20 Apr What Is A Marketing Funnel?
What Is A Marketing Funnel?
Anish has created an excellent line of clothing, which will be helping small-scale industries to grow. He will buy the clothing from a small-scale business and sell it to the consumers online. With his impeccable business acumen and extensive line of products, it should not be hard for him to sell or make huge conversions.
But, still, he is failing to create an impact. He has tried every idea in the trade book. But still, his business is staggering. So, how can he outmanoeuvre his competitors and do a profitable business? The answer will always be putting up a foolproof marketing funnel. With the correct pool of prospects, it will bring in several customers and faster conversion rates. Also, with the secret formula of the marketing funnel, he can pool more customers and make his business profitable.
How Does The Marketing Funnel Function?
Any business owner doesn’t have to move mountains for advertising or conversions in this digital age. All anyone can do is make a rock hard marketing funnel that will ensure faster conversions happen. The marketing funnel will help cut out the strenuous hard work and bring the customer to the business owner’s doorstep.
So precisely how any business can transform its meagre business into massive sales? For starters, the marketeer walks the customers through all the buying processes. Then, even though it is a prospect and hasn’t shown much interest in buying, the prospect has ticked all the boxes of potential customers. Also, with proper awareness and guidance towards the product’s implications and impact, you are gaining a true-valued customer.
For this process, we employ a marketing funnel. With the regular interaction with the customers, there would be customer engagement through the buying process, which will help finalise the nail in the coffin. It is an open secret that you can have a better chance at conversion by properly nurturing customers.
Do you know if you build up your marketing funnel as the customer’s buying journey, there is a sure chance that the conversions will be in leaps and bounds? Yes, that is true. You have to mirror the customer’s journey in the funnel processes. Also, make the customer aware of the problem your product can solve and lead them to the buying page. This will help them be mindful of specific issues that they may have been ignoring for a while.
The above marketing funnel will help expedite the process by providing customer needs.
Also, the funnel will always be curated so that business owners can meet the customers’ expectations, even when they have jumped to the third stage of the funnel—the marketing funnel caters to the buyer’s needs. So, you don’t have to worry if the prospect has ignored the two stages and jumped to the final stage. It will then also resolve issues faced by the customer.
Stages Of The Marketing Funnel
We know what a marketing funnel can do to your business. So, let’s delve into stages and do methodical research on each one of the stages.
Do you know, BAAHUBALI is one of the highest grossers of Indian cinema? So why do you see this piece of information? Also, this trivia is known to you by multiple sources. How are these various sources reaching your search page?
Well, for starters, you were made aware of this fact by various media outlets. In the same process, marketeers also build awareness campaigns which entail events, advertisements, blog posts, trade shows, content, webinars, direct mails, viral campaigns, social media, search, media mentions, cold outreach, and more. This stage aims to create an awareness campaign, lead generation, and bring a pool of potential prospects.
So, the interest is piqued. Now, the prospect’s minds are burgeoned with questions.
What is the company’s name? What exactly does it deliver? Will the inclusion of these products change my life starkly? Do other companies offer similar products? If so, what is the price comparison? At the end of the day, all that matters is the credibility of the product and company. So, are they offering what they are promising?
Fill out these questionnaires with an answer of your own. Give a detailed overview of the company. You can further give them a sneak peek by giving out newsletters at a period. The stage will help the customers in getting more access to information.
Should I buy it? No, I shouldn’t.
Well, maybe. Let’s research more and compare other products.
These thoughts are dangling in the minds of buyers. So, give them more information. Case studies, testimonials, product overviews, free trials, and automated email campaigns are the arsenal to target your prospects. At this stage, the prospects have changed into marketing qualified leads. Therefore, it is the marketer’s responsibility to feed the above types of information and help them decide. Also, this is the right time to give a slew of offers to the leads.
In this stage, the job of the marketer has been done. Next, the ball is in the court of the buyer. They have to decide the significance, weigh out the pros and cons and make a final decision. Various B2B companies can show interest by requesting a product demo for B2B sales conversion. In the case of B2C, it is being done by placing the product in the cart of an eCommerce website.
In this stage, the business owner has to go all out, and deliver a strong case for the products. Also, further, convince the buyer behind the viability of the product.
This stage is the critical stage of all the above stages. Now, the buyer is making the final call. Do they want to have this product?
At this stage, the marketing and sales team work closely together and nurture the buyer’s decision-making process. In addition to that, convince the buyer to make the right choice.
The business owner is at the final stage. Over here, the buyer has decided to buy the product, and the owner has started the sale conversions. The purchase will help bring more conversions for the business owner with the help of referral systems and word of mouth. Also, there would be a repeat of the above cycle of stages.
Different Funnels Which Cater To Appropriate Market
The market of products always differs in two areas, one is B2B, and another is B2C. So, delivering and excelling in both markets comes with its paradigm. Whatever path would be taken while building the marketing funnel, both businesses must arrive at the same end goal. The end goal will always be making the transaction and availing of the product.
