I know how it feels not to know where to start. I also know what it's like to spend so much time searching for opportunities to run a successful business from home. That's why I decided to create my Entrepreneur Course 101. In this course, you will learn ways to monetize online. You will also get free access to a mini course to the one and only platform you need for running your business.
In this example imagine a real estate company that prints an ad for their services on a piece of card. On the card it doesn’t say too much about the company but simply shows pictures of some houses sold locally by the company and the prices those houses achieved. The cards also contain a link to the company’s website should the prospect wish to find out further information about the company’s services. These cards are then posted through the letterboxes of everyone who lives where the best buyers are for this business are. The complete marketing funnel for this real estate company is shown below.
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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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.
Now, at any given time maybe less than 1 in 100 people are ready to sell their house, but by sending these mailings out consistently, month-on-month over a period of years, the company is building top-of-mind awareness (the first level of our funnel) for when they are ready to sell, even if that takes 5 years or more! Notice how the cards contain very little information because people won’t invest much time on the company at this stage in the funnel, and notice how using the prices the firm has achieved in the area tries to emotionally connect with the homeowner.
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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.
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.
Intent: To get to the intent stage, prospects must demonstrate that they are interested in buying a brand’s product. This can happen in a survey, after a product demo, or when a product is placed in the shopping cart on an ecommerce website. This is an opportunity for marketers to make a strong case for why their product is the best choice for a buyer.