What is Marketing Funnel and Why is it Important?
A marketing funnel is one of the most essential concepts in business and advertising today. Marketing funnels help businesses bring in customers, gain their trust, and convert them into repeat buyers. Let’s take a look at how to define marketing funnels, why they are so important, and the different types of marketing funnels available to you as an entrepreneur or small business owner.
What is Marketing Funnel
The whole process of creating, distributing, promoting and selling your product or service can be broken down into a funnel.
The same way that water flows through a funnel, when customers move through your marketing system they will flow in at one end (awareness) become more engaged (consideration) until they reach their ultimate goal which is becoming your customer.
The marketing funnel helps marketers understand how potential customers are likely to behave in relation to their products or services so they can focus on optimizing each stage of the buying process.
At each stage of their journey, there are opportunities to delight customers, provide information that can help them make better decisions and encourage them to purchase. The core purpose of marketing funnel tools is to help companies map out those opportunities by showing where potential customers are in their decision-making process.
This allows marketers to focus their time on activities that will have the greatest impact.
The 4 Steps of the Marketing Funnel
Understanding how your customer buys your product or service can be an eye-opening experience for business owners.
When you know who buys from you, how they buy from you, what motivates them to buy from you, and how much they pay for your products or services, then you can tailor a marketing strategy to meet their needs.
There are four steps of a marketing funnel that every company goes through when trying to market its products or services. These steps are:
The advertising, marketing, and selling costs associated with these steps are not just time consuming, but expensive as well. For many businesses that don’t see instant sales from their first marketing efforts, those costs can quickly exceed their profit margins on any given product or service.
So how do you avoid sinking your business under those initial expenses? You define what each step of your marketing funnel looks like ahead of
time to help guide your strategy every step of the way.
This stage of your funnel doesn’t have to start on your site, but for many marketers, that’s where it begins. Content marketing campaigns work best when they target pre-qualified leads who are looking for information about a particular topic.
When these leads arrive at your site, whether from social media or other content marketing campaigns, you should provide additional information to help them learn more about your product or service.
A strong awareness campaign will address what many visitors have come to your site searching for. The goal of content marketing should be to lead visitors through an educational journey where they leave knowing more about your business, how you can help them, and why they should do business with you.
When someone’s interest has been piqued, you have their attention. Marketers do everything they can to get potential customers interested in what they have to offer. With today’s technology and social media, there are more ways than ever before to catch people’s attention.
Take advantage of these marketing tools as much as possible to stay ahead of your competition.
Grab attention with creative visuals. Use high-quality photos, video, or graphics to get your audience interested in your product or service.
What type of content do they find entertaining? What will make them stop scrolling through their feed and instead click on your post?
First, you need to have a desire for your product or service. Without wanting something, people won’t buy.
If they don’t buy, then there is no revenue generated in which to be funneled! Just thinking about making money isn’t enough – you need to want something so badly that you are willing to put in your blood, sweat and tears for it.
Second, you need to have desire for your customers. If you don’t like your customers (or what they want), then you are definitely going to find marketing difficult.
This doesn’t mean that you agree with everything they say, but you do have to be willing to understand their viewpoint and appreciate why they make some of the decisions that they do. They are, after all, who put money in your pockets.
Act to put your idea into action. If you don’t start, you won’t get results. It doesn’t matter how amazing your plan is; if you never act on it, it will remain worthless in your drawer.
Once you know exactly what needs to be done, jump right in with both feet. You may run into roadblocks along the way—that’s just part of life—but don’t be afraid to push forward anyway.
Keep your objective in mind at all times, even when faced with obstacles. You may hit snags along the way, but if you don’t give up, you will see results. If you have to go back to square one because things didn’t go as planned, that’s fine—you can regroup and continue moving forward from there.
Five Common Mistakes in using The Marketing Funnel
The theory of funnels has been around for decades, so you might be tempted to think that everyone already understands how they work.
However, if you’ve ever sat in on a marketing or sales meeting, you know that few people seem to understand how funnels work. Below are some of the most common mistakes people make when using The Marketing Funnel
Common Mistakes are:
1) Chasing too many leads at once Common Mistake
2) Focusing on activity instead of results Common Mistake
3) Improper funnel alignment Common Mistake
4) Too much resource misallocation Common Mistake
5) Misdirected channels to customers.
Fortunately, all of these mistakes are preventable! You just need to take some time to learn about The Marketing Funnel. For example, you can find plenty of free info online.
Why are marketing funnels important?
Without them, you can only sell or promote to your customers in one way. With them, you are able to expand your reach and target specific groups of customers that may not have been possible without a funnel. One example of how marketing funnels can help with customer targeting would be with an e-commerce business.
