top of page

Eclectic Creed Members Group

Public·37 members
Nolan White
Nolan White

Buying Funnel Marketing


The purchase funnel is also often referred to as the "customer funnel", "marketing funnel", "sales funnel", or "conversion funnel". The association of the funnel model with the AIDA concept was first proposed in Bond Salesmanship by William W. Townsend in 1924.[2]




buying funnel marketing



This early model has been modified by marketing consultants and academics to cater to the modern customer and is now referred to in marketing as the "purchase funnel" or "buying funnel". Many different business-to-consumer purchase models exist in marketing today, but it is generally accepted that the modern business-to-business purchase funnel has more stages, considers repurchase intent, and takes into account new technologies and changes in consumer purchase behavior.[3][4] As a model, the buying funnel has been validated in a variety of domains, including searching,[5] keyword advertising,[6] and lead generation,[7] but also modified to include previously unconsidered steps and metrics such as outbound sales, Internet impressions.[8]


The purchase funnel concept is used in marketing to guide promotional campaigns targeting different stages of the customer journey and as a basis for customer relationship management (CRM) programs and lead management campaigns.


Similar to a purchase funnel, "conversion funnel" is a technical term used in e-commerce operations to describe the track a consumer takes through an Internet advertising or search system, navigating an e-commerce website and finally converting to a sale.


The modern conversion funnel can have many entrance points, meaning people can enter at any stage of their life-cycle, they can leave and enter again. This is why an effective online marketing strategy requires an omnichannel approach which combines various traffic sources, campaigns and re-engagement paths, and makes them work as one in order to finalize the purchase and even lead to loyal customers or brand advocates.


With careful analysis, a marketing funnel lets you know what your company must do to influence consumers at certain stages. By evaluating your funnels, you can potentially drive greater sales, more loyalty and stronger brand awareness.


The marketing funnel works as a unified whole. This means that every section needs to work perfectly for the journey to be successful. There are many things that reduce friction in their marketing funnel. For instance:


Here, we'll explain what you need to know about the marketing funnel, and dive into recent changes and rising challenges for marketers. I'll compare B2C and B2B uses of the funnel, break down the hype around the marketing vs. sales ownership debate, explain how the funnel can be flipped to create more leads, and explore nonlinear approaches to the funnel.


The marketing funnel is a visualization for understanding the process of turning leads into customers, as understood from a marketing (and sales) perspective. The idea is that, like a funnel, marketers cast a broad net to capture as many leads as possible, and then slowly nurture prospective customers through the purchasing decision, narrowing down these candidates in each stage of the funnel.


Ideally, this marketing funnel would actually be a marketing cylinder, and all of your leads would turn into customers. Though this is not a reality for businesses, it is part of a marketer's job to turn as many leads into customers as possible, thus making the funnel more cylindrical.


It's important to note that there is not a single agreed upon version of the funnel; some have many "stages" while others have few, with different names and actions taken by the business and consumer for each. In the diagram below, we've done our best to pull out the most common and relevant funnel stages, terms, and actions so this information is useful to as many marketers as possible.


Awareness: Awareness is the uppermost stage of the marketing funnel. Potential customers are drawn into this stage through marketing campaigns and consumer research and discovery. Trust and thought leadership is established with events, advertising, trade shows, content (blog posts, infographics, etc.), webinars, direct mail, viral campaigns, social media, search, media mentions, and more. Here, lead generation takes place, as information is collected and leads are pulled into a lead management system for nurturing further down the funnel.


Consideration: In the consideration stage, leads have been changed into marketing qualified leads and are seen as prospective customers. Marketers can send prospects more information about products and offers through automated email campaigns, while continuing to nurture them with targeted content, case studies, free trials, and more.


Intent: To get to the intent stage, prospects must demonstrate that they are interested in buying a brand's product. This can happen in a survey, after a product demo, or when a product is placed in the shopping cart on an ecommerce website. This is an opportunity for marketers to make a strong case for why their product is the best choice for a buyer.


