Pulling resources from different sources into a single platform to get a coordinated approach on how to manage and improve your business, increases your online presence, provides resources to make your clients happy, and helps to make the right decisions. This is satisfying and fulfilling when done efficiently and in the right manner. This is what happens when you set up Funnel Analysis in Amplitude.
Monitoring how users navigate their way through a predefined process from start to finish and meeting your set objective in a unified form allows you to discover hidden details about their behavioral patterns, therefore, enabling you to strategize new ways to finetune the services rendered to them. Funnel Analysis caters to this approach and helps the Marketing team gather valuable insights from their customers.
This article aims to elucidate how you can set up Funnel Analysis in Amplitude. It will explain the steps involved in creating the Funnel for Analysis and how to add events to them.
With Funnel Analysis in place, a constant review of your company’s Marketing policies can match the reality of today’s world and help solve problems identified from the Analysis. Read along to find out how this can be done in 9 easy steps.
Table of Contents
Introduction to Amplitude
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Amplitude is a Product Analytics platform that is preferred by most digital teams. It provides Digital Intelligence tools that help in the extraction of useful insights from your data by keeping track of visitors to your site, mobile apps, and monitoring them using collaborative models.
It combines the behavioral reports from multiple user’s interactions with products and services along with Relative Time Analysis by placing events in terms of the user’s journey on a website or mobile app to come up with excellent and powerful conclusions that provide insights to engineer business growth.
Funnel Analysis in Amplitude can be performed easily because of the dynamic and flexible nature of Amplitude when handling multiple sources of data. Below is a screenshot of the Amplitude platform:
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If you want to know more about Amplitude, click this link.
Introduction to Funnel Analysis
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Funnel Analysis is defined as a method of understanding the steps or processes a business takes in achieving set goals or targets. It generally involves mapping and analyzing a series of events called steps that leads towards a defined outcome.
The term Funnel refers to the set of steps used in the analysis showing your various flows and refers to the physical Funnel as its shapes are similar. A lot of insights can be derived from your Funnel Analysis as it shows charts displaying information such as the number of users/visitors that went through each step in the Funnel, the number of people that registered for an event, checkout processes of customers, purchases made by users, lead generation from campaigns, etc.
A typical use case of Funnel Analysis is in Advertising/Marketing, where steps are defined from initial advertisement of products to final purchase of products. Other scenarios involve user interaction on mobile apps to subsequent purchases made on E-Commerce sites on the web, clicking on a song to downloading and sharing the associated music files, etc. Funnel Analysis in Amplitude combines the Product Analytics of Amplitude with the Advertising capabilities of Funnel Analysis to boost the performance of your company and gather valuable customer insights too.
Keeping track of these metrics helps Marketing executives come up with transformative ideas and concepts thereby improving business output and maximizing profit.
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Setting up your Funnel Analysis in Amplitude
Using Funnel Analysis in Amplitude will mean you, telling Amplitude the data it should look at by defining your events and giving it specific information about the audience you are targeting for the Analysis. In order to set up Funnel Analysis in Amplitude, you need access to the Amplitude Homepage.
To successfully set up Funnel Analysis in Amplitude easily you need to follow the following 9 steps:
Step 1: Opening a New Funnel Analysis Chart
To open a new Funnel in Amplitude, click + New and then select Chart, and Funnel from the available list on the adjoining box.
Step 2: Choosing your Starting Event
Setting up a Funnel Analysis in Amplitude allows you to create events so that Amplitude knows what data it needs to analyze and in what time period.
In the Events Module, choose your starting event by clicking on Select Event then specifying an event of your choice. Alternatively, any event can be considered as the starting event for the analysis by simply selecting Any Event from the list of available events.
Step 3: Adding Properties to Events
In order to define the event more precisely, you can add Properties to the events. This is achieved by clicking on + where found in the box, then proceeding to add the property name and property value depending on what you want.
Step 4: Adding More Events to your Funnel
It is better to add more than one event in the Funnel so that Amplitude can have access to more customer data and gather more insights from them. After defining your starting event, select at least one other event and add properties to the selected events to add more events.
Step 5: Specifying the Order of Events
Next, you can specify the order of your events by choosing either This Order, Any Order, or the Exact Event as you wish from the drop-down menu. The order chosen helps Amplitude decide when these events would be counted as converted having reached the set objective as triggered by the users.
Step 6: Streamlining your Funnel
In order to make your Funnel more robust, you need to streamline it. To streamline your funnel, you can remove users who trigger only specific events from your funnel. You can do this by clicking + Exclude users who performed and select the exclusion event from the drop-down list.
Step 7: Specifying your Target Audience
In order to analyze a specific audience, you need to specify your target audience. You can specify your target audience in the Segmentation Module otherwise, Amplitude will assume that your Analysis is to target all users. This can be done by selecting the user segment you want to be included in your Analysis. You can also import a previously-saved segment by clicking Saved Segments and selecting the one you want from the list.
Step 8: Building your User Segment
In order to set up Funnel Analysis in Amplitude, you need user segments. User segments help to add more properties to events. In a situation where you do not have a user segment or you do not want to import an existing user segment, you can build your user segment by adding properties. To do so, click + where, choose the property you want to include, and specify the property value you are interested in.
Step 9: Pinpointing your Analysis
Pinpointing your Analysis makes the vents you are targeting more source specific. It tells Amplitude to focus only on specific users who carried out certain actions. To do so, click + perform, then choose the event you wish to add.
Finally, you have set up Funnel Analysis in Amplitude. In order to view your Funnel, you can access the Metrics Module where Analytical insights will be displayed.
For additional custom parameters to set up Amplitude Funnel analysis, you can visit the official documentation here.
Conclusion
This article provided 9 easy steps companies can follow to set up Funnel Analysis in Amplitude. It also explained Funnel Analysis and Amplitude in detail. Overall, setting up Funnel Analysis in Amplitude can be a huge advantage to organizations as it helps target customers and gain valuable insights from them. This ensures that individual attention is given to each customer which boosts the performance of the company.
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Share your experience of setting up Funnel Analysis in Amplitude in the comments section below!
Ofem is a freelance writer specializing in data-related topics, who has expertise in translating complex concepts. With a focus on data science, analytics, and emerging technologies.