What’s the purpose of the report? #
What’s a marketing funnel? #
Consumers have to go through a buying journey before a sale can occur. For example, suppose you have just launched a new car in the market. Since your brand is entirely new; running a discount campaign wouldn’t be very effective because consumers have yet to know nor trust your brand.
- Awareness. You must first gain brand awareness, let your target market know about your existence. Ensure that there’s sufficient brand recall.
- Interest. After which, you want to drive consideration. Associate your brand with an unique selling proposition. So that whenever your target market faces the pain-point or desire, you are at the top of their mind. When my top consideration is safety, I would consider Volvo. If I want reliability, I would consider Toyota.
- Desire. Now, you’ll need to convert the interest into desire. Drive an emotionally-compelling message that motivate your target audience to take action. Mini Malaysia used to hold these “speed-dating” events where they invite prospective buyers to test-drive a range of their cars. The event more than just a simple test-drive, they organize a slalom course, encourage the prospect to experience multiple different car models within a 30 minutes journey from KL to Putrajaya. What they sold on that day was not just a car, but a lifestyle.
- Action. The end goal of any marketing initiative is to drive sales. Your objective at this phase is to convert the prospect into buyers. Make the purchase decision as frictionless as possible. Run personalized promo, ensure that your checkout experience is as easy as possible.
The AIDA (Awareness, Interest, Decision, Action) marketing funnel is the cornerstone of marketing. But what the AIDA funnel lack are metrics. Peasy’s marketing funnel report metric to each phase in the funnel, so you know where are your current strength and weakness – and more importantly which area of your marketing requires more focus.
Why my funnel have different phases than the one shown in the example? #
Depending on your business profile’s category and distribution method, Peasy produces two different funnel types. Lead Funnel are meant for businesses that are prone to sell through lead generation, nurturing and conversion. Conversion Funnel are meant for businesses that can sell directly on their website or marketplaces. The phases for each funnel types are different.
Lead Funnel Metrics
- Awareness: Number of Impression and Clicks
- Interest: Number of Prospect who had open the form
- Desire: Number of Prospect who had completed the form, and is reachable when contacted by your sales team.
- Action: Number of Prospect whom your sales team had issued a quote, and convert into actual sales.
Conversion Funnel Metrics
- Awareness: Number of Impression and Clicks
- Interest: Number of website visit
- Desire: Number of Add to Cart & Initiate Checkout
- Action: Number of Purchase
How does Peasy determines which funnel type suit my business best? #
Read the answer above.
Why there are 2 Funnels in the report? #
Only applicable to non-prepaid users.
- The funnel on your right is benchmark data. This funnel shows the average conversion rate for other Peasy users in the similar industry, distribution method and geographical market as yourself. You can identify your current weakness and strength by comparing your conversion rate against the benchmark.
- The funnel on your left is your data. Peasy extracts the data from past campaigns ran in your ad account.
I have only 1 funnel in my report. #
- Either you’re a prepaid user (prepaid users does not connect Peasy to their ad account)
- Or, your ad account does not have sufficient or any past campaign data.
Some of my funnel’s phases are showing 0 metric. #
Peasy extracts historical data from your ad account and pixel. For example, your funnel would show 0 leads if you had never ran any lead campaign before, or your lead campaign fail to generate any lead.
What if I have never run any ads before, or I’ll usually just run “Post Boost” ads #
You’ll only see 1 single funnel. Post Boost or Engagement ads does not provide much traceable insights. But don’t worry, Peasy will use the benchmark funnel and data as default recommendation and strategy. It’s still a whole lot better than running a campaign without any data. Any campaign generated by Peasy is backed by over 40 terabyte of data.
What is offline sales metric? What is the definition of Reach/Qualified/Negotiating and Sales?
You don’t want just leads. You want leads that convert into sales. To improve your lead quality, Peasy needs offline sales feedback.
- New are leads freshly generated by Peasy. When a campaign generate a new lead, Peasy instantly recognize it’s status as “New”.
- Reach are leads that contactable. Their phone number is a valid phone number, or their WhatsApp is active (blue tick). Do not confuse reach with interest, if a prospect is contactable but is not keen to buy – the lead is still consider reachable.
- Qualified are leads that your sales team deem to have the ability and capability to buy. Every good sales team have their own qualification method, personally I prefer BANT (Budget, Authority, Need and Timing). Do not confuse qualified with lost. A prospect who choose your competition over your product should be considered as lost and not disqualified. You want more prospect similar to this prospect, but you might want to change your sales angle or approach him/her faster than your competition.
- Negotiating. A qualified lead that is close to purchase. Either they asked for a quote/RFP/invoice but have not confirm the sales.
- Sales. When a lead becomes a customer.
Common Error Messages #
__ cannot exceed 100 #
Please key in your offline sales metric in %. For example:
- If only 400 of every 4,000 leads are reachable. Then your reach is 10%
- And if only 200 out of those 4,000 leads are considered to be qualified leads. Then your qualified is 25%
- And if only 100 out of those 4,000 leads are issued a quote, then your Negotiation is 5%.
- And if 50 out of those 4,000 leads convert into actual sales, then your sales is 2.5%
___ should not be greater than ___ #
Your marketing funnel is a single-direction funnel. The volume at the lower phase cannot exceed the volume at the higher phase. If you have only 1,000 leads, your sales team could not have reach 2,000 leads. Please make sure the % you have set at “Qualified” is lower or equal to than “Reach”, and the % you have set at “Negotiating” is lower or equal to than “Qualified”, and the % you have set at “Sales” is lower or equal to “Negotiating”