Over half of growth funnels exhaust resources and increase customer drop-off by 78%
51% of funnels take 7 days or longer for customers to flow from start to end.
Harvard Business Review found firms who attempted to contact a lead within an hour of receiving a query were almost 7 times more likely to close the sale.
Nurturing potential clients is vital to cultivating positive outcomes. Having to walk customers through a journey of information and persuasion isn’t easy. Knowing where to take what actions is vital, especially when it comes to rejections or conveners of potential customers.
The most effective funnels are able to convert a customer fast. For that to work, the customer must require the offering immediately. That is possible with highly targeted ads, which are becoming too costly for most funnels to run a profit. Hence organic-driven traffic is key to making a funnel more economically viable. The cost of nurturing is also another cost drive. The nurturing process isn’t for customers who would not purchase at the end but quite often those are the ones who end up populating most of a funnel.
The shorter the funnel, and the quicker you can address a customer’s immediate needs, the more effective your growth funnel will be. When using the AAARRR pirate funnel framework ensure each phase is as short-as-possible although the model itself is longer in nature
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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.