Have you ever Googled something and then ‘coincidentally’ started seeing ads for the product or service you searched for? Yeah, that isn’t a coincidence. It’s called retargeting and it’s a key component of a marketing funnel.
What’s a marketing funnel you ask? You’ve come to the right place! Read on to learn what a marketing funnel is, and why your business needs one.
What is a marketing funnel?
No, a marketing funnel isn’t some type of delicious cake. And it isn’t something you find in the kitchen or at the mechanics. In fact, a marketing funnel isn’t anything you can touch or eat at all.
A marketing funnel represents the stages a person goes through before they decide to buy something or, in marketing terms, reach conversion. Their sales journey begins when customers decide they need a product or service and ends when they take action, whether that be a purchase, subscription or whatever else the business wants.
There are plenty of different versions around, but the most common one is:
- Top of the funnel (TOFU) – awareness and discovery
- Middle of the funnel (MOFU) – interest and consideration
- Bottom of the funnel (BOFU) – decision and purchase
At the top of the funnel, during the discovery phase, there are loads of people researching your business. Most of them ‘drop out’ before advancing onto the next stage, reducing the crowd until only the serious buyers are left.
TOFU: Awareness and discovery
Your favorite handbag broke? No problem – just buy a new one. But there’s plenty of bags out there. Which one will you choose? You better look online first.
This is the first stage of the marketing funnel – awareness and discovery. This is the step when people become aware of a problem and start researching online. It’s also the first time a potential buyer contacts your business.
Provide these new leads with useful information about how your product or service can solve their problem. Do this through:
- Blog posts
- Social media
- Landing pages
- Cold emails
- Your website’s homepage
MOFU: Interest and consideration
Now we get to the good stuff – interest, and consideration. This is when users already know about you, your product or services, and actively engage with your content. During this time, users figure out if the solution you’re offering is the right fit for their problem.
Your potential customers want to learn more about you, so they begin asking for opinions and researching your brand. It’s your job to give them as much information possible to help them pick you.
So what are your users looking for during this second stage of the funnel? What will help them decide on your business? Try a combination of the following:
- Case studies
- Email marketing
- Web push notifications
Product reviews and testimonials are huge for this stage of the funnel. So be sure to post customer testimonials on Google and Facebook.
BOFU: Decision and Purchase
Now your potential buyer just has to make one tiny step to finally convert. Your user has to consider their budget, goals, and specific solutions to solve their pesky problem.
It’s comparing time! Users use this final stage of the funnel to compare different providers to ensure they get the best solution. It’s the perfect time to test your negotiation skills to push your buyer into making that final decision.
During this stage, focus on:
- Stats highlighting the advantages between you and your competitors
- Post-purchase services
- Free demos or trials
- Promos and discounts
- Nurturing emails
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