Marketing funnels describe the journey of your customer with you towards a successful purchase of your products or services Such funnels are designed to guide people from the beginning stages of learning about your business to the buying stage. A marketing funnel allows you to determine what your company should do to influence consumers at specific stages. You can drive more sales and loyalty by reviewing your funnels.
Marketing Funnel Evolution
Elias St. Elmo developed a model that highlighted the stages of a customer relationship with a company at the end of the 20th century. Every purchase is subject to:
- Awareness: The prospect is conscious of their problems and the possible solutions.
- Interest: A prospect is interested in a particular set of products or services.
- Desire: A prospect begins to evaluate a brand.
- Action: It is up to the prospect to decide whether they want to buy.
Marketing Funnel Definition
Since the 1900s, the basic principles of the marketing funnel have remained the same. All companies may not accept the same model. Others prefer to keep the model simple and use the TOFU-MOFU- BOFU strategy. This refers to the top, middle, and bottom elements of the funnel.
Others believe that the marketing strategy can be improved by adding loyalty and advocacy stages to the funnel. Businesses lose as much as $1.6 trillion each year to customers who leave.
Strategies for Each Stage of the Marketing Funnel
Marketing funnels work together as one unit. The entire journey must be flawless. There are many ways to reduce friction in a marketing funnel. Take this example:
- Awareness: Branded content strategies increase awareness and make audiences more open to future interactions.
- Consideration: Customers will be more likely to trust brand advocates and social proof if they are comparing you with other competitors.
- Conversion: This simple buying process lowers the risk of purchasing.
- Loyalty: This loyalty program offers customers regular discounts, emails interactions and social media.
- Advocacy: Your future marketing channels will be supported by receptive members of your loyalty program.
Marketing Funnels: The Benefits
Marketing funnels make the customer journey easier and more manageable for companies. These solutions plan and map each stage of a client’s decision-making process.
Marketing funnels can be applied to any customer interaction. A marketing funnel is essential for any customer interaction, whether you are looking to increase sales online, generate traffic for brick and mortar stores, or collect clicks as an associate. A funnel can be a powerful tool to increase visibility at every stage of your customer connection.
Marketing funnels have the greatest benefit: they are easy to measure. To help you adjust your strategy, your funnel will show you which customers are losing. A better brand awareness campaign is necessary if customers lose interest before they reach the second stage.
What’s the Difference Between B2B & B2C Marketing Funnels?
Marketing funnels can change depending on who you are:
- B2C customers may navigate the funnel by themselves or with trusted advisors such as family members and friends. B2C customers may not have contact with company representatives.
- B2B customers are more focused and have larger buying groups. B2B customers interact directly with sales reps in the lower stages.
Besides, one of the biggest differences in marketing to B2B customers rather than B2C is the process of the sales funnel. We all know the steps: Awareness, interest, consideration, intent, evaluation, purchase. But when you take a look at the differences between the two, you’ll find that there is a longer B2B sales cycle due to a multi-step buying process.
- A B2B customer conducts more research over a longer period of time to find the right solution for their company. After identifying the benefits of the solution your business is offering, they will then look for reviews/references and take a deep dive into your business’s reputation. This B2B process can take weeks or months, whereas a B2C consumer will make a decision in days or even minutes.
- Understanding these key differences makes a big impact on your content strategy and delivery. It’s all about sending your message in the right place at the right time.
Yes, at the end of the day we are doing business person to person, but a successful marketing strategy stems from understanding your audience. Although there are some similarities between B2B and B2C businesses, there is much more that goes into a B2B marketing strategy, and understanding the differences between the two is essential to seeing success.