A marketing funnel is perhaps one of the most misunderstood aspects of digital marketing. It doesn’t matter how well you know your products, if you don’t have a way to capture leads and turn them into customers, then all your work is for nothing. This blog post will give you the basics on what a marketing funnel is and how it can be applied to digital marketing strategy.
A well-designed purchasing funnel identifies what your company needs to do to qualify and capture a lead at different stages in the buying process. The funnel is a representation of the paths someone can take to find and purchase your products or services, based on their interests and needs at different stages in the customer journey.
The Marketing Funnel Consists of Five Separate Stages:
Awareness:
In this stage, the customer is aware of their need or problem and may be actively seeking a solution. Identifying pain points for a potential lead is a must when in the awareness phase. A potential customer must be able to recognize the problem you can solve.
Interest:
The customer has identified a potential solution and is researching different options. Positioning your brand as the industry expert will help persuade your lead to conduct business with you.
Conversion:
The new lead is now a qualified prospect. This is when your brand will have to shine in order to close the deal. It’s important that you provide thorough information about your product or service so there are no unanswered questions.
Endorsement:
Leads that were receptive to your previous marketing funnels are bound to keep coming back. Maintaining a relationship with these leads helps to establish a repeating customer base.
Don’t stop there though, you’ll also want to get new leads in order to expand your customer base. With a well-designed marketing funnel this should occur organically.
Build a Marketing Funnel
Now that you understand the basics of how a marketing funnel works, it’s time to start designing your own. Here are some tips to get started.
- Start by identifying your target audience.
At Renewal Digital, we create an ultra-specific client avatar who represents our target audience. Our avatar is a singular individual who is the exact kind of client we aim to attract.
- Understand where your leads come from.
A lead can come from a variety of sources. You may have heard that you need to capture leads on your website, through Instagram, YouTube, LinkedIn, etc. For example, if you’re looking to attract content creators for your new SaaS (software as a service) company then YouTube will be one of your primary advertising targets.
- Pin down audience desires.
The best marketing funnels are the ones that offer solutions to your audience’s problems. Be sure to identify what your leads want and how you can best deliver it to them. This process can be aided by surveying your current audience or doing some competitor research.
- Maintain Brand Consistency
A consistent brand is a must in developing loyal customers. Qualified leads count on a sense of familiarity and trust when considering to do business with you or to endorse you to others. Be sure that all your messaging is on-brand from the beginning of funnel development.
A Great Marketing Funnel is Scalable
As your business grows, so should the marketing funnel. Remember that flexibility in strategy is what succeeds. Brands that choose to “set it and forget it” may see results in the present, but will struggle in the future. Not to fear, the same tried and true principles can be applied to any marketing funnel, no matter the scale. Addressing changes in audience trends is a great way to stay ahead of the curve. It will be easy to update and iterate your strategy when you have predetermined where your audience is headed.