Evaluation: In the evaluation stage, buyers are making a final decision about whether or not to buy a brand's product or services. Typically, marketing and sales work together closely to nurture the decision-making process and convince the buyer that their brand's product is the best choice.


Purchase: You're here! This is the last stage in the marketing funnel, where a prospect has made the decision to buy and turns into a customer. This is where sales takes care of the purchase transaction. A positive experience on the part of the buyer can lead to referrals that fuel the top of the marketing funnel, and the process begins again.


To help you better understand how the marketing funnel differs for B2C and B2B brands, take a look at the modified diagram below, which outlines B2C and B2B consumer actions and conversions in each stage of the funnel.


Leads are coming into the funnel at different stages. Sometimes this happens because they are referred and already know they want to buy a brand's product, so they jump in at the intent stage. It also might happen because they have pursued their own education and jump in at interest or consideration.


As access to information has increased due to technological advances (meaning, the rise of the internet), customers are increasingly doing their own research and depending on digital content to inform them about products. In fact, CEB reports that B2B customers are traversing 57 percent of the funnel on their own, before encountering a sales rep.


One side argues that as consumers have become more dependent on digital content to inform their purchasing decisions, marketers have taken on more responsibility for the funnel, as they continue to nurture prospects through the purchasing process. Take a look at the diagram below to see how marketing and sales ownership of the funnel has changed.


However, there are even some who see the funnel as being split vertically, with both sales and marketing owning the full funnel. They argue that the sales people are increasingly becoming thought leaders to drive awareness by doing outbound outreach. In this scenario, both marketing and sales would work to nurture leads and prospects from awareness to purchase.


An increasingly common practice for marketing, sales, and customer service and experience managers is to "flip the funnel" into a customer experience funnel. This funnel outlines the process of turning customers into advocates, which in turn refuels the top of the marketing funnel by driving awareness and lead generation. Here's our diagram of the customer experience funnel:


Repeat: After a customer has made a purchase, the next step is to make them a repeat customer. This means improving retention and nurturing customers to make more and bigger purchases. Marketers continue bottom of funnel activities to encourage repeat actions by the consumer.


Advocacy: Turning your customers into advocates is the ultimate evolution for nurturing current customers. Evangelism in the form of writing product reviews, posting about products on social media, and more can help drive more new leads for your marketing funnel. Having an external recommendation not connected to a brand can strongly influence prospects. Marketers can work to develop their communities to better support advocates, ask them to participate in case studies, or engage them around consumer-generated content on social media.


All marketers should make expanding the base of active loyalists a priority, and to do so they must focus their spending on the new touch points. That will require entirely new marketing efforts, not just investments in Internet sites and efforts to drive word-of-mouth or a renewed commitment to customer satisfaction.


To look beyond funnel-inspired push marketing, companies must invest in vehicles that let marketers interact with consumers as they learn about brands. The epicenter of consumer-driven marketing is the Internet, crucial during the active-evaluation phase as consumers seek information, reviews, and recommendations. Strong performance at this point in the decision journey requires a mind-set shift from buying media to developing properties that attract consumers: digital assets such as Web sites about products, programs to foster word-of-mouth, and systems that customize advertising by viewing the context and the consumer. Many organizations face the difficult and, at times, risky venture of shifting money to fundamentally new properties, much as P&G invested to gain radio exposure in the 1930s and television exposure in the 1950s.


Finally, content-management systems and online targeting engines let marketers create hundreds of variations on an advertisement, taking into account the context where it appears, the past behavior of viewers, and a real-time inventory of what an organization needs to promote. For instance, many airlines manage and relentlessly optimize thousands of combinations of offers, prices, creative content, and formats to ensure that potential travelers see the most relevant opportunities. Digital marketing has long promised this kind of targeting. Now we finally have the tools to make it more accurate and to manage it cost effectively. 041b061a72


About

Welcome to the group! You can connect with other members, ge...

Members

Group Page: Groups_SingleGroup
bottom of page