What is a Marketing Funnel?

A marketing funnel is a representation of the steps a possible client takes, beginning with their first encounter with your brand and ending with their purchase. There are a few different points in this model when customers interact with a brand. A marketing funnel is a tool used by businesses to better understand their customers’ needs, streamline their marketing strategies, and increase revenue.

No marketing plan is complete without a well-thought-out sales funnel.

Why are marketing funnels important?

The value of a marketing funnel cannot be overstated. It has the potential to drastically improve your company’s bottom line. Some of the ways in which a marketing funnel can help you are listed below.

  1. Choosing a marketing strategy. The customer’s experience should be the marketing funnel’s foundation. The latter helps you to learn when and why potential customers lose interest in your brand before making a purchase, as well as how to keep them engaged via the use of various tools and methods.
  2. Maintaining consistency in your promotion. The next stage in attracting and keeping consumers is clear when you use a marketing funnel. Plan out your marketing efforts for each step of the sales funnel, and engage with potential customers as they go through the process.
  3. Increase your sales. If a potential consumer doesn’t buy right away, you lose money if you don’t have a sales funnel. They just stop caring about what you have to give and shut off completely. A marketing funnel allows you to gradually bring potential customers closer to making a purchase.
  4. The process of closing deals is made easier. The marketing and sales departments of a B2B company must work together to close business. As a result of the information provided by marketing funnels, your sales team will have a better idea of how to approach and ultimately close each lead.
  5. Effort and time savings. Automating your marketing efforts is possible if you know your customer journey and have a plan of activities for each stage. There will be significant time savings and improved productivity as a result.
  6. Making predictions about future sales. The effects of your marketing efforts might be better understood with the help of a marketing funnel. If you know the lead conversion rate at each step, you can estimate the percentage of leads that will become customers.
  7. Customer retention. Having a strategy for marketing efforts after a customer makes a purchase is crucial to maintaining their interest and eliciting repeat business. It costs five times less to keep an existing customer than to find a new one.

What Are Marketing Funnels?

A marketing funnel maps out the path that a potential customer takes from learning about your brand to making a purchase. The standard marketing funnel consists of four stages:

  • Attention: A potential customer encounters your advertisement, social media post, or word-of-mouth recommendation.
  • Interest: They have faith in your ability to help them and are interested in hearing more.
  • Desire: They have done their homework and are ready to make a purchase.
  • Action: A potential customer makes a purchase, schedules a demonstration, or takes some other desired action on your website.

Customers and businesses have different goals in mind, which might be anything from making a purchase to registering for a service to filling out a form. When the other person gives in to your request, you have a conversion. It’s the point at which the site visitor moves on from casual browsing to actually doing the intended activity.

Analyzing your marketing funnel’s success

You can’t just glance at a pie chart and assume you know your clients; you have to observe and talk to them. You’ll need both quantitative and qualitative data to evaluate the performance of your marketing funnel (more on this later).

However, there are several essential quantitative criteria to bear in mind when gauging the efficacy of your marketing funnel.

Between each of these stages, extra steps/actions can be done, but they will not affect the marketing funnel’s outcome unless they lead to the final action. A visitor may browse Amazon’s Careers page, but this isn’t a required action that needs to be accounted for in the funnel.

Why do we refer to the sequence of actions leading to conversion as a “funnel”? The reason is that many people make the initial move toward change at the start of something new.

More and more people are leaving the crowd as it advances, making it thinner. (Your sales team becomes involved to help seal the deal even further along in the process.)

How Do Funnels Work?

Here, we’ll zero in on marketing funnels, or those that launch from a promotional effort of some kind. It might be a paid search ad, content marketing initiative, white paper download, video ad, social media ad, or even a billboard in the real world. First and foremost, there must be some kind of marketing effort.

What are the different types of marketing funnels?
  • Sales funnels
  • Webinar funnels
  • Email funnels
  • Video marketing funnels
  • Lead magnet funnels
  • Home page funnels

Marketing and the customer experience: Flipping the funnel

“Flipping the funnel” into a customer experience funnel is becoming standard practice for marketers, salespeople, service providers, and experienced managers. Converting consumers into advocates drives new interest and potential customers toward the top of the marketing funnel.

Have you created a marketing funnel yet? Let us help you Now.

Career

Become a Part of our Esteemed Network
Would you like to receive our monthly newsletter