Dec 12, 2022
Funnel development efforts need an average of 90 days per cycle to reach realizable growth
Funnels Experience
61% of funnels have 1 year plus experience in development.
30–50% of sales are made by the first vendor to respond — InsideSales
Background
Funnels take time to figure out. With no-code and low-code funnel solutions this is shortened quickly, easily, and in a cost-effective manner. Funnels take time and need time to optimize to understand how potential customers respond to your offerings. On average, 238 changes take place over a year in optimizing an average sales funnel with a single offering.
Here are conversion rate optimization tools listed by HubSpot
- HubSpot
- HelloBar
- Sumo
- Picreel
- BuzzSumo
- SimilarWeb
- Land-book
- Really Good Emails
- SubjectLine.com
- Headline Analyzer
- Kissmetrics
- Google Analytics
- HubSpot Website Grader
- Hotjar
- Clicktale
- Clicky
- Crazy Egg
- Heatmap.me
- Intercom
- Qualaroo
- SurveyMonkey
- Five Second Test
- Optimizely
- Effective Experiment
Although each one of these tools serves a different purpose, you’re most likely going to use several of them. There is yet to emerge an all-in-one conversion rate optimization tool. Although that might sound inconvenient, this is in your best interest. Tools that are best of bread should be used as best of bread, not for other functions they are not good at.
Context
The average website conversion rate is 2.35% whereas the best performing websites have conversion rates of 11% or more. This dramatic gap in results is all about optimization led by data-driven decisions. The highest average conversion rate by traffic source is paid search (2.9%) which indicates one very important thing. The more immediately you can satisfy a customer’s needs, the higher the conversion. The best way to do this is advertising, which gives you the tools to accurately target the right customers at the right time.
Econsultancy, a leading e-commerce consultancy, found that for every $1 spent on conversion rate optimization, it costs $92 in customer acquisition. This gap in spending to get traffic and turning that traffic into customers isn’t profitable — many companies are spending too much on traffic and not enough on conversions. Top-converting companies spend at least 5% of their budget on conversion rate optimization. Growth hacking processes often are top-level heavy and hence create growth leaks in the growing systems.
Takeaway
The gap in spending to get traffic and convert them into revenue is massive. Making this work means you have to work fast. With a 90-day turnaround cycle and a large cost gap, the need for conversion rate optimization is significant.
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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.
