Conversation rates reduce over time, and size drives the need for shorter funnels to scale.
57% of conversations are at a converter rate of 1% or less.
Businesses that successfully boost conversion rates perform 50% more tests
Conversion rates can vary widely, but understanding that a conversion is the transformation of a potential client into actual revenue is important. Although many metrics are involved in the process, what counts is sales revenue.
Outdated funnels drive optimization and result down with time. Frequently updating, upgrading, and optimizing a funnel is vital; 16x more effort is required over the lifetime of a funnel to maintain relatively the same level of conversion results.
Therefore to optimize and increase conversion, +16x efforts need to be made to ensure funnel converts even better over time. We have seen funnel trends indicating that shorter more optimized funnels are outperforming long funnels.
There is a caveat detected that short funnels need to be supported with additional information for more information-driven decision-makers outside the funnel itself. The secret to it is ensuring the link between more information and a short funnel is well-optimized so it doesn’t cause a distraction and low conversions.
More efforts will have to be exerted over time to ensure even higher conversions. This form of optimization has many complexities ranging from changes in consumption patterns to customer needs.
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ABOUT — Growth Thinking
Growth Thinking is a design methodology for growth hacking by the bestselling author of Ready Set Growth Hack, Nader Sabry. It has been applied as a book and a $1 million challenge known as the 10-day growth hacking challenge, which has generated $138m in revenue. This methodology has been adopted by universities like Harvard and Stanford, fortune 500s (Google/Microsoft), and unicorns.