There are a number of different tools on the market today to help you track these and other metrics, though for most businesses Google Analytics represents the most comprehensive, easy-to-implement solution. Since it’s free, use the service’s funnel-tracking tools until you determine that you need something more advanced and then move on to another sales analytics program or a complete marketing automation program.
On the contrary, if your new customers are welcomed by a thoughtful onboarding process, personal attention and are educated about all the resources they are going to be needing to use your product successfully, they’re more likely to confirm to themselves that they made the right choice. And when they’re confident, they’re more likely to pass on their satisfaction to others in the form of product endorsements and recommendations. This further leads to increased brand advocacy.
Traditionally, hospitals do have a funnel. They touch many people in a community and offer many interrelated services. However, speed and scale are the coin of the realm in the internet economy. So it’s no surprise that new entrants in healthcare are aiming to take the healthcare funnel to a new level—to create a funnel that is exponentially broader, more attractive, and more engaging. For these new entrants, the funnel business model is deeply embedded in organizational culture, capabilities, and strategies. Virtually every major business decision these companies make has the goal of achieving a more active funnel. For hospitals to be a competitive force at the top of the funnel, they will need to have this same strategic orientation and discipline.
Homepage: their homepage is the first step of their sales funnel. Their branding line is aspirational marketing. It’s about identity, freedom, and self-expression—ideas that are bigger than a product. It’s likely that this method converts better and is more persuasive. These companies are established, and through A/B testing are embracing these aspirational marketing ideas.
The entrance to the CVS funnel combines a massive physical footprint with a growing digital presence. CVS has about 10,000 retail stores. Eighty percent of Americans live within 10 miles of a CVS store. With the expansion of CVS’s HealthHUBs to 1,500 locations, one analysis suggests that 75 percent of Americans would live within 10 miles of a HealthHUB. In addition, CVS/Aetna has access to about 18 million Aetna medical insurance members in all 50 states. On the digital front, CVS has 62 million loyalty program members whose purchasing patterns can be tracked and who can be the target of tailored promotions.
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The sales funnel metaphor is somewhat misleading; in real life, the process never goes as smoothly as liquid down a funnel. In the last decade, digital marketing, artificial intelligence (AI), and CRM have drastically changed the process of converting new leads into customers. Given this, it’s increasingly important that business-to-business (B2B) sales and marketing teams are aligned in their views on a sales funnel strategy and lead generation as a whole.
Another is a new approach to interaction. Organizations will need to look beyond traditional inpatient and outpatient care when they think about interaction with consumers. They will need to look at all the personal and commercial activities of their consumers, to find ways to become part of those activities, and to ensure that health-related interaction is continuous, not episodic.
Exits from stage. The exits from stage metric is very similar to your time in stage metric, but it allows you to see how many potential customers you are completely losing in a particular stage. For example, if your potential clients spend a year on your email list before they buy (but most of them do eventually buy), that’s a time in stage problem. If people spend 5 days on your email list before they buy, but 98% of them unsubscribe within 5 days, that’s an exits from stage problem.
The questions have intensified with two recent announcements. UnitedHealth Group CEO David Wichmann said that Optum plans to grow from $16 billion to $100 billion annual revenue by 2028, and will do that without building any hospitals. A few days later, CVS announced that it would expand its three-store HealthHUB pilot into 1,500 locations by 2021. HealthHUB is CVS’s in-store health and primary-care experience.
For United/Optum, hospital services are not seen as something that adds much breadth to the top of the funnel or that draws people into the funnel—certainly not enough to justify Optum taking on the high fixed costs and poor pricing of inpatient care. Rather, hospitals are an additional interaction within the funnel that can be accomplished through partnerships rather than ownership, according to Wichmann. Those partnerships, he says, “will occur in markets where there is maybe fewer assets for us to accumulate and build from."
On a macro-level, a sales funnel will start with a large number of potential buyers at the top Based on certain criteria, this pool of potential buyers is reduced to a fewer number of prospects. Towards the middle of the customer journey, the number of prospects reduces to a handful of opportunities, and after the decision-making stage, the sales process ends with a closed-won or closed-lost deal.
So ask yourself, is yours an expensive course that needs a lot of credibility to convince people to purchase it? Is it a free course you are launching and so may need less information and more hype and emotion? Is it a course series you are trying to encourage a commitment to? Are you one Udemy course among 100 competing courses on the same topic? Are there obvious challenges or objections that people will have to taking your course, such as a high price or hard to achieve objectives? Are you in a niche market and therefore need to really work hard to keep anyone remotely interested in your topic in your sales funnel?
Or, are you a leader, an adventurer or an evangelist? How you position yourself is entirely up to you, but your message must be consistent throughout your entire "pitch" and it needs to be steeped in the truth. Your backstory, and just how you convey that through parables, character flaws and polarity, has much to do with just how well you can "hook" in your prospects to create a mass movement.