Putting the FUN in Funnel Analytics

Every credit union’s website SHOULD have steps that people must take to become a member or apply for a loan - and SHOULD have a way to do so on the site. If you aren’t using funnel analytics, then chances are, you probably don’t know what’s happening on your website, costing you potential new leads. What exactly is funnel analytics though?

A funnel is a well-defined flow on your website. This refers to the checkout process, registration, new memberships or lending applications, and simply anything where users take a series of actions before reaching some sort of goal. Entering and moving step by step through any process.

To analyze this funnel, you have to find a few different things: your current conversion rates and your current dropoff rates. This essentially helps you to understand which point potential new members or applicants drop out of the funnel, giving up on using your service.

At every stage in the funnel, you are going to lose some people, generally a lot of people. Even if your front page is entirely focused on getting new members to open an account, you will likely lose at least half of your visitors before they make it to the next step. You will also lose people who make it to the download page or registration page, who will just decide not to continue. While this is bound to happen, if you don’t track and measure your specific losses, you don’t know where you can start doing any tweaks to help out the user and identify any potential drop-offs who may still be interested in your service.

Benefits of using funnel analytics on your website

  • Find the high-traffic, high-exit pages where people are leaving

  • Determine where high-quality visitors come from

  • Help team members and stakeholders make decisions

  • See what's happening between events and pages

  • Find out what's going on by surveying visitors on the page

We’ve found that credit unions with over $100M in assets should be generating millions in revenue through their websites. Funnel analytics can help you reach your peak performance. By showing you where to improve, they help you understand important conversion points and highlight bottlenecks in the user experience. Wherever there is a bottleneck, there is an opportunity for improvement; and widening a bottleneck means more completed applications. That’s the value of funnel analytics: knowing where you stand and see where to improve.

Here are some of our top tips and tricks that can help assist a website user and encourage them to keep moving through the process:

  1. Prioritize website accessibility 

  2. Add a pop up to your site

  3. Remove unnecessary form fields

  4. Eliminate distractions 

  5. Use language that is clear, concise, and easy to understand

  6. Streamline the process

  7. Strengthen your call to actions 

  8. Include live support agents on your site with CHATCOMMANDER 

  9. Feature testimonials

  10. Reduce the page loading time

So, do you know where you could improve? At OMNICOMMANDER, we understand that you will never evolve your service without first understanding what you’ve done right and where there may be room for growth. The first step is knowing where you stand now - so you can make steps to growing in the future!

OMNICOMMANDER