Future marketing analytics tools should tell us what elements of a customer funnel experience are hurting conversions as soon as they start doing so, not after they affect your company’s top-line revenue numbers.
By now, nearly every forward-thinking retailer is using marketing automation, personalization technologies, and some form of business intelligence. Unfortunately, these approaches remain labour intensive and still make it difficult to understand what exactly your customers are experiencing day-to-day. Marketers may not be manually sending emails anymore, but something still feels missing in the larger marketing process.
We see a different vision for the future: “marketing funnel automation”. We aren’t referring to marketing automation, which focuses on sending emails or ads to people after they do something on your website. In this case, we refer to automating the actual analysis of the funnel itself, and receiving warnings when your marketing channels begin to underperform or change.
If you are a CMO or digital marketer, picture this future: you arrive into your office at 845am and like before, you see your daily dashboard — how many page views your site has received, your total ecommerce revenue, and so on. Here’s the new part: you also see which elements of your funnels, across all channels, have begun to underperform over the last 24 hours. You are told that three of your conversion steps have dropped their conversions by nearly 10%, as shown below.
While it’s true that many marketing tools allow you to report on conversions and explore your funnel, they often miss two important aspects of this analysis: (1) they do not let you see to the individual customer level, (2) they do not actively provide feedback about funnel changes, but rather leave you to do the analysis and to generate the insights.
In this view, we see marketing analytics changing in three major ways.
|Old Way||The Future|
|High-level revenue reports and other metrics.||A daily list of funnel steps are converting most or least effectively. Every funnel step is automatically analyzed for you.|
|Report on customers based on segment sizes.||Know exactly where each customer is in the customer decision journey, and what you should do to get them to move to the next step.|
|Personalize recommendations/offers based on browsing or past purchases.||Personalize offers, products, and marketing experiences based on every piece of data about a customer. This could include internal log files (e.g., how long did the page take to load) as well as all their activities.|
We’re excited about this vision for marketing analytics and funnel report. We’d love to discuss this further with anyone in the marketing space. Please reach out if you’d like to chat.