Did you know that businesses incorporating funnel upsells and renewals in their sales strategies can generate a significant 70-95% of their revenue from these tactics?
Because I’ve experimented with this myself and it works like a charm. But there’s more!
This research contains everything you need to know about the latest sales funnel stats for 2024.
It’s no secret that building and maintaining a strong sales funnel is essential to the success of any business. But what are the statistics around sales funnels?
- What is a good sales funnel conversion rate?
- How do you measure the effectiveness of a sales funnel?
- Is 5% a good conversion rate?
- What percentage of leads should turn into sales?
- Which part of the sales funnel has the most users?
- How effective are they?
These and more are what you’ll learn in this marketing funnel/pipeline statistics.
Let’s dive in.
Quick Summary: Sales Funnel Statistics
Updated Sales Funnel Statistics (Explained)
1. What content type is most successful in moving potential customers down the sales funnel?
55% of businesses say that articles and blog posts are the most productive way to bring potential customers down the sales funnel and pipeline.
In order to generate leads and sales, businesses need to produce content that potential customers will find useful and informative.
According to a recent survey among B2B marketing professionals in the United States -articles and blog posts are the most effective type of content for bringing users down the sales funnel.
This is likely due to the fact that users are typically in research mode when they are reading articles and blog posts.
They are looking for information that will help them make a decision, and if your business can provide that information, you are more likely to convert those users into leads.
Additionally, 43% said that reviews and customer testimonials helped them move their prospects further down the B2B sales funnel. The least effective types of content were found to be social media posts and content created with influencers at 23% and 19%, respectively.
2. What percentage of buyers choose a funnel process that provides them with sufficient content?
95% of buyers choose a vendor who provides them with sufficient content which helps them navigate each stage of the buying process.
In today’s digitally-driven world, it’s more important than ever for businesses to provide their potential customers with high-quality content. After all, buyer behavior has changed dramatically in recent years, and the modern buyer is now used to being able to find all the information they need online.
So why is content so important?
Essentially, it helps buyers to navigate each stage of the buying process, from awareness to decision-making.
At the awareness stage, for example, good content can help buyers to understand their options and learn about different products or services. And at the decision-making stage, high-quality content can be vital in helping buyers make an informed decision about which vendor to choose.
3. What is a good sales funnel conversion rate?
3.1% to %5 is a good average funnel conversion rate.
Databox did a survey to find out what the average conversion rate for a funnel was. In this case, conversion means turning a visitor into a lead.
30% of the businesses surveyed agreed that a conversion rate between 3.1% and 5% is good. 18% think that a good funnel conversion rate is between 5.1% and 8% and between 1.1% and 3.0%.
Only on rare occasions will you find conversion rates higher than 10% because the goal of a funnel is to get rid of prospects who aren’t interested and capture only those who are truly interested.
4. What percentage of sales are not complex?
45% of sales are complex.
A study by Ascend revealed that 45% of sales are long cycles and complex.
In other words, these sales go through a long process before they convert. Such customers require more nurturing before they purchase.
And that is good news for marketers that use sales funnels because this is exactly what sales funnels are built for.
5. How many website visits result in a purchase?
On average, 96% of the people who visit a website will leave without ever converting to a lead or sale. Only about 4% converts.
There are a number of reasons why this may happen. Perhaps they were not looking for anything specific and were just browsing. Or, they may have found what they were looking for on another website. It is also possible that they were not ready to commit to a purchase at that moment but may be interested in the future.
However, businesses can use a number of strategies to try to convert more visitors into leads or customers.
This is where smart marketers win by using the power of retargeting page visitors on various ad networks. Remarketing to get your messages in front of people who are already familiar with your brand would increase your conversions.
It could be via email, YouTube videos, Facebook Ads, Google Ads, etc.
6. What percentage of leads do not make it to the conversion stage?
A staggering 79% of marketing leads are never converted to sales.
There are a number of reasons why this might happen. First, the lead may not be qualified, meaning they are not interested in the product or they do not have the budget to make a purchase.
Second, the lead may not be properly nurtured, meaning they were never contacted after being acquired and given more information about the product.
