When not reading, she can be found traveling, enjoying puns, or spending way too much time in front of the laptop.