What is a marketing funnel?
It’s an expert marketing strategy that includes using different marketing tactics depending on a person who is in their consumer’s journey. It’s known as a funnel because, as you move along the stages we lose customers which means the number of consumers keeps on decreasing at every stage. E.g., Like, if you start with 100 customers at the top of the funnel, only the small share of these will finally make it to the last stage and make a purchase.
What are the stages of the marketing funnel?
Marketers categorize the stages of the marketing funnel based on the 4-stage AIDA (Awareness, Interest, Desire, Action) model. This model follows a customer’s journey from the initial stage of interaction until the end of the conversation. There are different types of stages of marketing based on the product or the customer's requirement that may be 3-stages, 4-stages, etc., it may differ. Some markets may add or reduce or join the stages depending upon the customer's intentions.
What is 4- stage AIDA model?
i. AWARENESS:
a) The main goal in this stage is to introduce the brand and the product to the consumer.
b) Circulating brand awareness and attracting the consumer’s attention.
The success at this stage is related to the number of leads where you can
move down the tunnel to the next stage.
c) E.g., a Face mask is a product that has become mandatory in the current scenario of our world, it can be any brand or any model.
ii. INTEREST:
a) In this stage consumers, start to develop an interest in the product or the brand.
b) They consider your product, along with those of other brands and start learning about their features and benefits.
c) E.g., A Rolex watch as well as a Timex or a Sonata watch, it depends upon the interest of the customer to prefer with their own choice.
iii. DESIRE:
a) In a consumer’s journey where they start to plan of buying the product or service and they have a high intention or a wish to purchase the product or service, where they change thought from “I like it” to “I want it”.
b) From a marketing view, this is the stage where you want to make sure that you provide that push and convert those high-intention leads into your customers.
c) The key goal here, is to engage consumers and make them want to be attracted to your product over the other products.
d) E.g., While buying a mobile we compare the price and their specifications of every brand.
iv. ACTION:
a) This is the final stage of a marketing funnel during which the consumer takes the desired action and converts into a customer.
b) Any marketing materials picked out the customers at the bottom of the funnel, where they convey a sense of top priority to take action.
MARKETING APPROACH OF THE FUNNEL AT EVERY STAGE:
We have various marketing techniques that you can use at every stage of the marketing funnel. As the interest and desire stages go concurrently and usually require similar marketing tactics, we have collaborated on them.
Lead Generation Approaches (Awareness Stage)
As mentioned earlier, the marketing activities at this stage are targeted at spreading brand awareness. As this is the top of the funnel, the more consumer you can reach and direct down the funnel, the better. Therefore, the focus here is on the quantities and not the quality of the lead.
i. Influencer marketing If your goal is to reach as many consumers as you can, there’s no better way than using popular influencers to introduce your brand to consumers. Influencers usually have larger and engaged followers based that you can reach by collaborating with them.
ii. Organic Search Engine Optimization (SEO) Another useful approach at this stage of the funnel is to optimize your website content for keywords to improvise your organic search rankings. A lot of lead comes to a website through this channel, so it is important to optimize it.
iii. Advertising the product or the brand Ad campaigns are one of the most common tops of the funnel marketing approaches used to generate the leads if you have a big budget. These ads will be shown to the multiple numbers of relevant consumers who enter search queries related to your product or service.
Lead supporting approaches ( Interest and desire stages)
i. Marketing the Contents: If there’s ever a need for good content to engage your audience, it can be done at this stage of the funnel. The consumer who has been introduced to your brand and is ready to explore more are best targeted with relevant and prevailing content.
ii. Reviews: Another effective approach to get consumers interested in the products and direct them further down to the funnel is done using reviews. You can use customer reviews and exhibit them on your website and get influencers to write detailed product reviews and share them with their audiences. These will help to take the edge off any concerned consumer who had been buying your product and make them want the product more.
Lead transformation approaches (Action stage)
This is the stage at which you need to convince the forthcoming buyers to take action and make a purchase. Therefore, all marketing approaches at this stage focus on creating a sense of extremity and making it easy for the consumer to complete the purchase. Some most effective lead transformation approaches that you can use: i. CRO (Conversion Rate Optimization) CRO strategies target enabling consumer convert with no effort. These usually include website optimization and adding the right call-to-action (CAT) to ensure that it is easier for the consumer to take the appropriate action. Including CATs like “BUY NOW” or “TRY IT NOW” etc. provide these high-purchase-intent users with an easier way to make a purchase. These CATs direct consumers from anywhere on your website to the purchase pages.
ii. Demo and Trial Providing a free trial or a live demo improves the chance of making a purchase. A demo can help consumers understand the product better and see the user interface themselves. This helps in the decision-making process, especially in the case of complex software and tools. Similarly, a free trial encourages the consumer to try your product or service before they invest their money. A good experience with the trial usually translates into a purchase later.
iii. Discount and Promotion Similarly to how service companies use trials and demos, product-based companies can use promotional approaches to encourage a consumer to make a purchase. A limited-time discount or a coupon or any other offer creates a sense of extremity and help speed up the purchase process.
BEYOND THE MARKETING FUNNEL:
Now you know what a marketing funnel is and what approaches you can use at each stage to best target your prospective customers. However, a marketer’s job doesn't end with a customer making a sale. You should have a clear customer sustained approach in place to ensure that these hard earning customers stay with your brand for a longer period. When you design a marketing funnel for your brand, don’t forget to add an extra stage at the end, focused on sustaining your customers. This process can go a long way to keep your business cost-effectible.
So, start working on your marketing funnel now.
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