Finally, there may be a simple miscommunication somewhere along the sales process, causing the lead to fall through the cracks.
Another angle is that you can’t convert all leads. Some prospects are not ready to purchase nor are they interested.
Whatever the reason, it is clear that acquiring leads is only half the battle – don’t waste time worrying about leads who aren’t interested; instead, concentrate on satisfying those who are.
7. What percentage of businesses generated over a million dollars in 2022 using a single sales funnel?
Well, from my research, less than 1% of people generated over $1 million from their sales funnels in the past year.
This was revealed by Russell Brunson himself within the first quarter of 2022. Through a funnel-hacking presentation.
Although it is 2023 here, this still passes a message.
Out of over 100,000 active users of ClickFunnels, only about 800 users had generated over a million dollars using a single sales funnel.
In other words, you have more chances of success when you have multiple sales funnels. If you only have one funnel, then it is time to create multiple ones.
The chances of hitting massive sales with a single funnel can be reduced to “luck”. Rather than hope for luck, create more opportunities for success.
8. How many businesses measure their sales funnel?
68% of companies have not identified or attempted to measure their sales funnel.
It’s so sad.
That the majority of businesses and brands aren’t monitoring their sales funnel metrics. Which happens to be one of the most powerful (yet underrated practices) to skyrocket conversions.
This may be due to the fact that the funnel is often seen as a complex process that requires significant time and resources to track.
However, without measuring your marketing funnel, you won’t be able to identify where you’re losing prospects throughout your funnel so you can improve your marketing and sales efforts and boost conversions.
By understanding where leads are getting stuck in the funnel, businesses can make changes to their sales approach that could lead to more conversions. In addition, measuring the sales funnel can help businesses to identify which marketing channels are most effective at generating leads.
9. What makes your business more likely to win a high-quality sale?
Companies/businesses that create an easy buying process for visitors are 62% more likely to win a high-quality sale.
According to a research study published on HBR, a simple and easy purchase process is by far the biggest driver of deal quality.
Customers who experience swift sales processes are less likely to regret their purchase or speak negatively about a vendor.
10. 30-50% of sales are made by the first vendor who responds to customers.
Imagine that you’re out shopping for a new car. You’ve done your research and you have a good idea of what you’re looking for, but you’re not quite ready to buy just yet.
So when a salesperson approaches you and asks if you’re interested in taking a test drive, you agree. Now imagine that, instead of just one salesperson, there are three.
The first salesperson is friendly and helpful, and they make a great offer on the car you’re interested in. The second salesperson is also friendly, but they try to push you into making a decision right away.
And the third salesperson is rude and doesn’t seem to be interested in helping you at all.
Which of these salespeople are you more likely to buy a car from?
If you’re like most people, it’s the first one. In much the same way, customers are more likely to buy from the first vendor who responds to them. By being quick to respond and offering a great deal, vendors can increase their chances of making a sale.
11. Nurtured leads make 47% larger purchases than non-nurtured leads.
Just as a tree needs the right conditions to grow tall and strong, so too do sales leads need the right conditions to prosper. Nurturing leads – providing them with the information and support they need at each stage of their journey – helps them to grow into valuable customers who are more likely to make larger purchases.
By contrast, neglected leads quickly become stunted and are less likely to generate revenue for your business.
So if you want your business to thrive, it’s important to nurture your sales leads. Just as a gardener takes care of their trees, you need to take care of your leads if you want them to grow into healthy, prosperous customers.
12. Companies that use well-defined middle-of-the-funnel (MoFu) engagement and lead-management strategy enjoy a 4 to 10 times higher response rate than generic email blasts and outreach.
The middle of the funnel is where marketing professionals try to “close” deals and convert prospects into customers.
MoFu content can be anything from a customer testimonial video on Facebook, or webinars, to an email campaign with special promotions.
They are more likely to convert within your sales pipeline – than email broadcasts or blasts to people who are yet to see your offer.
13. Acquiring a new customer is 5 times costlier than keeping an existing one
Not only are they 5 times more expensive, but you have to spend time and money on the arduous task of acquiring them.
The same report also has it that when the customer retention rate is raised just by 5%, profit is also increased by over 25%.
