The process of examining your competitors’ sales funnel and applying what is learned to your own sales funnel is called Funnel Hacking. This term was coined first and extensively by Russell Brunson the CEO of Clickfunnels.
When building an online business or building a list, it is vital that you learn what successful people in your niche are doing. Diving deep in the sales and marketing process of your competitors’ and then reverse-engineering the data you collect to build a successful business. This in essence is funnel hacking.
In order to get quality website traffic, it is important to think about the sales funnel along with growth hacking tactics. Many online companies track only traffic, users and revenue but it is more vital to know how to get, keep and grow customers.
There are 4 main steps that need to be followed in order to accomplish a successful funnel hacking.
STEP 1: The Investigation
Scope out the territory, check out your competition and make a note of who is in charge. This commences by the research of similar product sites and the evaluation of both successful and unsuccessful businesses. Learning from those who have already mastered the process shortens the learning curve.
Step 2: The Execution
Once the building blocks have been examined and understood, there is a need to make it your own. It is important to remember to mimic and not duplicate the successful mechanisms you noticed in the investigative stage. With the use of your own images, products and content, you need to task your graphic team to design the landing page that looks like the layout that has proven its success rate. Once tested, the funnel needs to go live.
Step 3: The Analysis
At this step the results from each impression point of the funnel needs to be analyzed in order to understand where you are losing customers as they could be dropping off from multiple points in your sales funnel. Recognize those points, prioritize them and attack them first. Once changes have been made, move forward and continue the observation. In order to improve your conversions, you need to perform continuous analysis, refinement and experimentation.
Step 4: The Repetition
In order to have a continuously successful sales funnel, it is important to not just duplicate the funnel that you have built through the funnel hacking method as not all buyers make purchases in the same fashion. When building an online business again or building another list, start from step 1 again and follow through. This will ensure a better sales funnel every time.
Sales and marketing funnels are essentially about 2 things;
- Getting the right mix of website traffic
- Widening the funnel to get as many conversions as possible
In any business, funnel hacking is one of the most important processes. The ability to take the converting aspects from one business and replicating it in your own way for your own business leads to faster wins and successes which ultimately leads to more profit