How healthy is your Sales Funnel?
FUNNEL HEALTH SCORE℠ is the latest software update from the Funnel Science toolkit to help companies measure the effectiveness of their company’s sales funnel(s).
The FUNNEL HEALTH SCORE℠ is an index to grade the effectiveness of your company’s sales and marketing funnel(s). The score is a comparison of the best business companies funnels in relation to your company. Scores range from -100 to 100 which measures the effectiveness of a company to attract customers, engage the customer within the sales cycle, complete the transaction, and win repeat and referral business.
It is used to measure the overall performance and velocity of marketing inputs and sales outputs for a company’s product or service to increase customer acquisition and revenue of a business.
How do you calculate a Funnel Health Score?
Funnel Health Score is calculated by measuring the total volume of visitors entering the funnel, abandoning the funnel, and completing the steps within the funnel to purchase. Volume, speed, outcome, revenue, referrals, and upsells make up some of the metrics used by the Funnel Science algorithm to calculate your companies Funnel Health Score.
How is a Funnel Health Score used?
The Funnel Health Score can be used to measure an entire company but also for each business unit, product, store, or sales team. World-class companies will have a score of 70 and above; you are able to measure yourself relative to the best in your industry. Scores of 0 or less represent companies who do not have enough visitors, are not making enough sales, and are growing at a rate of less than 10% per year. Companies that have a low growth rate will also have a low to negative Funnel Health Score.
Using your Funnel Health Score should be an easy way to measure the overall effectiveness of marketing and sales operations to grow your business.