It’s no secret that marketing funnels are not a new concept, but often do get missed by new advertisers and business owners that aren’t experienced in marketing. It is still a relevant strategy that almost anyone can use to help grow their business.
In this blog we will introduce you to the marketing funnel, why you should incorporate it into your overall marketing strategy, and how to make a solid strategy for your business.
What is a funnel and how can it save you money?
In marketing terms, a marketing funnel is a visual representation of the customer’s journey with your brand from the point of first contact to being a lifelong loyal customer. Oftentimes it is referred to as a “marketing funnel,” “sales funnel” or “conversion funnel.” There are a variety of different versions of the marketing funnel out there, but almost all are intended to increase sales/customers.
We have simplified the marketing funnel into 5 different sections.
- Attract | Brand Awareness
- At the very top of the funnel is “Attract” which is intended to make people become aware of your brand. This is the very first step of the funnel and also has the largest
- audience base. People in this step have likely never heard of your brand.
- Common digital tactics in this step:
- Local Listing Optimization
- Location Targeting
- Social Media Ads
- Targeted Display
- Video Advertising
- Website SEO
- Engage | Increase Brand Interaction
- Even if people have been exposed to your brand in the “Attract” step, they are likely not yet familiar with who you are. The “Engage” step of the funnel helps re-introduce your brand to the right customer and get your name back in front of them.
- Common digital tactics in this step:
- Location Targeting
- Native
- Social Ads
- Targeted Display (Retargeting)
- Influence | Educate, Nurture & Retain Attention
- The “Influence” step of the marketing funnel is there to help nurture customers into the next step of converting. This is the point of the customer’s journey that you want to highlight why they should buy from you vs. your competitors.
- Common digital tactics in this step:
- Social Media Management
- Social Media Ads
- Website
- Convert | Conversion to Sale/Purchase
- The 2nd to last step is “Convert.” This is the exciting point that most people strive for, aka the sale. A lot of people make the mistake of this being the final step of the customer’s journey; but they are missing out on a huge opportunity, retaining their customer.
- Common digital tactics in this step:
- SEM
- Social Media Ads
Targeted Display - Website
- Retain | Referrals, Resales & Upsales
- The very last step of the marketing funnel is “Retain” which is the people who have already converted and are now in the phase of becoming lifelong customers. Many businesses make the mistake of forgetting about this step.
- Common digital tactics in this step:
- Reputation Management
- Social Media Management
- Targeted Display (Retargeting)
- Website
Keeping these 5 steps in mind can help you save money in the long run. A lot of advertisers throw money at people at the top of the funnel (in the “Attract” step) and expect people to purchase right from the start and get disappointed when they don’t see the results they expected. Strategically positioning your brand in front of people at the right time will ultimately save money, bring in more customers and retain them.
When should you use a full funnel strategy?
You should keep your customer’s journey with your brand in mind with everything you do, especially with any marketing initiatives your business has.
How do you put together a bulletproof marketing strategy with the funnel in mind?
Putting together a successful strategy is an art and a science that cannot be mastered overnight. As previously mentioned, many advertisers throw ad dollars at potential customers at the wrong stage of the funnel and get disappointed when it doesn’t work. There are also certain digital products that do better than others in each step of the funnel. Thankfully, there are experienced professionals out there who help businesses through this process for them. If you are interested in having a bulletproof marketing strategy for your business, please fill out the contact form of this page for more information.
Conclusion:
At this point you should be fairly familiar with what a marketing funnel is, when you should incorporate it into your business, and how you can create a full funnel marketing strategy specifically designed for your business. If you would like to learn more or have a plan designed specifically for your business, get in touch with us!
