Funnel Marketing Part 1: HOW TO ACQUIRE & RETAIN CLIENTS
The marketing funnel is a concept used to describe the different stages customers go through on their path to purchase. Understanding the buyer's journey allows marketers to implement more effective strategies. By knowing what stage the consumer is at, you can have a better idea of what specific actions will carry them through the funnel. The process begins with attracting as many leads as possible through widespread, less targeted efforts. As the funnel narrows, so too do the marketing efforts and the number of leads (let’s face it, no brand is capable of converting every individual who is aware of their brand). The goal is to nurture the lead all the way through the funnel, so that they become loyal customers and vocal advocates of your brand. When it comes to B2B versus B2C, you can and should utilize the funnel in different ways, but we’ll dive into that in Part 2.
In our previous blogs, we have outlined a variety of marketing tactics that are used during the different phases of the funnel marketing process. Now, we’re going to explain how it all ties together. We’ve included references to our relevant past blogs for more in-depth info on each subject.
Awareness (Attract):
This is the mouth of the funnel, so it’s where you’ll be trying to get the most people in the door. A foot in the door of awareness can be nurtured into a loyal customer further down the funnel. The goal here is to throw your net far and wide, with attention toward your target audience. This way, you can engage the most possible leads. Building your audience and keeping them engaged can be tricky, so we wrote a blog about “Community Building and Engagement” to walk you through it.
Fostering an engaged audience can be done most effectively through social media marketing. Platforms vary greatly, each with their own audience, so be sure to choose wisely. Better yet, market your brand across a variety of social channels. Instagram has taken the world by storm, but platforms like LinkedIn, Facebook, Twitter, Tik Tok can be equally, if not more effective, depending on the nature of your brand/target audience. Awareness of course goes beyond social media marketing as well. Other marketing channels include audio ads (think radio, music streaming apps, etc), TV (think cable, as well as streaming services such as Hulu and Youtube), in-app banners, paid-search ads, and good old-fashioned physical ads (billboards, posters, etc.). Keep in mind that in 2021, people see up to 10,000 ads per day - so make sure your messaging stands out.
The way to make your service/product memorable is to build a strong brand. Really, this is the prerequisite to funnel marketing. Without effective branding, it can be nearly impossible to build awareness. For more on how to effectively create your brand, visit our blog “Ikigai: Finding Your Brand’s Purpose”.
Consideration (inform):
In the second stage of the marketing funnel, potential customers are looking for more detailed information about your brand and the products/services it offers. That’s why this step is all about informing, and building a rapport. In your efforts during this phase, you’re going to want to get specific. Why should they pick you over your competitors? What are your mission, vision, and values? How do previous customers feel about their experience with your brand? These are a few of the questions consumers will be taking into consideration. The more effectively you answer all potential questions, the more deeply your audience will resonate with your brand.
In this stage, you have a chance to build trust with your leads. As you engage with this phase, a good thing to keep in mind is what problems you solve for your target audience. What is the gap you’re trying to fill with your product/service? Find the pain points your customers relate to, and explain how your brand is an effective solution.
One great way to feed your leads the detailed information they’re looking for is through email campaigns. Email marketing can have an ROI as high as 4400% (or $44 for every $1 spent), so it’s a great investment of time and money. This is one of the most underestimated, yet most effective ways to nurture a lead. Repeated messaging directly to your potential customer’s inbox is guaranteed to keep you at the forefront of their mind. Just be sure that your messages contain valuable content, rather than just spam. Also make sure that your emails always have a call to action, such as “sign up for a free consultation” or “shop now for 20% off”.
In order to utilize email marketing, however, you have to build out your contacts database. A great way to do this is by giving incentive for people to join your mailing list. Again, you need a call to action (i.e. “join our mailing list for 10% off” or “receive a free ___ when you sign up for our newsletter”). We recommend placing this CTA everywhere - on your website’s homepage, on your social media platforms (in posts and in the bio) - wherever you can advertise your mailing list, you should.
Beyond email marketing, there are a number of other methods to disseminate info about your brand. Writing blogs with expert insights related to your industry is a great way to demonstrate your credibility. Plus, blogs drive traffic to your website, which is often where leads are converted to sales (in the next phase of the funnel). You should also be curating your social media with valuable content, including videos that establish trust and authenticity(see our blog, “Being the Face of Your Brand”). Engaging with your audience is another fantastic way to establish a more personal connection and demonstrate great customer service by answering questions, addressing concerns, and expressing appreciation for praise.
