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Updates to Funnel Reporting

Posted March 26, 2024

Updates to Funnel Reporting

CaliberMind is excited to announce a brand new interface and set of reports in support of Funnels. These new reports benefit from our learnings from our first implementation and feedback gathered from active Funnels customers. These new reports not only place the most valuable information front and center for easy consumption, thanks to our new data architecture they can also answer questions that the original reports couldn’t. Notably these new reports will uncover answers to the following questions:

  • What does my funnel currently look like and how much pipeline exists by stage?

  • How is movement through my funnel changing over time?

  • Where in my funnel are journeys getting stuck?

  • What specific events are causing journeys to advance through various stages of the funnel and what is appearing most frequently?

  • How are important metrics such as stage conversion rates changing over time?

  • What events have the biggest impact in advancing journeys through my funnel?

New Concepts

Converting Events

In previous iterations of funnel reports, the reports were largely based off of what CaliberMind calls a trigger event, which can be thought of as the event that caused a journey to advance to the next stage of the funnel. The drawback to this however is towards the middle and late stages of a funnel, these trigger events tend to be operational events such as an opportunity was created, or an opportunity status was changed. These aren’t real events and while critical for measuring journeys going through a funnel don’t provide useful information as to what’s causing a journey to advance. This problem can be solved through the newly rolled out “converting events.” Unlike a trigger event, a converting event is by default the last real inbound event prior to a journey advancing to the next stage of a journey. This unlocks a wealth of new information that marketers can actually operationalize.

New Visualizations

The Progression Chart

One of the most common questions we received while soliciting feedback from current and prospective customers was “what is the ‘golden path’ that I should want a journey to take?” Given the frequency at which the term “golden path” came up, we decided to take it literally. By looking at converting events we can highlight what real events are causing stage changes, and group them by channel, campaign type, program and event type. In the example above we can see that organic search is the converting event for stage 1 in almost all successful journeys. We can then operationalize this in 4 key ways:

  • If we’re trying to fill our funnel with journeys that are most likely to be successful, we should invest in more efforts to grow organic search.
  • For any journeys that start via an organic search touch, those journeys are more likely to successfully complete the funnel, processes should be created to ensure that these journeys are prioritized by the sales and marketing team
  • Looking at where successful Journeys that start via organic search most commonly go next, Content Download has the largest share, thus I should strategize how to get those journeys to interact with a content download campaign
  • Noticing that Organic search has a meaningful impact at the beginning of the funnel, but a less visible impact further down the funnel, if as a marketer I’m focused on advancing companies through my funnel, I might not want to invest in Organic Search.

Impact by Stage Table

This humble table may actually expose the most valuable information the funnels product can uncover. This table is looking at data about ALL events that happen during a journey in a specific stage and then makes a comparison calculation to determine what campaign types/programs/channels/event types are the biggest contributors to causing a funnel journey to advance to the next stage. The numbers can be interpreted as journeys where this event happens in this stage are N times more likely to advance to the next stage. This data can be operationalized in several different ways. For example:

  • Drift chat shows “16x” for the Is Inbound stage. That means that journeys that interact with drift chat while in stage Is Inbound are 16 times more likely to advance to the Automatically Qualified Lead Stage. A Marketer knowing this might devote efforts to getting companies or people in the Is Inbound stage to interact with the Drift Chat Campaign.
  • Drift Chat in later stages such as Marketing Qualified Lead has no impact. As a marketer I can interpret that once a journey hits the MQA stage Drift Chat interactions don’t help. I should steer companies and people in this stage away from Drift Chat as any efforts to steer towards drift chat might distract from efforts to steer this companies and people to the Content (Gated) campaigns which if interactions with that campaign happen in the MQA stage, journeys are 117 times more likely to advance compared to journeys that don’t advance.
  • Paid Social only has a meaningful impact on journeys in the MQA stage. That suggests that all paid social efforts should exclusively use list targeting and target people who are in or belong to companies with a journey in the MQA stage. Furthermore, once that journey advances to the SQA stage, they should be removed from the paid social targeting lists.

Dashboards

Summary

The summary dashboard is designed to quickly give you a high level overview of your funnel. It can answer questions like:

  • How many active journeys and how much pipeline is in each stage?
  • How many journeys have hit each stage of the funnel over the past year?
  • What are my conversion and exit rates all time for each stage (where do journeys fall off?)
  • Where do journeys get stuck?

Progression

Summary

The progression dashboard is designed help you operationalize your funnel data by answering questions such as:

  • What events cause journeys to advance?
  • What is the most common path through which journeys complete my funnel?
  • Am I getting better or worse at advancing journeys through my funnel?
    • Are conversion or exit rates improving or declining over time?
    • Are journeys advancing through stages faster or slower?
    • Am I getting more or less journeys to progress through various stages?
  • What events provide the most or least contribution to advancing a journey to the next stage?

Want more info?

Here are a few knowledge base articles and videos that go into more depth on the aforementioned topics including:

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