Marketing is a field in which the techniques and methods are constantly growing, changing, and adapting to consumer behaviour. As such, there is a lot of debate surrounding the marketing funnel and whether it is still relevant in the buying process today.
Before making a purchase, customers need time to evaluate their options and needs before they commit. This is where the marketing funnel comes into play. Its purpose is to convince potential customers to purchase your product or service.
Each stage of contact forms the customer’s journey with you, and it’s important to keep them interested along the way. The marketing funnel allows you to do just that.
How Do Marketing Funnels Work?
As mentioned above, a marketing funnel is a strategy used to incorporate different marketing tactics at different stages of the consumer journey. Every consumer takes several steps before spending their money, and these steps form the path toward becoming a customer.
Marketers target consumers at different stages to push them deeper down the path. As the stages go by, customers get lost along the way – resulting in fewer and fewer customers reaching the end stages. Thus, it is represented by a funnel-shape.
Using one of the various models of a marketing funnel, you approach the consumer in different ways and with different messages as they get further down the path.
The most common model is the AIDA (attention, interest, desire, action) model. Using the funnel, you can ensure customers feel that they’ve made the right choice in making a purchase by putting your product forward as the best solution to their needs.
Marketing Vs Sales Funnel
A distinction must be made between a marketing funnel and a sales funnel. The former is more about attraction and thus focuses on a much broader audience. A marketing funnel convinces the consumer that your company, brand, or product is best suited to what they need.
However, to ensure that you aren’t coming across as insincere, it is important to speak more broadly of the problem, rather than the particular solution you offer for the most part.
On the other hand, the sales funnel begins its work after the consumer decides they need a product to fix the problem put forward. This happens after the marketing funnel performs its function. Only now do you begin talking about the specific solution you offer.
Sales, however, does form part of the marketing funnel – it comes at the very end. As such, a marketing funnel is sometimes referred to as a marketing sales funnel.
Types Of Marketing Funnels
The standard marketing funnel used by many marketers is a four-stage process. It includes attention, interest, desire, and action phases. Variations of this model include additional stages such as loyalty, consideration, conversion, and advocacy.
However, the standard funnel may not bring you the best results. If you find the standard marketing funnel ineffective, then you may want to consider altering or specifying the type of funnel you’re using.
Most commonly used in eCommerce, this funnel includes steps of an online purchase. This includes things such as going to the company website, finding and viewing the product, adding the product to a cart, and finalising the purchase.
This is the basis of it, however, most add an up-sell feature. This directs the customer to a better (and more expensive) version of the item they have added to their cart. During this process, you need to make sure the customer feels comfortable providing their banking details. Therefore, you have to add trust builders.
This option is best for introducing the customer to your business and what it can provide them. Showing you are worth a follow at every step, you send customers from an introduction page to a newsletter, and then to your social media accounts. Make sure that the tone of your messages conveys you as the “hero”.
Webinars are an excellent way to share your knowledge and expertise. Getting people to sign up for a free webinar from your landing page is the first stage of the funnel. You can then build trust by providing valuable knowledge and guide your audience to make a purchase.
Live Demo Funnel
A live demo is one of the best ways to show a customer that your product is worth their money and is just what they need. This funnel is all about getting a potential customer to request a demo. A live demo funnel is best for SaaS companies. It can help convince a user to purchase the software after seeing how useful it is.
Again, most commonly used in eCommerce, the storefront funnel is a precursor to the product or purchase funnels. Essentially, it works in the same way as window shopping does in real life. The beginning of the funnel sees the customer face-to-face with all of your products or categories of products on one page.
With high-quality images and a good product layout, you can optimise the purchase rate using this funnel.
Squeeze Page Funnel
If you’re in need of accumulating e-mail addresses for a mailing list, or for any other reason, a squeeze page funnel should be your go-to. Their existence is purely to acquire the email address of a potential customer. For example, the top of the funnel may be an offer of a coupon in return for an email address. Then, you can up-sell people with your email marketing strategy.
Home Page Funnel
Whether they mean to or not, most companies have websites with this type of funnel. The home page is used to direct customers to other integral funnels, such as the squeeze page or purchase funnels.
It is best to steer clear of pop-ups on this page, and don’t add too many links to other funnels or it looks busy and customers get distracted.
This is the best funnel to use if your business relies on memberships. By offering free trials, you can draw people in to sign up and become members later. Alternatively, you can lead existing members down a conversion path in which they pay more and more as they increase their membership quality.
If you experience a high level of membership cancellations at a certain point, add a free trial at the exit page to draw some users back in.
Benefits Of Using Marketing Funnels
In addition to saving time for your employees and creating efficiency in the flow of the purchasing process, marketing funnels bring quite a few other benefits.
A marketing funnel simplifies the journey an individual takes from being a consumer to a customer. It is also a marketing strategy that can be applied to thousands of people at once, instead of one by one, which increases efficiency too.
Finally, by using a marketing funnel, you can locate the point where you lose customers. Having this knowledge means that you can reassess and change your strategy at that stage to something better.
Optimise Your Marketing Funnel Today
Marketing funnels can be adapted to various customer bases, which means they can help you no matter what type of business you have. Additionally, they are easy for marketing teams to set up, and bring several benefits with them. A well-planned marketing funnel can do wonders for your sales.
Need help to optimise your marketing funnel? Contact the team at PWD today.