Funnel Analysis 101 | Ujjwal Trivedi | Product Manager |Product Management | AntWak
Summary
TLDRThe video script explains funnel analysis as the customer journey through a product's lifecycle. It uses a software app as an example, detailing the typical steps a user takes from downloading, opening, signing up, verifying, and engaging with various features. The script highlights the common 'funnel' phenomenon where not all customers follow the same path, with many dropping off at different stages, illustrating the importance of understanding and optimizing the user experience to increase retention.
Takeaways
- đ Funnel Analysis is a method to understand the customer journey through a product.
- đČ Customers typically start their journey by downloading an app or software.
- đ After downloading, customers may open the app and explore its features.
- đ Some customers might require signing up to use certain features of the app.
- đ The sign-up process often involves filling out a form and verifying their identity.
- đ Post sign-up, customers may be prompted to engage with the first use case of the product.
- đ Following the first use case, they might be guided towards subsequent use cases.
- đȘ Not all customers follow the same path; some may drop off at various stages.
- đ The concept of a 'funnel' illustrates the decreasing number of users as they progress through the journey.
- đ The 'ideal journey' represents the full engagement with the product, but not all users complete it.
- đ The 'funnel' metaphorically shows the start with a large number of users and ends with a smaller, more engaged group.
Q & A
What is the main subject of the provided transcript?
-The main subject of the transcript is funnel analysis, specifically focusing on the customer journey within a product, such as a software application.
What is the initial step a customer typically takes when interacting with a new app?
-The initial step a customer typically takes is to download the app and then open it to explore its features.
What is the significance of the 'funnel' analogy in describing the customer journey?
-The 'funnel' analogy signifies the decreasing number of customers as they progress through the stages of the customer journey, with many dropping off at various points.
Why might a customer choose not to sign up after opening an app?
-A customer might not sign up after opening an app due to various reasons such as lack of interest, privacy concerns, or if they find the app too complex.
What does the transcript suggest about the customer journey being non-linear?
-The transcript suggests that not every customer follows the same path through the product, indicating a non-linear customer journey.
How does the transcript describe the process of a customer trying out different use cases of a product?
-The transcript describes the process as a sequence where customers might try out the first use case, then be prompted for the second, and so on, if they continue to engage with the product.
What is the purpose of the 'sign up' step in the customer journey?
-The 'sign up' step is crucial as it is where customers validate or verify themselves, allowing them to access more features and fully engage with the product.
What challenges does the 'funnel analysis' help to identify in the customer journey?
-Funnel analysis helps to identify where customers are dropping off in the journey, indicating potential areas for improvement in the product or the user experience.
Why is it important to track the entire customer journey from the perspective of product usage?
-Tracking the entire customer journey is important to understand customer behavior, identify drop-off points, and optimize the user experience to increase engagement and retention.
How can product teams use the insights from funnel analysis to improve their product?
-Product teams can use insights from funnel analysis to make data-driven decisions to streamline the user onboarding process, enhance features, and address any barriers that cause customers to drop off.
What is the ideal outcome for a customer journey as described in the transcript?
-The ideal outcome is for the customer to complete the entire journey, from downloading the app to fully engaging with all intended use cases, as this indicates successful product adoption.
Outlines
đ Understanding Funnel Analysis
The first paragraph introduces the concept of funnel analysis, which is the tracking of a customer's journey through the use of a product. It uses the example of a software application to illustrate the typical steps a customer might take, from downloading and opening the app, to signing up, verifying their account, and engaging with various features. The paragraph emphasizes the variability in customer behavior, noting that not all users will follow the same path and that the 'funnel' metaphorically narrows as fewer customers complete each subsequent step, leading to a drop-off in engagement.
Mindmap
Keywords
đĄFunnel Analysis
đĄCustomer Journey
đĄDownload
đĄOpen
đĄSign Up
đĄFeatures
đĄVerification
đĄUse Case
đĄEngagement
đĄDrop-off
đĄIdeal Journey
Highlights
Funnel analysis represents the customer journey through a product.
Customers may download an app but not necessarily open it.
Users who open the app may not sign up immediately.
Some users explore features without signing up.
The sign-up process may require users to fill out a form and verify themselves.
After signing up, users might engage with the first use case of the product.
Users may be prompted to explore additional use cases after the first.
Not all customers follow the same path through the product.
The customer journey can be visualized as a funnel, with users dropping off at various stages.
The ideal customer journey is the complete path through the product.
Customers may drop off after downloading, opening, signing up, or trying out features.
The funnel narrows as fewer users complete the entire journey.
Only a fraction of users who download an app may use it as intended.
Understanding the customer journey helps identify drop-off points in the funnel.
Funnel analysis is crucial for improving user engagement and product design.
The transcript provides a detailed example of a customer's journey with a software app.
The example illustrates the different stages users may go through with an app, from download to full use.
Transcripts
all right so funnel analysis is
basically your customers journey how
does tomorrow use the product I mean if
you take just one customer a customer is
likely to come open the product like
open let's let's again take an example
of a software order or an app so
customer were generally download the app
open the app sign up or just go through
the app look at some of the features and
then try to use some of the features
that might require signing up and then
they might sign up once they sign up
then they might so then they fill up the
form of signing up they probably
validate them so verify themselves then
this I now then after signing up they
might go to that first use case that you
might have then may be prompted for the
second use case that you may have for
the product and so on and so forth they
are engaged right so this is the entire
journey for one customer now typically
what would you would see is that not
every customer follows the same path
some people will come download the app
and not open some people will come
download the app open it but not signup
some people will sign up but then they
do not try it out further some people
will try out the first use case but not
the second use and things like that you
can think of it like a funnel that okay
every user comes on top of the funnel
the ideal journey is is the entire thing
but then everyone does not follow so
everyone does not follow the entire
journey which means people keep dropping
off at some point right so the parole
starts getting shorter and shorter
so if 100 people start at the top which
means they download the app only 10 or
20 might end up using the entire app the
way you want it to be used
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