Conversion (Convert):
This stage, (you guessed it!) is where leads get converted to sales. This happens in a variety of ways, depending on the industry. More often than not, sales take place on the company’s website. Other sales channels include social media based shops, phone calls, and in person (such as in a physical store or in an office). Wherever your sales are happening, you’re going to want to make the experience as painless as possible.
Since most sales happen online, it's critical to build a good website. It should be easy to navigate and up to date. If your sales are set up to take place on your website, your goal is ultimately to drive traffic from all other marketing channels to your website. Once your leads are on your site, the work is far from done. This is the make-or-break point of consumer/brand interaction. The truth is, 88% of people don’t return to a website after having a bad experience, which means they go to your competitors instead. If your website isn’t in tip top shape, it will cost you sales.
When it comes to websites, there are three key components: functionality, visual design, and raw content. Each of these components has many subsets. For instance, functionality includes whether buttons are easy/difficult to find, whether there’s an annoying pop up window that just won’t go away, whether things flow logically from one page to another, whether there are glitches or loading errors, and so on. Visual design should always, always be in line with your branding. Font, color scheme, graphics, etc. are all extensions of your brand… and if they are inconsistent, (we won’t sugar coat it) your brand is weak. Tone of voice is also part of your brand, so be sure to keep it cohesive. The information you choose to convey is just as important as how you convey it, so try to be super detail-oriented when it comes to fleshing out your website. For a more detailed guide on what factors to consider when building your site, check out “What Can Your Website Do For You”.
When consumers get to the conversion part of the funnel, they have already been nurtured into a red-hot lead. If you’ve executed your marketing well, the odds are high that you will close the sale. But wait, there’s more (*wink*). The journey doesn’t end here, in fact this is where it gets good.
Loyalty (Engage):
The final portion of the funnel is dedicated to getting return customers, who not only continue to be a source of repeat purchases, but who can become a reliable referral source as well. In order to accomplish this, there are a few things you can do.
Obviously, providing an outstanding product/service is the best way to keep customers coming back, and bringing their friends too. And if the consumer ever has an issue, stellar customer service is a way to show them how much you value them. Having a team readily available to problem solve, and just to make customers feel heard, can easily save the day. If customers encounter an issue that is left unresolved, that could turn into a big problem. The last thing you want is for them to be leaving bad reviews and nasty comments for other potential customers to see. Good customer service can not only avoid that situation, but turn it completely around into a win-win.
Continuing to develop a relationship with each customer goes a long way, because humans are social creatures and interpersonal relationships are a huge part of what motivates us. This means continuing to engage with your customers long after they’ve made a purchase. Whether that is on Instagram, LinkedIn, email, or even via direct phone call, is dependent upon the nature of your industry.
When you stay connected with your customers, you keep the door open for future purchases and upsells. Now that their foot is in the door, and they trust your brand, it will be easier to get future business from them. You can give incentives such as special discounts for returning customers, which not only sweetens the deal but it also makes them feel like a special member of your network. Setting up a referral strategy can be done with discount or freebie incentives as well, and could make you lots of money for minimal funnel-related effort.
Having a retention plan is a necessary step in this journey. On average, it costs a brand five times more to acquire a new customer than retain an existing one, so don’t neglect this last phase of the funnel!
Throughout the four stages, it’s important to utilize data analytics. Without taking the data into consideration, you’ll be operating blind. Data can include information about your target audience (demographics, what platforms they use, what times they use them, etc.), info about your competitors (what tactics they use successfully or unsuccessfully), metrics regarding which of your strategies are most/least effective, what makes people most likely to be advocates of your product/service, etc. Data takes many shapes and forms, and is a crucial part of marketing in all stages of the funnel.
Now that you have a better understanding of the different stages of the marketing funnel, it’s time to develop and execute your strategy. Head to “Building Your Toolbox” to find out what platforms we find most effective in this process.
As a digital marketing company, we have a few tricks up our sleeves. Whether you need targeted help with your website or branding, or want expert training for your in-house team, or if you’re looking for the whole shabang, Social Canvas has got you covered. Schedule your free consultation now to find out how we can help you master the marketing funnel and increase your bottom line.
