3 Most Effective Conversion Funnels for BFSI

You know how much efforts and investment you are putting in achieving your business goal. Analysing the success versus failure is as important as the effort itself. Knowing the funnel from top to bottom of any business allows one to decide how to market, where to focus to squeeze out extra profit, and how well the business is actually doing. Let us understand a few classic cases in the BFSI domain, where funnel analytics is the best way to get those business insights.

  1. 1. Know Your Customer or KYC Updation

The sales person has done the pitching, the prospect has shown interest and further he/she has also given the basic details to make the prospect a hot lead. Now comes the most difficult part getting the KYC details of the user. Below is a classic example of the KYC Funnel.

  • 1. Users from organic/inorganic/sales visit the website
  • 2. Visit the KYC section which has 3-4 steps (considering 3 steps for ease)
  • 3. Step1: Basic Details of the user
  • 4. Step2: KYC Details (Pan Card & Aadhar Card, etc.)
  • 5. Setp3: Uploading the KYC documents.

 

Funnel Analytics

 

The best part of understanding this funnel, is to understand the number of users exiting the steps – this is where the Marketer can run Abandon step campaigns. For example: if the user completes the Step2, which is giving out the most important details in the KYC i.e Pan Card and Aadhar card, she may not complete the step 3 as she would not have the electronic copies of those documents. This is when you can pass on these leads to the Call Centre and have these documents collected personally from the agents while also increasing the conversion rates.

  1. 2. Credit Card Purchases

Let’s consider a typical Credit Card conversion funnel:

  • 1. A user comes on the landing page through various Ads.
  • 2. Selects the type of Credit Card he wishes to apply for and starts filling up the form, but some users might just exit the page, after partially filling up the form.
  • 3. An automated email is then triggered the same day, if the user abandons the form page.
  • 4. Usually this is followed by a call or a call happens before the email is sent.
  • 5. To convince further the sales person might have to give a visit and also collect the necessary details from the user. The funnel is completed here.

 

Funnel Analytics

3. Life Insurance Policy Renewal

Another typical use case can be of Policy Renewals. Consider the below funnel:

  • 1. A brand sends a Policy Renewal Campaign
  • 2. The user lands on the Policy Renewal details page
  • 3. 40% users exits the page
  • 4. Browser Push Notifications are then sent for Policy Renewal to these exiting users and/or the visitors.
  • 5. Total users renewing policy

 

Funnel Analytics

 

At all stages of maximum dropout, you can consider alternate ways to connect with the customers. In the above case a Browser Push Notification can be of utmost value, especially if your contacts have opted in for receiving Browser Notifications.

So here’s the conclusion:

You would find multiple providers of Funnel Analytics, and they would also tell you the number of users exiting the funnel or going down the funnel, but the two most important things are mostly skipped by many, which actually provides you with a decision making insight.

  1. Usually, the organisations who provide funnel analytics, only give you the number of people flowing through the funnel, where you have to figure out who these users were. But with Netcore Smartech, you can rightfully identify who these users are and where do they exactly exit?
  2. Most of the funnels provide you with a simple, linear platform analysis, which means you can only analyse the funnel over a single channel – say, Website. But Netcore Smartech’s Cross-Channel Funnel gives you the freedom to analyse the flow of users across an array of communication channels.

Finding out these particular users and targeting them with the right channel can not only help you drive better conversions but it will also improve the customer lifetime value.

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Category - Marketing Automation

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