For example, 1-800-DENTIST increased conversions 23% by sequencing friction at the very beginning of its funnel. Originally the dental referral source asked for ZIP code, dental need and insurance/payment info on a form right at the beginning of the funnel. Dental need and insurance/payment info were moved to steps three and four in the funnel, respectively, leading the company to increase conversions.
For example, the choice of having either Indian food or Chinese food is fairly straightforward and requires minimal time whereas offering managed IT solutions requires an investment costing thousands of dollars. Due to the differing time frames and value of the product, the prospects are more than likely to request for content during this consideration stage. A high number of competitors can lead to longer evaluation time, something experienced by 48% of businesses.
No one has to tell you, of all people, that customers go through stages as they move through the buying process. As a small-business owner, you've been selling your product or service long before your sales and marketing team started casting decisions in terms of “the marketing funnel.” The marketing funnel? If this term is new to your vernacular, don't worry, you're not far behind the curve – or the tactics to help you navigate it.
If we were comparing this point in the customer journey to a real-life human relationship, it’d be the honeymoon stage and beyond. Your new customer is excited to have a tool to solve the problem they’ve been struggling with, but after that excitement dies down, they want to know they can rely on you to help them get the most out of their purchase. If you don’t provide the support they need, they’ll abandon you for a business that can.
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At this stage of the funnel, the value of your product is still unknown; customers won’t be engaged by sales material or product specifics. Instead, try to establish value through educational promotions. Here, customer information is gathered as leads are pulled into the first phase of the funnel. It’s interesting to note that 65% of businesses claim that lead generation is their biggest marketing challenge which only emphasizes the need for developing creative marketing strategies.
One entrepreneur who started her entire business off of funnels to delight is Marie Forleo. In her funnel for the audio training “How To Get Anything You Want” she not only provides an hour-long training to help people, she follows it with a thank you page offering even more helpful tips and insider information, and delivers a series of automated emails providing the audio training and more information around overcoming your business obstacles.
The link to the company’s website provides a way for the house owner to get further information about their services (the Interest section of of funnel). Here, as they’re prepared to invest more time they can research the results the firm has achieved, their average sale price, their average sale time etc. The website also offers a no obligation free valuation.
A complex marketing funnel is made up of several different low-value steps. An example of a complex marketing funnel would be if you run an ad that takes users through to a landing page where they are asked to complete a specific action. After a visitor completes that specific action they will be taken to a success page where there’s another chance to get them to make a purchase or complete a second action. A complex funnel is not ideal because there are a lot of places for people to fall off, reducing the chances of getting them to convert.
A marketing funnel is a model describing the customer journey from awareness of the product to the actual conversion. It has long been a topic of contest and conjecture. We call them funnels because the probability of sales and proceeds gradually decreases at each step. Some people opt out, some lose interest, and some choose another portal. Had this not been the case, terming it as a marketing cylinder would have been better! In an ideal situation, all leads would turn into customers – ten on ten returns. The job of the marketers, hence, is to make sure that most of the leads are turned into customers so that their marketing funnels could distort its ways and turn into a marketing cylinder.
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Once the customers’ interest in your company has grown, they might be willing to consider purchasing your products or serivces as well. In order to establish that, you first have to help them realising that your product is meeting a need or desire that they might have. Furthermore, you have to explain that YOUR product is the best option for meeting that need. This stage is therefore all about positioning and showing off your unique selling points (USPs): what extra value do you have to offer to customers compared to competitors? People usually consider only 3-5 different brands before purchasing one, so you want to make sure your brand is among those. Persuasion skills and a good sales team can be very helpful during this stage.
In fact, more than 80 percent of people look for recommendations before purchasing a product, according to research by Business 2 Community. And Nielsen reports that 84% of people trust the recommendations of friends and family over marketing campaigns. That makes personal referrals the highest ranked source for trustworthiness when it comes to making a purchase.