Using segments in Google Analytics, they can create different sales funnels for people looking for a specific type of item on their website.
For example, let’s say they have cameras, video games, books, and clothing. They could funnel all people that visit their website into one of those four groups based on what they are looking for at that time. This allows them to target customers specifically interested in one category of items over another.
For instance, if someone visits their website looking for video games (like Call of Duty or Zelda), they can later send them an email about discounts on gaming consoles.
How are B2B and B2C marketing funnels different?
If you’re just getting started in marketing, one of your first questions might be: What are B2B and B2C marketing funnels? Here’s an overview of how they compare.
In practice, B2B and B2C marketing funnels have many similarities. They are both processes for moving prospects through an identical series of steps that lead to a conversion. The most important difference between them lies in where each one begins.
how to create a marketing funnel
A marketing funnel represents your company’s sales process or customer journey.
A lead magnet that hooks people into signing up for more information,
an email campaign that turns contacts into leads,
a series of landing pages and emails to nurture leads down your sales funnel
—these are all examples of how you can build your own sales funnel. It’s very much a learn-by-doing game; try out different strategies until you find one that works best for you.
Once you’ve built your marketing funnel, you’ll have to measure how effective each part of it is. You can do that by setting up goals in Google Analytics to find out how many people enter your sales funnel, where they drop off,
and how long they stay on each page.
How to Build a B2B Marketing Funnel
An Effective Strategy that Keeps Getting Better: If you’re looking to sell B2B products or services, you may be wondering how to build an effective marketing funnel for your business.
This comprehensive guide covers everything from defining your market audience to structuring your marketing goals. See how building a marketing funnel can help your business succeed.
When defining your target audience, you need to consider both businesses and individual decision makers. A marketing funnel will focus on one person at a time, but understanding what motivates businesses to purchase is key.
Understanding how companies approach buying allows you to tailor your strategy for each individual buyer.
If you’re wondering what motivates businesses to buy from your company, consider your own purchasing decisions. Do you buy based on price or product benefits?
How to Create a B2C Marketing Funnel
Step 1) Start with your end goal in mind. Whether you’re trying to sell customers, give them more information or generate leads for follow-up, first consider what you’re trying to accomplish. In each of these cases, there’s an end goal that should be established at the start of your strategy—this is your overall business goal.
Once you have that foundation in place, it’s time to begin building out your marketing funnel.
Step 2) Create an Emotional Connection. The next step in building your B2C marketing funnel comes from one of the most basic principles of persuasion—the law of reciprocity.
As psychology professor Robert Cialdini explains, we are compelled to respond when someone has done something for us, whether we expected anything in return or not.
Frequently asked question
1. Why can’t you run a sales funnel straight to the offer why do u need an email list?
When you create an email list, you are able to send valuable offers directly to your subscribers. This way, they can always be sure to hear about new and exciting products and services that you have to offer. Additionally, having a large email list allows you greater flexibility when it comes time to promote your products or services.
2. How to use a funnel to market an engraving business?
First, you need to create a compelling offer. This could involve providing free shipping or discounts on your products for those who sign up for your email list. Once you’ve got the basic idea down, you can start building out your funnel.
This involves creating sequential steps that will take subscribers from seeing your ad or landing page to making a purchase. Ideally, each step in the funnel should lead directly to completing a purchase form on one.
3. What is a challenge funnel vs a sales funnel?
A challenge funnel is designed to help you overcome any obstacles that your subscribers might face when attempting to purchase from you. This could include educating them on the benefits of subscribing to your email list or providing helpful tips on how best to use your products. A sales funnel, by contrast, is focused strictly on promoting and selling products.
4. Can you use IOS to build sales funnels in clickfunnels?
Yes, you can use IOS to build sales funnels in clickfunnels. This is done by creating mobile-optimized versions of your pages and funnel segments. Additionally, you can include features that make it easier for subscribers to buy your products. For example, you could offer automatic subscription renewal or automated payment processing options.
5. Which industries benefit the most from marketing/sales funnels?
Marketing/sales funnels are particularly beneficial in industries where there is a high level of uncertainty or confusion among potential buyers. This applies to both businesses that sell products and services, as well as those that offer information or advice.
In addition, marketing/sales funnels can be extremely useful when it comes time to introduce new products or services to an existing customer base.
The bigger your funnel is, the more qualified traffic you will get and the better conversions you will see.
You create a funnel when you implement multiple channels to attract your target audience. This improves your marketing by providing additional methods to attract potential customers to increase their likelihood of purchasing.
A better approach is to add a second funnel to prequalify leads before moving them into the sales funnel. This can be achieved through an Internet lead generation tool such as landing pages and email autoresponders.
By the way which is your favourite tactic of creating funnels? let me know in the comments down below!