As a business owner, you’ve probably made researches on how to increase your business’ sales efficiently and effectively. Well, there is an ideal tool which helps in actualizing the aforementioned goals and it is called MARKETING FUNNEL.
What is a marketing funnel?
It is a marketing model which is customer-oriented and it shows the theoretical journey embarked by a customer to the purchase of a goods or services.
The marketing funnel highlights the processes, challenges and steps a customer takes from awareness to purchase- when they first learnt of your business to when they finally pay for your products or services. Often funnels may also include post-purchase follow up.
It is called a funnel because at the beginning of the process which is the awareness stage, many people are involved but as the funnel goes further down to the purchase stage, some people will drop out of the whole process.
*insert an image of a marketing funnel
Stages in the marketing funnel
Potential customers realize their need for your products or services and then searches for a way to solve such need. Some turn to google, social media, friends etc. to make recommendations of where to get solutions to their needs- this is where awareness comes in. As a potential solution to their needs, you position yourself in a point where you can be able to be of help to them by providing the information about such needs that they seek for.
If you are marketing agency, you could create content about SEO, web development or any other strategies that your potential customer could be searching for.
This where the customer begins to show interest in your product or services after recognizing that it can solve their need.
The customer weighs the options or alternatives available to them. He or she then considers choosing your products or services other than the rest.
In this stage, the customer’s mind is already made up- such that nothing can waver them from the course of their action which is ultimately the purchase of your services or products.
They evaluate themselves to know if they can be able to make purchase. They check to know if the money they have at the time will be enough to make the purchase or to return later.
This is the ultimate stage where the customer finally makes the purchase after going through the stages in the funnel. All the other stages in the funnel strive towards purchase. After the purchase is the post purchase follow up which helps in tracking the customer feedback and behaviour to your services or products- positive feedbacks from customers serve as recommendation for potential customers while negative feedbacks help you identify the areas where change is needed in your business and make improvements.
Importance of the marketing funnel
- It is a useful tool for envisaging the journey of a potential customer from the awareness stage to when they finally become a customer after making a purchase.
- It provides a basis through which you can evaluate your business and recognize areas for improvement.
Click here to set up your marketing funnel