What is a marketing funnel?
A marketing funnel is also known as the purchasing funnel. It consists of a variety of stages that maps out the stranger to customer journey. Each industry and business requires a unique approach depending on the business stage and the industry they in. There are a variety of stages that are used interchangeably. Here are two examples:
What is the objective of a marketing funnel?
The objective of a marketing funnel is to increase the amount of customers you have, increase how often the customers buy and increase the retention rate of customers when prices increase. The key thing to note is that the funnel does not end when the person buys, it continues. The two key objectives is scalable happy customers and profit.
How many types of marketing funnels do you get?
There is an infinite amount, but the objectives are focused on only on three things.
- Get more customers,
- Get customers to buy more often within a given period,
- Earn/Charge more per product or service to each customer.
How to build your own unique marketing funnel?
The first thing you want to do is make sure you are very clear on your desired outcomes, do you want more customers, do you want to get customers to buy more often or do you want to charge more without losing customers.
Often all you need to do to increase sales is to increase your company's ability to accept funds. Why not get your business to accept card payments? Yoco is a great solution for physical card payments. The next step is to research where your customers hang out both online and offline. Try to get involved and be part of their community. You can only do so much as a fly on the wall, join the conversation and make some friends while you at it.
Disclaimer: Good insights costs money and time but I would argue that every productive minute spent on identifying where your prospects hangs out, what they like, who they are and what they do, will save you multiples down the road. The earlier on in the process that you do this, the lower the cost it will be to do.
Tip: Focus on the bottom of the funnel and work your way up. Focus on the people who want to buy today, target these people first and then focus on awareness. However this advice is limited and only relevant to most industries in general.