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How to use funnel reports to increase conversions

How to use funnel reports to increase conversions

6
min read

Pipelines help you track leads, contacts, and opportunities through stages of a process so you can close more deals and stay on top of important follow-up and tasks.

Streak funnel reports now enable you to work more strategically within your pipelines by identifying where conversions are falling and pinpointing exactly how to fix a leaky sales funnel. 

What is a funnel report?

A funnel report is used to measure the performance of a sales, fundraising, hiring, or other type of pipeline by identifying which stage your leads are dropping off from. A funnel report will show you the highest stage your leads entered and how much value moved from each stage to the next.

They help you visualize how items are moving through your pipeline so you can hone in on bottlenecks to improve your process.

You can also isolate and compare variables in your funnel. 

For example, you can see how each of your sales reps are performing and how they can improve. Or you could compare conversion rates for different types of customers in your pipeline.

Using comparisons, funnel reports can help you understand things like: 

  • Where your leads are dropping off within your pipeline or conversion funnel
  • Conversion rates for each sales rep and how each one can improve
  • Which lead sources (i.e. free trials, webinar leads, paid ads) are performing best
  • Which types of customers are most successful in your conversion funnel
  • How your conversion rates are changing over time

Below, we’ll show you how you can customize funnel reports in Streak and compare conversion rates between reps, lead source, creation date, and other data to help increase conversions in your funnel.

How to use funnel reports in Streak

Streak offers a standard funnel report out of the box, ready to go in your reports dashboard, and a customizable funnel report.

Simply add a funnel report to your reports dashboard to access this data. 

You can then customize your funnel report with different data sources using saved views to get more targeted insights on your conversion funnel. 

Add a standard funnel report to your reports dashboard

The out of the box funnel report uses your all-time historical pipeline data for all stages to show you where leads drop off from your conversion funnel. 

To add a funnel report to your reports dashboard:

  1. Open the pipeline you want to report on.
  2. Click the 3-dot menu at the top right of your pipeline.
  3. Choose “Reports” to go to the reporting dashboard.
  4. If you haven’t used Streak reports before, answer some questions in the pop-up to configure your reports
  5. Click “Add report” at the top of the reports dashboard.
  6. Follow the prompts in the pop up to add a funnel report to your dashboard.

Interpreting the funnel report

The standard funnel report shows you the number of boxes that reached each stage of your pipeline. The bars in the graph represent the number of boxes that ended up, or terminated, in each stage.

You’ll also see what percentage of boxes converted from each previous stage.

Customize your funnel report

Click the arrow next to “Funnel Report” to customize your report and create comparisons with your pipeline data. 

There are 3 main ways to customize your funnel report:

  1. Data source: Choose a data source to use a subset of pipeline data in your funnel report and compare conversion rates between reps, lead sources, or any other column in your pipeline. (See below for more details.)
  1. Stages shown: Select the stages you want to see in your funnel report. Typically, you don’t want to include stages for lost deals or “Archive” stages.
  1. Height of column(s): Choose what each column represents. This can be either the number of boxes (default), or use a column with numerical value like Deal Size.

Filter your funnel report and compare conversion rates

Using a specific data source for your funnel report allows you to get more valuable insights by looking at certain date ranges, comparing conversion rates between sales reps, or understanding how different lead sources convert. 

Create data sources to use in your funnel reports

Data sources are pulled from your saved views, which are used to filter, sort, and group the boxes in your pipelines. There are 3 main components of saved views that help you hone in on specific data in your pipelines:

1. Filters

Filters determine what is included in your funnel report by only including a subset of boxes from your pipeline. For example, you could use a filter to look at leads that were created in a certain date range or to exclude certain types of deals from your conversion funnel. 

2. Groups

Groups determine how your data is shown in the funnel report comparison chart. Group your leads by something other than the stage to compare conversion rates based on different factors. 

For example, you could group your pipeline by lead source to compare performance and evaluate which lead sources to continue investing in.

You could also group by a date, like when the lead was created. This allows you to compare conversions month over month, year over year, quarter over quarter, etc. and see how your conversion rates are changing over time.

3. Sorting

Sorting in a data source does not have any effect on your funnel reports.

Funnel report availability

Funnel reports are currently in beta, which means plan types with reporting features (Pro and Enterprise plans) can explore funnel reports and share feedback during the beta testing period. After beta testing, standard funnel reports will be available for Pro plans, and customizable funnel reports will be available to Enterprise plan users. 

We’re excited to share this highly-requested feature with our customers, and looking forward to hearing your feedback.

Please send us a chat message to share feedback, bug reports, and your questions with us. 

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