In one process, B2B, the buyers examine the specific product and review them. On the other hand, in B2C, the consumer learns about the product. In B2C, the consumer scans the product in the next stage. But in B2B, the buyers share the research of the product with other stakeholders. In B2B, the buyers request a demo, whereas, in B2C, consumers just put their favourite product in the cart. Ultimately, B2C makes the payments, but B2B draws a sales contract, and all the payments are made through that.
With the above procedure, we can deduce that both have to achieve the same goal. But it would be manoeuvring different paths. Therefore, you need dramatically different funnels to achieve the goals. Friends and family with many referrals can influence the B2C funnel. B2B has always had a more extensive cross-departmental buying group. The average person in the buying group of B2B is always around the same number of 5.4. Also, B2C consumers recognise only the website, and they have minimal interaction with the company representatives. But, the case is not the same in B2B. Over there, a similar amount of sales in the B2B area can only be made via a sales representative of the company as B2B will always request a demo for the product.
Apart from these areas, there is one more funnel: a non-linear funnel. We only know that the whole process starts from introducing the product to the final checkout page when talking about funnels. But that is not the case with non-linear funnels. As consumers, we always get a referral of the new excellent product from our near and dear ones. Then, after a thorough comparison, if we do like the product, we straightaway go to the order page. We hardly visit any homepage for this. In fact, according to a CEB report, 57% of the B2B funnel on their own before meeting any representative. So, sometimes, a marketing funnel can manage without any external sources.
How Can You Turn The Wheels Of Marketing To Your Advantage?
As a creator, you have made a fantastic product. Did the marketing extensively, have made a foolproof funnel to attract customers in the ecosystem—posted tons of FAQs for the product. Also, made a video of product mechanisms to educate the customer further. You also are doing a plethora of testimonials to back up your product. Phew!!! That is extensive marketing. But, you can only do so much. At one point, all you have to do is take a back seat of the car and see how your customers are steering the wheel of the business.
Yes, your customers will all do the talking; all you have to do is maintain the logistics of the business. This process has made you curious. We will showcase the mechanism through which all you have to do is make the product awesome, and all the marketing is done by someone else.
Loyalty towards the product at this stage is the only attribute that will help progress your business. The customers are loyal to the development and would like to showcase all their love. They will do it with the help of Instagram stories or posts. Also, with many schemes and referrals, the customers would be willing to share their transformation. Also, with the change in their lifestyle thanks to the product, customers will be loyal to the product. If this can be mitigated, the sky’s the limit for you.
How Does Google Analytics Marketing Funnel Work?
When you want to set up a marketing funnel for your business, there are good chances that you would like to create a funnel on something fundamental. You can never find more basic technology than Google Analytics in your search history for funnels. All you have to do is create a profile and choose a goal that you would want it to accomplish. You can list your destination on the signup page or the confirmation page for receipt, or it can be the thank you page. Then, just add the URL of the page to your goal. Apart from this, there will be a section of value where you will be assigning the value of your product.
Also, if the process of arriving at the goal page is a four-step process, then chances are Google analytics will be showing the exact number of people who have crossed every threshold of the page. The process is there to help you calculate the step by step dropoff. Again, it will make your funnel and your pages a bit polished. Also, it will be like a guide on ‘what the customer wants.
Also, Google doesn’t introspect individual pages, and it only does so when we have attributed Google Analytics to do so.
Tailor Marketing Funnel As Per The Customer’s Needs
Mapping out a customer’s mind is always a complex maths problem, which none of us would likely understand. But to avoid as much friction as possible, optimise the funnel as much as attainable. It will help deliver premium results to your customers. Also, it will help in onboarding new potential clients.
It will also boost your sales, convert them to customers and ultimately attract customer value to your business. Creating solid testimonials and landing pages supports the product’s credibility. Moreover, using strong CTAs goes a long way in optimising the funnel. Reducing friction in checkout and forms will also help immensely. Creating engaging media also helps the customers make a viable decisions.
A tailor-made funnel is all you need to organise your business.
Going by today’s trends, it is evident that online marketing is here to stay. People have been given the taste of being lazy to shop online. So use that to your advantage. But creating a product that has all the qualities of capturing the market has never been easy. Adding to the woes is the headache of making conversions, which is enough for anyone to beat up their heads with ideas.
Also, all the hard work doesn’t guarantee you the fruit of conversions. But all can be curtailed with the simple application of a marketing funnel.
At Buzz Creatix, we divide your miseries by half and multiply your joys with infinity. We have been giving massive conversions to many marketeers and are eager to share our expertise with you. One of the reasons is that we know the market trends, psyche buyers’ minds and expound your sales.
So, what are you waiting for? Give us a call and book an appointment with our team, who are willing to share their ideas with you.