How To Analyze Your Brand Funnel Metrics | IntelliSurvey

Analyzing brand funnel metrics is crucial for any business wanting to understand its target market better and improve conversion rates. By monitoring and understanding the journey consumers go on with your brand, you can identify the key touchpoints that lead to conversions and optimize the customer experience at different stages. In this guide, we'll explore how understanding your brand funnel metrics can help you gain valuable insights into your target market with examples.

What Is a Brand Funnel Analysis?

A brand funnel is a powerful analytical tool that helps researchers and businesses understand the customer journey from awareness to purchase. With the help of a brand funnel analysis, market researchers can identify the steps required to achieve a desired outcome or conversion. In many scenarios, this involves analyzing web traffic to see how the number of users changes through different brand funnel stages.

For example, on e-commerce websites, those steps could look something like this:

• Visit Website
• Add Product to Cart
• Check-Out
• Complete Purchase

Each step is a Goal or Micro-Conversion that leads to the end goal of making a sale and converting customers into brand advocates. 

However, the applications of brand funnels reach far beyond e-commerce. For instance, consider a website that provides free language lessons alongside a premium subscription option. A potential customer’s journey might start with seeing an ad on social media, which prompts them to click through the website and explore its different pages to learn more about the product. 

Eventually, the user may decide to try out the free language lessons before committing to a paid subscription. By analyzing this journey through the lens of a brand funnel, the company can gain valuable insights into the steps required to convert a visitor into a paying customer.

In this scenario, the steps look something like this:

• Click on a Social Media Ad
• Visit the Website
• Explore the Features and Benefits Page
• Watch Video Demonstrations
• Sign Up for a Free Trial
• Complete Sample Courses
• Sign Up for Paid Subscription
  

How to Analyze Brand Funnel Metrics to Benefit Your Business

Define Key Metrics to Track

Understanding your brand funnel metrics involves three steps that help you gather relevant data for analysis. The first step is to define the metrics that you want to measure and track.

In our previous example regarding the language learning service, these metrics could include the number of visitors, sign-ups for free lessons and premium subscriptions, completion of sample courses, and daily active users, depending on your platform. Be sure to carefully define these metrics, as the entire analysis will be based on them.

Find Touchpoints That Lead to Conversion

The second step is to identify critical touchpoints that lead to conversions. Before uncovering these touchpoints, you will need to understand users' goals and the paths they take before conversion. For instance, a new user might start by visiting the website and exploring the features and benefits page before signing up for a free trial.

Perform In-depth Analysis by Segmenting Users

Finally, the last step is to perform an in-depth analysis by segmenting users. To do so, create various segments based on factors such as geographic location, gender, age group, and time period, and then study these groups further. 

Segmenting users can help businesses gain deeper insights that can be used to plan future strategies. For example, by investigating why more users from one country or age group are converting faster than others, modifications can be made to improve the conversion rate for the slower groups. By following these steps, businesses can better understand the customer journey and optimize their brand funnel metrics for maximum conversion.

Uses for Brand Funnel Analysis (Examples)

It is crucial to ask meaningful questions to gain competitive insights through survey questions that can help businesses analyze the results. Before asking questions, remember to use screener questions to ensure respondents are familiar with the industry and brands in the study. 

For example, if you asked this series of matrix questions, what could it help you conclude?

How familiar are you with these fast food restaurants? 

Have you ever purchased anything from these fast food restaurants?

When did you most recently purchase something from these fast food restaurants?

Which fast food restaurants did you buy from most recently?

1. Arby’s
2. Burger King
3. Chick-fil-a
4. Culver’s
5. McDonald’s
6. Raising Cane’s
7. Wendy’s
8. Other (Please specify)

In this scenario, asking a series of questions about fast food restaurant businesses can conclude which brands the respondents purchased from most recently, how much they spent at all the brands, and how much they spent at the specific brands (determine the share of wallet).

With the inclusion of a maximum difference (MaxDiff) question, researchers can determine which factors are most important to respondents, such as the cleanliness of the restaurant, friendliness of staff, healthy choice options, variety of menu items, and others. A market researcher can use this information to map the results to the brand funnel and identify where customers may drop off and why.

Additionally, by asking brand equity questions and measuring Net Promoter Scores (NPS), businesses can compare their NPS to competitors and better understand their target market's opinions. Companies can identify their strengths and areas for improvement by asking about specific details, like food quality, pricing, and location.

This information can be used to map to the brand funnel and see why customers may be falling off at each stage. For instance, if a software company conducts a brand funnel analysis and a respondent indicates they've spent $10M on their software but wouldn't recommend it, this indicates that the company needs to work on turning them into an advocate. On the other hand, if a respondent is familiar with the brand but has never made a purchase, the company may need to reevaluate its selling proposition and pricing strategy.

How IntelliSurvey Can Help

Understanding brand funnel metrics is essential for businesses that want to optimize key touchpoints and improve conversion rates. Defining the right metrics, identifying key touchpoints, and performing an in-depth analysis of various customer segments can offer valuable insights into what users are looking for in different parts of their journey. Regularly analyzing brand funnel metrics can help optimize your customer journey and improve customer satisfaction and brand loyalty.

IntelliSurvey has a variety of market research services and survey software to help companies create an effective brand funnel with ad hoc performance trackers and advanced analytics that uncover drivers of happy or unhappy customers. With help from IntelliSurvey, your organization can better understand what factors are impairing or improving your brand’s overall customer experience.