Sales funnel conversion rate – If you’re going to choose only a few metrics to focus on, make sure this is one of them. This metric tracks the number of prospects that enter your funnel at any point and how many convert into customers. As you make changes to your marketing strategy in the future, seeing this number improve will let you know you’re on the right track.
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.
Audible is an Amazon-owned producer of audiobooks and spoken-word entertainment. This platform builds awareness and brings potential subscribers into their sales funnel by partnering with authors of books featured on the platform to promote their audiobook using a free one-month trial for the service. When users sign up for the free trial, they are given 30 days to use the service before being automatically enrolled in a monthly subscription.
To better understand the concept of a sales funnel and just how you can implement it in your own business, let's look at the following image from Shutterstock. On the left side of the image, you see a magnet. That magnet is attracting customers, which happens a number of ways. From blogging to social media to paid ads and everything in between, how the visitors arrive to your website has some impact on the success of your funnel.
One is intellectual capital. Hospitals will need people who speak the language of the total market served, who are steeped in contemporary means of personal and commercial interaction, and who have a demonstrated ability to draw traffic and create a first-class consumer experience. These individuals need to be given sufficient position and authority to truly influence how a hospital interacts with all the people it touches.
Unfortunately, the reason why we call it a marketing funnel instead of a marketing journey or marketing waterfall is that not everyone who enters your funnel will end up buying. At each stage in the buying process, you lose some potential customers, but a good marketing funnel will keep those losses to a minimum and produce the maximum number of sales from your marketing.
Have someone examine the ratio of visitors to your page, versus how many people enter their contact information to get access to content. A high percentage means you are targeting your demographic well, and should continue to offer similar content. A low percentage means you need to invest more in adding value to the free content or service you are offering.
Once the prospect is in the proverbial funnel, you've peaked their awareness. That's the first stage of the funnel. However, getting a prospect aware of you is no simple feat. Depending upon how they've arrived to your website (organically or through a paid ad), those customers might view your funnel differently and your opt-in rates will vary significantly.