Marketing is one of the most crucial aspects of being successful in business, especially for smaller businesses or start-ups. While it may seem like giant brands such as Pepsi or Disney are ubiquitous to modern society, the truth is they got where they are at on the shoulders of good marketing.
Although having a trustworthy product or service is crucial, being able to stand out from the competition and attract attention to your offering is an entirely different animal. Every company, large or little, strives to find product-market fit, and marketing and customer engagement are what make this magic happen.
The marketing funnel is one of the most fundamental marketing strategies that every company must comprehend. This crucial tool aids in categorising crucial data and provides businesses with the knowledge they need to make informed decisions. Here is all the information you require if you’ve been wondering what a market funnel is and how it can enhance your complete marketing plan.
What Exactly is The Market Funnel?
It’s never too late to learn about this useful instrument, so don’t worry if you don’t know what the market funnel is. A marketing funnel is a tool used to track a customer’s interaction with a certain company or brand. The three stages represented by this funnel are awareness, reflection, and purchase. These three stages can each be further broken down.
Stage 1, Awareness
Every aspect of a market funnel is crucial for the success of a company as it deals directly with the customer journey. This stage can be one of the most challenging for new startups or smaller businesses. In the digital age, customers have more options and are inundated with more advertisements than ever before. This can make simply raising brand awareness a real challenge. The good news is that there are a lot of ways that a company can do this. Everything from building competent and powerful SEO content that promotes a higher Google ranking in search results, to even using physical mediums like OOH media. Whether you are building out your website’s on-page SEO or paying for a billboard, growing awareness is possible. One method that has one of the best ROIs in the business and is equally appealing to both small and large businesses is email marketing.
Stage 2, Contemplation
This is the stage where the customer is through the door and they are taking a look! In a digital world, this mostly happens in a virtual space and there are key factors that can help encourage a visitor to transition to customer. Having a well-defined, easily navigable, and smooth-running website is key. A website is one of the first lines of defense when it comes to customer satisfaction. However, even the most satisfying and pleasing websites are not enough at times. An astounding 95% of all first-time visitors to a website will leave without becoming customers. This is where retargeting marketing can come into play. The good news about retargets marketing is that you can use retargeting marketing platforms that track visitor experience, and you can also use email marketing.
Stage 3, Conversion
The conversion of a visitor into a customer is the focus of the third stage. Customer experience has a major impact on this stage. The more enjoyable a visitor’s experience is, the more likely it is that they will convert to a paying client.
What Comes After?
Marketing departments don’t get to take it easy once a customer has funneled through stage 3 – in fact, this is where the real fun comes in. From conversion, the work of creating customer loyalty comes into play. Yes, this has a lot to do with how the customer enjoys the product and the customer service, but this also relies heavily on marketing. Staying in touch with the customer, learning about the customer, and building a robust customer profile that informs all of this falls on the marketing department. Email marketing is powerful to help companies move customers deeper into the market funnel by encouraging brand loyalty. This can happen through exclusive offers or updates and information that customers care about.
The market funnel is a crucial instrument that needs to be taken seriously whether you are managing a profitable company or a brand-new start-up. Client loyalty may always be achieved with effective marketing that can collect the data needed to enhance customer experience.