Contents:

What is a Funnel in Factors?

How to build a Funnel Query - Important Components of a Funnel in Factors?

Comparing Two Funnels

Interpreting a Funnel Report: Envisioning the Result

What is a Funnel in Factors?

Funnels enable marketers to visualize customer journeys across websites and CRMs in order to identify the success & failure paths for any desired conversion event such as a demo form submission.

Key Features:

  • Visualize complete user journeys across website pages, CRM stages, or a stitched view from website events to CRM.

  • With Funnels, you get to examine and track every event a user performs in a chronological order.

  • You can view the conversion rates and velocities at every stage of the funnel.

  • Enables you to understand where your users drop off, what segments convert the most, and other important factors that contribute to funnel growth.

Additionally, you can also compare user journeys for two custom time ranges with the option of filtering by key segments.

How to build a Funnel Query - Important Components of a Funnel in Factors?

The funnels feature is a power-packed tool for acquiring crucial customer insights and increasing conversion rates.

The cherry on the top is that - setting up a funnel with the Factors analytics platform to track such events is seamless and requires just a few minutes. Want to know how to create a Funnel on Factors?

First, start by understanding the vital steps of creating a Funnel Query:

Step 1: Login to Factor’s

Login to the Factors app and click on Analyse. In the Analyze section, click on Funnels. You will then be directed to a blank Funnel report.

Step 2: Start With Defining Events

Events are the fundamental element of a Funnels report in Factors. You can add an event by simply choosing it from the wide range of existing events or you can also create a ‘Custom Event’.

Let's say we want to find how users navigate through this defined path:

Website Session → Schedule Demo Page Visit → Form Submission

Therefore, add one event for each step, in the same order.

Step 3: Add Filters

You can also add filters to a specific event if needed. With Filters, you get to see results precise to your needs and also eliminate unwanted data. Factors allow you to segment your audience to identify how different users are navigating through a defined path and derive more meaningful insights. There are two ways to do this:

1. Add filters to your Funnel on an event level.

In this case, for the event ‘website session’, we only want to analyze visitors who navigated through a specific landing page ( 'www.factors.ai/blog'). Therefore, we will simply select the required filters for this event.

2. Add Filters to the entire funnel.

Filter the funnel by OS, Browser version, platform, campaign type, or country to see how users from each segment move across the funnel steps. So, for this report, we only want to analyze the mentioned events performed on the Mac OS. Therefore, add the "OS" filter and select the value as "Mac OS X" (OS equals "Mac OS X"). At this point, your query should look like this:

Step 4: Choose Breakdowns

Breakdowns simply break down the data into groups. If your goal is to compare funnel behavior across segments, you can use Funnel Breakdowns to see a side-by-side view of these behaviors.

1. Add breakdown to your Funnel on an event level. You can simply add breakdowns specifically to one single event. In this case, we want to segment the event by the Landing Page URL.

2. In this case, we want to view the breakdown by city, adding the ‘City’ breakdown will allow us to see the name of the cities of the visitors who complete the funnel. At this point, your query should look like this:

Step 5: Select the time range

Choose a time range for the funnel. You can also create a custom time range by adding the details like the start date and end date.

Congratulations, you're now done with your very first Funnels query! See, it's that easy. Now, click on ‘Run Analysis’ to view your Funnel Report. Your query should look like this:

Comparing The Funnels Across Different Time Periods

Once you are done with building the funnel query and have accessed your funnel report, you can also compare the funnels across different time periods.

To do the same, follow these steps:

Click on the 'Timeframe' button at the top of the Funnel and then click on ‘Comapre with’ to get access to a user journey comparison for the current time period against the new one. To change the time period, again choose from the timelines given in the dropdown or select your own dates by clicking on the 'Custom Range' option. Go ahead and analyze the conversion rates for every step across varied timelines. At this point, your query should look like:

Envisioning The Results

Funnels throw light on various insightful visualizations while enabling you to comprehend the findings of your Funnel Query via both bar chart and Scatter Plot.

Funnels illustrate the Funnel Steps chart by default, which shows the ratio of users that converted on the Y-axis to each subsequent event (step) of the funnel on the X-axis.

For the funnel query we just built, the Funnel Steps chart is the perfect visualization since it will automatically display the city with the highest overall conversion rate. If you're building your funnel report along with us, the end result should look like this:

However, there's more you can do & interpret with Funnels. In the 'Break-up' section, you could also see what happens in between the funnels in detail:

  • See changes in the conversion rate over time.

  • Identify Anomalies in between the funnel steps. For instance, leads move backward in the funnel. For visualization, a 100% stacked bar chart with stages on the X-axis gives an easy-to-interpret look at how the accounts compare to each other.

  • Know Funnel Velocities & Conversion Rates. By leveraging our Funnels dashboard - you can look at Contact-level data and calculated metrics, including first lead date, first MQL date, first SQL, date, and so on.

  • See what happens between the funnel steps. With Factor's Funnel feature, you can comprehend when another action is necessary for conversion and therefore should be reinforced to a funnel. Or you may discover that a call-to-action is not proving to be useful and is in fact pushing users away from the funnel and needs to be removed.

  • Identify Success or Failure Paths across the Funnel. You can effectively identify success and failure paths on the website by interpreting what paths users take before converting or where maximum drop-offs take place. Factor's Funnel feature also empowers you with a 360° view of the funnel, enabling you to accordingly evaluate it to make scalable decisions regarding optimization.

Click on the ‘Save’ icon placed on the top right corner of the screen to save your Funnel Report. Give a name to your Funnel Report and add the description (optional) to complete.

We hope you are now all set to build a funnel report on Factor’s. If you still have queries, reach out to us. Learn more about the other features available on Factor’s and understand how you can use them to your advantage.

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