Many times we find that the business data seems good, but the final conversion volume is very low, which indicates that the business conversion rate is problematic. In data analysis, there is a crucial modeling tool that can solve this problem well. It is the funnel analysis model. You probably already know this from my last article Top 5 Methods of Thinking in Data Analysis. Today I will introduce this funnel model in detail.
1. What Is a Funnel Analysis?
The funnel analysis model, in simple terms, is a process in marketing products. And we need to observe the conversion and loss of each step in this process.