5 Easy Steps to Building a Conversion Funnel for Product Managers

Mobile apps generate profit only when users perform certain actions, i.e. make purchases, subscribe or view ads. To complete these actions, users must follow a specific path, for example, first app launch → registration → product selection → adding to the cart → purchase.

However, in reality, after the first launch, only 34% will visit a product page,14% will add this product to the cart and only 2% will purchase it. User churn data at each stage of the customer journey can help improve the app, increase conversion rates and grow profit.

That is why we’ve added Conversion Funnels to MyTracker. Now you can track the user journey using five pre-configured events and an unlimited number of custom events and parameters, while also benefiting from additional filters to refine the required data.

conversion funnel analysis

To create your first funnel, go to Reports → Conversion Funnels in the main menu. After saving your funnel, you can share it with all stakeholders and update it from time to time.

To create a funnel, you first need to register with MyTracker here.

How to Set Up a Conversion Funnel in MyTracker

Let’s take a video editing app as an example. Its key monetization tool is paid subscription, which unlocks access to sophisticated effects, LUTs, templates, and video rendering opportunities.

Step 1: Add your key funnel parameters

For starters, let’s give the project a name and select the audience type, account, project, app, funnel period, and time. Details on how each field works can be found in our comprehensive documentation.

create conversion funnel
Funnel time is the approximate time required for a user to complete all the actions.

Step 2: Add the conversion funnel steps

Now let’s move on to the most important stage – adding steps. MyTracker has five pre-configured events that can be added to steps right after the SDK integration.

  • First launch
  • Launch
  • Registration
  • Log-in
  • Payment

In addition to the preconfigured events, you can add to your funnel an unlimited number of custom events, i.e. all sorts of interactions with in-app pages and buttons.

With custom events, you first need to set them up within the app and configure their logging. Only then can you send them to MyTracker via the SDK or S2S. To that end, you will have to make our documentation available to your IT team.

For our video editing app, we could choose the following steps:

  • Step 1: launch (preconfigured event)
  • Step 2: search for effects (custom event)
  • Step 3: select Stars, Flash, or Bubbles effect (custom event)
  • Step 4: press the Render button (custom event)
  • Step 5: start a subscription (preconfigured event – Payment)
conversion funnel
You can add up to 10 steps and unlimited additional events for each step of your funnel.

Step 3: Add filters 

Once the steps are set up, you can use additional filters to further refine your funnel:

  • Partner – select users referred by a particular ad network
  • Campaign – select users from a particular ad campaign
  • Traffic type – select organic and paid users
  • Gender – male, female, or “not specified”
  • Country
  • Region
  • City
conversion funnels filters
The Region and City filters are currently only available for Russia and the USA.

Step 4: Calculate your funnel

The last step is funnel calculation. Press the Add button to calculate and save your funnel, or press the Calculate button to calculate your funnel and save it as a draft.

Once the button is pressed, the funnel calculation will get underway. You can wait until it is over, or you can close the window and go back to your funnel later, as the calculation will continue in the background.

When the calculation is done, MyTracker will show step conversion in the form of charts and figures. For example, the takeaways for our video editing app will look as follows:

  • Step 1: launch – 100%
  • Step 2: search for effects – 43%
  • Step 3: select Stars, Flash, or Bubbles effect – <1%
  • Step 4: press the Render button – <1%
  • Step 5: start a subscription – <1%
analyze conversion funnel
The first step will always have a value of 100%, as it represents the starting point for building a funnel.

Step 5: Analyze the results

The data shows that 57% of users fall short of searching for suitable effects. To increase the conversion rate at this stage of the funnel, you may:

  • Highlight the effect search button in the app interface
  • Introduce a pop-up window with an offer to try out effects
  • Launch an ad campaign about the amazing effects of the app

How MyTracker's Conversion Funnels Can Help Your Project

MyTracker’s Conversion Funnel tool helps to give a better understanding of how users interact with a product, identify bottlenecks, address them and increase profits generated by an app.

Start exploring user journeys in your app right now – it’s free and the set-up won’t take long!

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