Which is way more rewarding.
New customers can be a great idea if it’s cost-effective for your business for sure.
And will help grow future revenue, but first, make sure that not all resources are being spent chasing after new prospects while old ones flee from neglect.
14. Upselling increases revenue by 10-30% on average.
Upselling increases the total value of orders at checkout and helps you maximize profit.
This means that upsells are not only good for increasing top-line sales but also bottom-line profits.
15. Companies that create 30 or more landing pages get 7x more leads than those that use fewer than 10.
Obviously, more landing pages mean more conversions for online business owners.
It’s super-important to have multiple landing pages that are targeted toward different segments of your audience. Especially if you run search engine campaigns.
These would also create multiple entry points to your web pages and sales funnel. In order to make it easy to convert people searching for different terms related to your products or service.
It could be:
- Pricing page
- Comparison pages (versus competitors)
- Feature pages
- Case study pages
- Tutorial pages
16. Using videos on landing pages can improve conversions by 86%.
I’ve personally seen this in action on myself when making a purchase online. When videos are used on landing pages – it allows me to have a personal connection with the person selling the products.
With videos on your landing page, you’ll be conveying lots of illustrations and messages that images and texts alone cannot pass across to your target audience.
17. Including multiple offers on your landing page can decrease conversions by up to 266%.
Less is more.
To make your landing page convert more – you have to do away with confusing your visitors with different offers. It has to be a single goal. Either to collect leads, make a sale, signup for a free trial, etc.
18. A 1-second delay in page loading reduces conversions by 7%.
This doesn’t apply only to landing pages. Page speed is critical to every web page. Blogs, checkout pages, etc.
A one-second delay in page load times yields:
- 11% fewer page views
- 16% decrease in customer satisfaction
- 7% loss in conversions
I’ve experienced this myself on my websites and pages. I had terribly slow sites until I moved from HostGator to WPX hosting many months back. Then I started using some image optimization tools and also enabled a CDN.
Since over 47% of consumers expect websites to load in 2 seconds or less. It’s your duty to take the necessary action to fasten page load time.
19. The average landing page conversion rate across industries is 2.35%, with the top 25% converting at 5.31% or higher.
20. Long-form landing pages in funnels can generate up to 220% more leads.
These sales funnel stat proves the point that longer sales letter works greatly than shorter ones.
The ultimate goal of a long-form sales landing page is to build a connection with the prospects, validate their concerns, educate them, neutralize their objections then finally convert them.
21. 65% of businesses say generating traffic and leads is their biggest marketing challenge.
22. Targeting and testing correctly can boost conversions by 300% or more.
23. 65% of companies have no defined lead nurturing process or toolset.
24. 74% of companies say converting leads into customers is their top priority.
25. Only 29% of brands nurture their existing customers beyond the initial purchase.
26. 57% of marketers say lead nurturing is the most valuable feature of automation software.
What does this tell you as a marketer?
This means that your choice of sales funnel building software shouldn’t just be going for a solution that has thousands of fancy features. But having an automation capability should be a huge factor.
27. Upsells are 68% more affordable than acquiring a brand-new customer.
28. 70-95% of revenue comes from upsells and renewals on average for a business that offers them.
29. The Average Cart Abandonment Rate Across All Industries is 69.57%.
30. 80% of business professionals believe that email marketing increases customer retention.
31. 37% of all marketers claim that the hardest part of their jobs is prospecting
32. ClickFunnels is the most popular sales funnel-building tool taking almost 55% of the market share.
What do Sales Funnel Statistics tell me?
By understanding what works (and what doesn’t) at each stage of the funnel, you can direct your time and energy toward creating appropriate content that speaks to customers and drives conversions.
As various stats indicate, taking the time to create a solid sales funnel can be incredibly beneficial to your business – so if you haven’t already, consider revamping your digital marketing strategy with a well-designed sales funnel in mind.
No matter what products you sell or service you render using funnels – as an agency, course creator, eCommerce expert, brick and mortar, non-profits, coaching/consulting, network marketing, B2B, or SaaS.
Definitely, staying up-to-date on these sales funnel stats and utilizing the data in your overall business strategy can set you up for long-term success.