What is Funnel Marketing and Why Your Business Needs It

The idea of conducting successful modern marketing entails more than just generating leads and attracting traffic to your website. It requires you to delve into funnel marketing and identify ways to harvest more sales and ensure you have a trackable continuous sales process. 

The market is very competitive, regardless of the product niche you deal with. Keeping the competition afloat and standing out from the masses requires a marketing stratagem that addresses all the stages of the sales cycle, from lead generation to sealing a deal. 

What is Funnel Marketing and Why Your Business Needs It

Funnel marketing sheds light on different aspects of the sales process. Specifically, the paths taken by customers to reach you and become a successful conversion. When you understand the process, you’ll be in a better position to tell why some prospects become successful conversions. While some don’t. 

What do we mean by funnel marketing?

Funnel marketing refers to a series of steps that involve making your brand known to your audience. The goal is to generate a successful conversion with every step. 

It’s a customer’s journey where you identify those audiences showing interest in your brand when they first hear about it. You nurture them to become recurring buyers and advocates of your brand.  A funnel lets your business know what it needs to do at a certain level to attract potential buyers. The funnel comes to an end when a potential client becomes a true devotee of your brand. Various marketing analysts and consultants have different thoughts on funnel marketing phases. Regardless of the names they call these phases, the idea behind the framework is the same across the board. 

It’s called a funnel because when implemented, many people successfully take step one. As the process continues to the next phase, some will drop along the way and the prospects become smaller. Eventually, the ones converted into actual sales become fewer than the number you started with.

Are you really losing customers in the funnel?

As you’ve seen, some people will drop out as the process continues. Is that a bad thing? Are you losing sales? Not really! Not everyone is going to make a purchase eventually. Only those truly interested in your brand will move forward in the process. 

Whenever you hear people say widening the funnel, they mean getting a larger audience into their marketing funnel. That would involve reaching out to a larger audience to capture as many people as possible and increase brand awareness. 

What is Funnel Marketing and Why Your Business Needs It

What are the phases of funnel marketing?

What is Funnel Marketing and Why Your Business Needs It

Any marketing funnel uses the following five primary phases, and they apply to any business:

Awareness 

Awareness involves making the brand known to new audiences who currently don’t know about your products or services. 

Consideration 

This phase requires you to stand out from brands that specialize in a similar niche as yours. It involves building a firm ground against the competition and keeping your audience interested in your brand. 

Action 

At the Action phase, you’ll have to compel your audience to make a move on your brand. Present them with a good reason why they should buy your brand and eventually make a purchase.

Engagement 

Even after making a sale conversion, you need to continue making your brand recur in the minds of your audience. If you’re nowhere to be seen, your audience will quickly forget you and opt for competitors. Simply put, out of sight, out of mind. 

Advocacy 

Now that your audiences are making recurrent purchases and are familiar with your brand, you’d want them to preach the gospel about your brand to their peers. Arm your customers with some incentives to make them want to advocate your brand to other new audiences. 

Types of Funnel Marketing 

Based on the medium used to carry out a marketing campaign, you can have different types of funnel marketing. It could be content marketing, PPC ads, video ads, IRL ads, social media ads, or white paper downloads. All these can become types of funnels. 

Other funnels that you’ve had or interacted with include webinar, video marketing, email, homepage, lead magnet, and sales funnels.

All these work on the same idea of tracking the various phases followed by a potential client to the point of making a successful conversion.

How can you deploy funnel marketing?

Apart from the primary function of using funnels to make new customer sign ups. You can also use them to monitor the movement of customers on a particular website flow.

Determine what you’d like to achieve and what you need your traffic to do on your website. Then come up with a funnel to track it. After successfully collecting data, you can effortlessly identify bottlenecks and improve your funnel to achieve better results. 

How vital is funnel marketing to your business?

By implementing funnel marketing, you’ll gather valuable data with reports and identify why customers are dropping off your wagon. 

When you adopt funnel marketing, you’ll identify ways to become more relevant to your customers. It’ll also help you gain a clearer insight into the effectiveness of your campaigns. More value will be obtained without digging deeper into your pockets. 

Regardless of its niche, any business should leverage funnel marketing to become relevant and satisfy the expectations of their customer. When customers are fully engaged and satisfied, it becomes easier for them to advocate for your brand. If you’re not familiar with how you can create an effective funnel for your business, consult marketing experts for assistance.