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What is a marketing funnel and why is it important?
There is a lot of debate surrounding marketing funnels — from who owns it, be it marketing or sales, to whether or not it’s still relevant to today’s consumer buying process. A marketing funnel is a way of breaking down the customer journey all the way from the ‘‘awareness’’ stage to the ‘‘purchase’’ point.
A marketing funnel is a model which illustrates the path a prospect goes through from brand awareness to purchase decisions and the follow-up that comes after. Through a carefully done analysis, a marketing funnel lets you know what the business must do to influence consumers at a certain stage.
What is a marketing funnel?
Different industries and experts might have varying opinions on the phases of a social media marketing funnel. When people buy a product, they usually go through a multi-layered process from introduction to conversion.
The strategy that can help you to convert your traffic into customers is by creating a marketing funnel. The reason for calling it a marketing funnel is due to the shape it assumes as the volume of people that passes through subsequent stages reduces as you go down.
The truth is, you could have an amazing product or service, but chances are people will not immediately buy the first time they see it. It’s crucial to not only generate qualified leads but also move those leads through the sales cycle, smoothly.
Why is a marketing funnel important?
The funnel in marketing is an important framework to understand. Even without a marketing team, marketing experience, and/or having a less than desirable budget, implementing a marketing funnel will help prioritize and execute an effective marketing strategy. A small number of leads will produce an even smaller number of sales.
The larger the funnel is at the top, the better. It goes without saying that the larger funnel at the top in terms of leads, will generate a higher number of sales at the other end.
A marketing funnel will allow you to get the most out of your marketing efforts, giving you the opportunity to grow your business. Ultimately, utilizing a marketing funnel will give your business the ability to dramatically increase the rate of repeat customers. With retaining customers comes sustainable business growth.
For customers to purchase your products, they first need to be convinced they are making a good investment. They need to trust you. They need to feel like the risk is relatively low. A content marketing strategy will hold this together and form the basis of your campaign.
Essentially, your marketing funnel would:
- Create an ideal level of awareness for your targeted market
- Help convert potential consumers, into loyal followers
- Interact with your subscribers and provide value for them resulting in increased trust
- Converts them from content consumers to customers
- Deliver a great customer experience for them to return
- Upsell your products and maximize customer value
On the Footnotes
Marketing funnels can engage your audience, build trust and create an authentic base of fans for your brand. Using a funnel report can give insight into where people are dropping off in the path to conversion. The more you listen to your customers, the more you can learn and improve your content so it’s aligned with their challenges, needs, and wants. It’s not just about acquiring new customers. You want to encourage them to be loyal and refer to all their contacts too.
Tools like NANOS AI can help you generate more sales. Contact us or book a free consultation and we will guide you through the process and show you how implementing a successful online advertising campaign and marketing funnel does not have to be expensive!