Funnel hacking is an important aspect of any business that wants to thrive. Most companies simply research methods to increase traffic and revenue and focus on these two aspects. However, the number of site visitors who actually spend money is quite low, especially if you’re a new company. What funnel hacking does is to focus more on attracting customers and not just mere visitors.
Companies with goals to make greater use of their traffic and increase their sales need to move beyond the simple pushing of web advertisements. A more active strategy to pull in new customers is needed to gain a competitive edge in marketing and this is where funnel hacking comes in!
What is funnel hacking?
Before anything else, we must answer the question, “What is funnel hacking?” A dictionary definition of the phrase is that it’s the process of strategically investigating the sales and marketing of your competition and then using those methods to craft and test your own process of sales and marketing.
In business, everyone is trying to attract visitors so this is essentially the top of the funnel. The point is to attract visitors using a web page that uses effective keywords or free content. This is what gets prospective buyers to check out your product or service. A successful business is one that’s able to convert their visitors down the funnel towards buying and into the bottom of the funnel.
So the key part of the funnel is the middle where you turn a prospect’s piqued interest into a sale. These tricks can vary widely from product to product and from company to company. What funnel hacking does is allow you to see what your competitors are using in the middle of their funnel. When you know this information, you can test its effectiveness and apply it to your own business as well.
A good marketing funnel is one with a bottom that’s close in size to its top. To turn views into sales, you must identify at what point visitors are leaving your site. By reverse engineering your competitions’ funnel, you can split test each segment and identify the areas that are leading to a drop-off when it comes to turning visitors into customers.
Simple Tips for Funnel Hacking
Before we look at the websites and tools that will help you in your funnel hacking efforts, there are some simple things for those on a small budget or who are not tech savvy can do. One of these is to go to your competitors’ website and purchase something. Follow all the steps and take up all of the offers, including the upsells and the downsells. This is no doubt the most straightforward method of gathering information.
However, if you want more in-depth insights, you’re going to want to use some Google plugins. The first plugin you should download is Ghostery. It shows all the tracking information that’s being done on a web page. The second Google add-on you should download is BuiltWith. It allows you to see all the software being run on the web page you’re viewing. In this way, you can see all the systems that your competitor’s web page is running.
There are also better sites and tools that you can use for the purpose of funnel hacking. Adbeat is one such website. Adbeat allows you to see any advertiser’s media buying strategy. It can show you a site’s investment with different platforms and estimate the value of each stream. You can also use Adbeat to identify all the competitors in your field as it identifies companies that are using the same keywords or advertisement streams as you.
Using simple graphs and images, Adbeat will show you which competitors are spending what and how this changes over time as well as how it differs from region to region. Moreover, it also gives you an insight into the methods and efforts of your competitors. It also offers recommendations and helps you shape and test your own marketing strategies.
Adbeat also has tools for split testing which allows you to identify specific areas that are working for you or for your competitors. They can also identify which publishers have the best success advertising products or services similar to yours so you’ll know what the best strategies to use are.
WhatRunsWhere is like Adbeat in the sense that it shows you information on paid advertisements in your industry. It will show you where your competition is advertising, how long each advertisement has been running for, and an estimate of how much each campaign has cost. This, of course, allows you to focus your own advertisement more economically. Effectively you are using your competition as a guinea pig for marketing strategies. WhatRunsWhere allows you to sign up for a single dollar, to make use of the full range of the site costs significantly more.
This, of course, allows you to focus your own advertisement more economically. This helps you see your competition as a guinea pig for figuring out which marketing strategies are likely to work for you. WhatRunsWhere allows you to sign up for a single dollar. But to make use of the full range of the site will cost you significantly more.
While WhatRunsWhere and Adbeat focus specifically on paid advertisements, there is more to marketing than that. Another tool, named SEMrush, will allow you to investigate advertisement done by your competition. On top of that, it also allows you to investigate search engine optimization techniques that your competitors are employing as well.
SEMrush will also enable you to carry out a search engine optimization audit on a web page. It also tracks the position of your or any other web pages in ranking. It can also help you develop ideas for boosting organic traffic.
By searching keywords through SEMrush, you can identify the ones being used by your competition and which ones are having the best results. With the information, you can highlight any gaps in your rival company’s strategy. Moreover, SEMrush can highlight organic and paid advertising undertaken by your competition across multiple platforms, such as social media, blogs, and videos. All these features mean that SEMrush is used by a number of major sites for their research.
SimilarWeb is another traffic insight tool. It’s useful for marketers seeking to track market share and identify trends across their industry. With SimilarWeb, you can quickly and clearly identify market shares and analyze vast swathes of information.
By using the information on SimilarWeb, you can identify potential new customers and how best to target them. It can also show organic keywords as well as paid advertisement keywords. It will break down traffic by geographical region and show what kind of organic search engine optimization or advertisement works best in each location.
Looking at the market share of the different categories will no doubt help you better plot your own strategy. You can also readily track your way to increased market share and move up the internet search rankings using SimilarWeb, making it one of the best analytic tools for assessing the traffic of a competitor.
A final web tool available to those looking to funnel hack is Follow. Follow offers a free service that can identify where your competition is doing their media buying. Follow will also “stalk” a web page for you and send you notifications every time an update is made.
This is a great way to stay up to date on what your competitors are up to. Follow will give you web page traffic estimates and affiliate marketing information about your competition. It will also give a demographic breakdown on the visitors to their sites. Reverse I.P is also possible.
It also provides an overview of search engine optimisation and search engine marketing. Follow requires a paid version but it’s still a great traffic insight tool for those on a limited budget.
There are a number of other tools you can also use such as Ahrefs, Growthbot, and Rapportive. However, these are not close to the functions of the above-suggested tools. They are of course available and it would be remiss to dismiss them entirely.
Hopefully, the information included in this article has been helpful. Remember the importance of funnel hacking and how your funnel can be your method of creating revenue. By hacking the funnels of your competition, you’re essentially allowing them to make the marketing mistakes for you so you could learn from them.
Instead of trying to assess what would work through trial and error, you can instead investigate what has worked for them in the past and reverse engineer it for your business. This is vital for any business that cannot afford to make mistakes when spending advertising money.
Using the previous efforts of other companies in your industry, you can identify niches and gaps in the market that you can exploit. This allows you to make the most of your marketing budget and use your resources in the most economical way. Doing this is just a matter of using the tools best suited to your business.
The online tools listed in this article may range in price but most have free versions available. However, for best results, a paid service can do more for you. Even the smallest business can make use of funnel hacking by simply using free plugins and other free services. There are free services that can provide information on search engine optimization and paid advertisements as well.
All in all, funnel hacking doesn’t have to be complicated but it’s a brilliant method for maximizing revenue and minimizing advertisement.
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