A marketing funnel, also known as a sales funnel, is a model marketers and salespeople use to conceptualise the process of turning a potential customer into a paying customer. The funnel represents a customer’s journey from being aware of a product or service to becoming an advocate.
The funnel is typically divided into several stages, each representing a different level of engagement with the customer. These stages may vary depending on the particular model used but typically include:
Awareness: This is the stage at which the potential customer becomes aware of an opportunity, challenge or need.
Interest: At this stage, the potential customer starts searching for a solution to their need.
Consideration: The potential customer considers whether the product or service meets their needs and whether they want to make a purchase.
Purchase: The customer decides to make a purchase and takes action.
Evaluation: After the purchase, the customer evaluates the product or service to determine whether it meets their expectations.
Loyalty: Loyalty refers to a customer's willingness to continue doing business with a particular company or brand over time
Advocacy: Customer advocacy is the act of customers actively promoting or recommending a particular brand, product or service to others.
By understanding the customer journey through the marketing funnel, marketers can develop targeted strategies and tactics to move customers through each stage and ultimately convert them into advocates.
Why build one and keep growing it?
The benefits of an effective well constructed and maintained marketing funnel include:
Improved customer engagement: By understanding the different stages of the customer journey, businesses can create targeted content and messaging that engages customers and encourages them to move through the funnel.
Increased conversion rates: By guiding customers through each stage of the funnel and providing them with the information they need to make a purchase decision, businesses can increase conversion rates and drive sales.
Better ROI: A marketing funnel helps businesses to focus their marketing efforts on the most effective channels and tactics, resulting in a better return on investment (ROI).
Enhanced customer experience: By providing customers with a personalised and relevant experience at each stage of the funnel, businesses can build stronger relationships with their customers and increase their loyalty to the brand.
Improved customer retention: By continuing to engage with customers even after they make a purchase, businesses can encourage them to make repeat purchases and become long-term customers.
A marketing funnel is a powerful tool for businesses looking to improve their marketing efforts, increase sales, and build stronger customer relationships.
How can I do this?
You can build a better marketing funnel by developing your sales and marketing skills, processes and resources. We will help you do this by coaching and mentoring you according to your goals and current situation to deliver on five key priorities:
Attract lots of high-quality sales leads: High-quality sales leads are potential customers who are most likely to be interested in your product or service and are more likely to convert into paying customers. These leads have a greater potential to generate revenue for your business and often require less time and resources to convert.
Nurture prospects until they want to buy: Well-nurtured prospects are potential customers engaged with your brand through various marketing channels and nurtured with targeted content and messaging to build trust, credibility, and a relationship with your brand. These prospects are more likely to convert into paying customers than those with little interaction with your brand.
Convert more prospects into customers: Customers who purchase are individuals or organisations that have completed a transaction with your business by purchasing a product or service. These customers are the lifeblood of your business. They can provide a steady stream of revenue and potential for growth if they are satisfied with their experience and continue to make repeat purchases.
Retain customers and increase spending: Repeat customers have made multiple purchases from your business over time. These customers are important because they provide a steady stream of revenue and are often more profitable than new customers since they require less time and resources to acquire.
Develop existing customers into advocates: Customer advocates are satisfied customers who promote and recommend your brand or products to others. These customers can be powerful ambassadors for your brand, helping to build brand awareness, trust, and credibility.