Understanding the Marketing Funnel
Updated: Sep 25, 2021
For years, the concept of a Marketing Funnel has provided an essential guide for many businesses to develop their marketing efforts.
Even though it has been tweaked and modified countless times, the basic principles are essentially the same, but the tools and strategies in implementing them are very different in recent times.
Not sure what all of this means? Firstly, lets start with …
What is a Marketing Funnel?
Whenever customers buy anything, the rationale behind it is that they have a pain point or problem that they want to solve.
But in some cases, some may not even be aware they have a problem.
As a business owner, that is where you step in to deliver a different content based on where the customers fall under the customer journey - otherwise known as the marketing funnel
The marketing funnel is a visual representation of the steps a visitor takes from first finding out about your brand until their decision to purchase.
The diagram helps identify which stage your audience lies and what are the key considerations in mind when needed to turn them into your customers.
By nurturing them through this process and feeding them the relevant information, you will be able to help them transition to the next stages, eventually converting them into loyal customers.
Breakdown of the Stages
A marketing funnel comprises of four stages:
The awareness stage is where a prospective customer gets exposed to your ads, social media posts, and becomes aware of the problem and potential solutions to it.
Being at the very top of the funnel, this stage is where your potential customers are.
They are completely oblivious of the problems they may have and your solution for that problem.
Hence, this embarks the first step to start educating the people on what their problem is and enticing them with how your solution solves their problem.
From a marketer’s perspective, you will need to generate content revolving around stories to illustrate the problem and inform them of the severity of it.
Customers will only start the information search process when there is a need to.
Hence, it’s important to create content that is filled with the necessary information that helps move them through the process. This can be in the form of advertising to increase awareness of your products and services.
It is crucial to place the right type of content at this stage. Apart from generating awareness, the strategy can effectively help establish trust with your audience, leading to increased credibility in your brand.
The interest stage is where a customer knows your brand and thinks that you may be able to solve their problem, prompting their interest to learn more.
At the second stage, this is where potential customers are aware of the problem, and are taking the necessary actions to find out more information.
People want to learn more about your brand. This is where you introduce the benefits of your brand and how it can relieve their pain point.
Now that you have grasped their attention, it's now a perfect time to educate them on product knowledge. Through seeing live product demonstrations, it will help prospects to resonate better with the problems and discover for themselves how the product solves the problem.
The desire stage is when potential customers have finished gathering the necessary information, and are in the midst of evaluating whether it meets their needs.
Now that the potential customers are fully aware of their problem and the solution that your brand provides, you will need to work on sharing key information that influences their interest level.
Now will also be a great time to utilize any proven statistics or past business data to prove how great your brand really is.
Running promotional tools like coupons or discounts can help sweeten the deal in getting customers to speed up their decision-making process and help customers adopt your solution / purchase your products and services.
The action stage is when the prospect decides whether the brand or product meets their needs.
Once the customer has made all considerations and your brand has fulfilled their pain points, they will be converted to a customer. If it doesn't, they will then source for alternate brands until they eventually find a brand or product that does.
The loyalty stage is when the brand pursues customer retention by enticing them to make repeat purchases.
This is perhaps one of the most crucial stages that is often missed out as you generally do not want to stop your marketing efforts after their purchase.
The long term vision will be to convert them to loyal fans of the brand, one way of doing this is to establish a clear call of action to entice their interest. Through the use of loyalty programs, point systems, repeated messaging, you are also able to use re-marketing efforts to constantly remind them of your brand.
This is also where you can turn customers into brand advocates.
When a customer has a good experience, this will increase the likelihood of them sharing the information with family and friends, tapping into the immense reach of word-of-mouth. Doing this can further drive new prospects to the top of the marketing funnel and start the whole process again.
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Quinoa Media Singapore Pte. Ltd.
Top Media & Digital Marketing Agency Singapore