If you are a marketer, you should always have general information about what a marketing funnel is and how it is used. Meanwhile, with a marketing funnel, you can conceptually strategize your business and also help your pals in the same. Moreover, in this article, we’ll delve into what a marketing funnel is, its process, and how it is used.
What is a Marketing Funnel?
A marketing funnel is a representation of a buyer or consumer journey. In other words, the marketing funnel explains the stages a potential buyer or consumer undergoes after being informed about a product or service.
So, the funnel shape explains to the viewer the journey of a consumer journey; from awareness to purchase. With each stage, the dropouts would increase and conclude with a final buyer.
Hence, here are the stages a buyer/consumer undergoes before finally landing on buying a product,
The first stage, awareness, is one of the most important stages of the marketing funnel. Meanwhile, in the awareness stage, a consumer comes to know about the product/service, how it would be beneficial for them, and how it can solve their problem.
Although prior to the marketing stage, a marketer should always identify their target audience. In a marketing funnel, every consumer is at a different stage and you have to work with the marketing to bring the customer to the end stage, the buying stage.
The second stage of the marketing funnel and the most beneficial stage is the consideration of the marketing funnel. Meanwhile, at the consideration stage, the consumers who would be interested in your product/service will be deciding whether or not to purchase the product.
Meanwhile, the consideration stage can include several ideas including guides, webinars, reviews, white papers, case studies, comparison charts, and much more.
In the process, the buyers can do several things in order to bring the consumers or buyers down to the final process. Hence, this stage would be the most appropriate for a marketer to bring up the awareness consideration conversation and to express what makes them the best solution for the prospective buyer. Moreover, consideration can also be termed a conversion stage as this process majorly involves converting customers into buyers.
The conversion stage is the final step in the buyer’s journey where the user makes the decision to purchase the product or service. At this point, the marketer’s main objective is to ensure that as many potential customers as possible reach this stage. To achieve this, the marketer needs to have a deep understanding of the target audience, their needs, and pain points. By addressing these concerns effectively, the marketer can create a compelling case for the user to make the purchase. It is essential to have a clear and concise call-to-action that guides the user towards the buying decision. Additionally, the marketer should make it easy for the user to complete the purchase process with a seamless checkout experience. Overall, the conversion stage is crucial in generating revenue and should be given considerable attention by the marketer.
Once a buyer/ consumer purchases a product or service, he will be aware of your work and quality. As a result, it could be easier to bring new customers using your old customers.
For this, you have to request your existing customers to tell their friends about it or give you good reviews. Moreover, you can also give offers or rewards to your first-time consumers if they decide to buy again. Lastly, sending them promotional messages, emails, and vouchers can help you connect with buyers for a long period.
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Last but not least is customer retention. So, if someone has acknowledged and experienced your service, you should make sure that they come back. As a result, there are different ways through which you can do this. For this, you should draft promotional offers for each product and should be interacting with your existing customers
Although you would have already drafted a perfect promotional offer, it wouldn’t impact if a customer doesn’t engage with it. Hence, keep updated with social media to know what your target consumers are looking for.
Using the marketing funnel will not just help you interact with consumers but it will help the business grow. Each stage of the funnel whether it is the consideration marketing funnel or conversion funnel, has an equal impact on your service and business. Also, make sure that you’re connected with your customers/target audience so you can interact with them through several social media channels.