Many businesses fail to develop and implement an effective customer loyalty plan which results in lost customers and a waste of marketing efforts. For many businesses, repeat customers is what brings in the real money. A welcoming onboard process, personalized attention, and access to resources play a crucial part in convincing the customer that they’ve made the right choice.
Finally the customer will make a decision to either buy or not buy from you. Important to note here is that the one making the decision does not allows have to be the same person as the one purchasing the product or using the product. Think for example of a child who wants a Nintendo console from the toy store. Even though the child might become the user, it is the father who might decide whether he will get one, whereas the mother might be the one who will have to go to the store and purchase it. It is crucial to keep that in mind when targeting your marketing efforts to certain groups of people. The child for example should be targeted with news about the amazing games you can play on the Nintendo, whereas the father should be informed about the relatively cheap price and the durability of the Nintendo console.
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First, though, you want to map out all the potential interactions users can have with your brand and assign them to the most relevant stage of our marketing funnel. For example, a first-time visitor on your site will fit into the “awareness” category while someone who has repeatedly visited the same product page probably fits in the “consideration” stage.
Okay, so death rumours aside, the sales funnel is in good health and every argument I’ve heard suggest otherwise comes from someone trying to create a selling point for one of their products. What has changed in recent years is how marketers use the sales funnel because the number of interactions between brands and consumers along the buying cycle has multiplied.
At this stage, you’ve convinced potential customers regarding your product’s value and its ability to deliver. Such leads are also referred to as marketing qualified leads. However, you’re not the only one in the industry providing such services which prompt the prospects to compare your business with the competition. The decision time will vary based on the nature of the product or service.
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.
Marketing funnel, sales funnel, purchase funnel, AIDA model or customer journey. What these conceptual models all have in common is that they are attempts to map out the cognitive and behavioral process that customers go through when searching for a certain product or service that would fulfill their needs. The theory behind it states that customers go through several stages or phases before making the final call to purchase a company’s product. By mapping out these stages and by stepping into your customer’s shoes, you can see your company from the customer’s point of view and improve where needed. This article will explain a more widely applicable version of the marketing funnel and how to use it yourself.
The key thing here is that your marketing funnel doesn’t end with the purchase. There is plenty more work to be done at this stage. You can add as many stages into this funnel as you deem necessary to your brand but, again, it’s up to you how complex your marketing funnel should be. You can also expand it with time as your strategy becomes more efficient and new opportunities arise.
Step 1 is to identify where your prospective customers (let’s call them leads) are coming from. Are they finding you through social media, a search engine, or a paid ad you’re running. Once you’ve identified your traffic sources you can start to compare and pit them against one another. And may the strongest traffic source win! As a side note, these leads who have never heard about you or your business before are called “cold”
Your prospect’s goal: To determine which class of products or services can solve their problem, then to begin evaluating businesses within that class. If we’re using the tax example, this would be when the prospect decided to use a DIY tax software solution over a hiring a CPA. Afterward, they’d start evaluating specific software, like TurboTax or QuickBooks, for example.
However, as much as I loved helping others, I wanted to find a better way of doing so. More freedom, more money, and more flexibility were what I was searching for. I just didn’t know how to find the perfect career that ticked all the boxes. That was, until I discovered that becoming an entrepreneur was indeed the dream occupation - in every conceivable way!
In addition to vocational occupations where I was able to do what I loved most - helping people, I have developed game apps and undertaken a variety of freelancing projects - amongst other things. But none of these jobs gave me the fulfillment I craved. I needed something bigger and better. So, I started a journey of self-education in a variety of different areas and began investing time and money. This enabled me to gain a deep understanding of the science and strategy that underpin marketing funnels, social media marketing, and different types of business models.
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The first stage underlines the basic function of any marketing campaign: to create awareness regarding the company’s offerings. Your campaign will help to introduce your business to strangers through customer research and discovery. During this initial stage, your primary focus will be toward attaining thought and trust leadership via advertising, webinars, social media, viral campaigns, content creation, events, and more.
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.
However, there are even some who see the funnel as being split vertically, with both sales and marketing owning the full funnel. They argue that the sales people are increasingly becoming thought leaders to drive awareness by doing outbound outreach. In this scenario, both marketing and sales would work to nurture leads and prospects from awareness to purchase.