Is it a marketing funnel or is it a sales funnel? It really is both. Both need to work together to capture as many leads as possible (Marketing), Nurture them (Marketing and Sales), and Convert them into customers (Sales). But even then the job isn’t over. We need to maintain and strengthen our relationship so they keep coming back, and becoming raving fans (Customer Service).
In the age of digital marketing where we can monitor and track our marketing and interactions with customers, the marketing and sales funnel has become a powerful tool for businesses. This week’s content will explore what a funnel is, how it works, and discuss marketing activities businesses can use in their marketing funnels to convert more of their leads into paying customers.
This week’s content will explore what a funnel is, how it works, and marketing activities businesses can use in their marketing funnels.
What is a marketing & sales funnel?
Marketing and sales funnel model & framework simplify and quantifies each step of the customer journey. It is the process of turning a lead into a customer, from a marketing (and sales) perspective. From the awareness stage when someone learns about the business, to the purchase stage, to post-purchase — satisfaction, word of mouth and customer retention. A funnel is a fundamental way for any business to model their marketing and sales systems to work together to first connect with a lead and then convert that prospect into a customer.
The funnel works together holistically, so every phase needs to align and work together to make the buyer journey to the bottom successful.
“The marketers` goal is to funnel prospects into buyers, moving them from the top to the bottom of the funnel. The shape reflects the fact that a large number of people will never complete the journey through the funnel.” (Sapian & Vyshnevska, 2019)
A big advantage of using a funnel is you can map out your process and measure any week points in your marketing and sales systems. If they are not moving from one stage to the next, you can tweak your email copy or increase your content marketing, or wherever you are not having the impact to move customers to the next phase.
Analysis of data allows a business to learn how they can better “influence” or persuade a consumer at each phase.
Like a funnel, at the top, you try to capture as much volume as you can. Like fishermen throwing a net out wide to capture as many fish as possible. As prospective customers go through the purchasing decision, there is a reduction of numbers at each level. As the shape suggested, every single lead is not going to be converted. But you can make continuous tweaks to improve your result as you get to understand the process better.
“A Marketing Funnel is a way to frame other marketing strategies and understand how the customer interacts with a company.” (Sapian & Vyshnevska, 2019)
Example of a funnel
An example of a basic funnel is as follows. And it is a basic …read more
Read more here:: B2CMarketingInsider