Kick Start your company’s Growth Management Part 2
Last Updated on June 28, 2022 by
This i the second step of three in the series Kick Start your company’s Growth Management! Now that you have consolidated your goal (from part ), it’s time to figure out how you should approach it and where you should start.
The end goal in this step is to choose a focus area you should have for your first sprint.
Visualize your funnel
The first thing you should do is to look at your funnel. Your funnel is a series of steps that visualize your user journey ending in some type of conversion – such as a purchase or a registration in an app.
One example
Let’s illustrate with an example. Here we have a funnel from an e-commerce company. We see that there are visitors from different sources. None stands for those who surfed into the website without some sort of marketing step. Then there are groups who found their way to the website from other sources such as email or sms advertising.
The bars represent different steps in the user journey. We see that we lose close to half of the visitors between the first and second stage. They enter the site but never do a search on the product they are potentially looking for. It also seems to be a bottleneck in the penultimate step. Visitors have come so far that they look at what they have in the shopping cart. However, it seems to be less than 20% of those who go on to confirmed purchase. It gives us no clear answers but it gives us clues where we need to start!
Audit of your funnel
It is not uncommon for people to become home blind to our own website or app. To help against this, make a visual representation of the user journey.
Start by taking screenshots of the different steps in your user journey.
You want to see how many steps your users or potential customers have to take in order to sign up for your membership or fill out a contact form.
Hopefully this will be some sort of an eye-opener. Our recommendation is to gather your intended growth team for a workshop where you go through the user journey. Then you can have a workshop to discuss some of the questions we have compiled below. Select the questions that are applicable to your business.
Discussion questions for workshop on focus area:
- Do you communicate your Unique Selling Points?
- Do you have a clear Click to Action (CTA)?
- To what extent do people leave their email?
- Which product pages have the best effects?
- Any known drop offs in the signup flow?
- How do you take MQLs to SQLs?
- How many become recurring users?
- How do you communicate with a registered client?
The end goal of this step
The goal of visualizing your funnel and the audit of the user journey was to find a focus area. What are some examples of focus areas?
Let’s take the example of e-commerce that had problems with the loss of potential customers between the stage of the shopping cart and the confirmed purchase. When they made the audit of their user journey they noted that their check-out included too many choices and information fields to fill in.
When they later did interviews, it turned out that many became frustrated with delivery costs that first came in one of the last steps before the confirmed purchase.
In this case, the focus area was chosen: From ‘cart’ to purchase
Further Reading
Other articles in the series “Kick Start your company’s Growth Management”: