Marketing is all about guiding consumers to your business, with the end goal of making them a customer. While there are countless different channels and tactics you can use to help achieve these goals, the general strategy is typically the same, and it can be summarized in the “marketing funnel.” This blog will explain what the marketing funnel is, what each stage represents, and how this framework can help you focus and drive your marketing efforts.
What is the Marketing Funnel?
The marketing funnel is a way of thinking about the consumer’s journey through the buying process. By clearly identifying the different stages of this process, marketers can set specific goals to help move consumers through the funnel. The stages include awareness, consideration, conversion, and then loyalty/advocacy, and each one holds a significant role in bringing in customers.
The first stage: Awareness
The initial section of the journey is the Awareness stage; this is the widest, topmost section in your funnel. Awareness is all about bringing in as many people into your funnel as possible, and this stage is solely about increasing awareness of your brand and your product. Consumers begin outside the funnel and must become aware of your brand and product before they consider buying it.
This step in the process is marked by impressions, reach, and creating a buzz about your business. If you want people to hop on board and fall in love with your product, it’s critical potential customers are aware of who you are.
The funnel narrows: Consideration
The funnel begins to shrink after the awareness stage – consumers now must not only know about your product, but they must genuinely consider purchasing and buying into your brand. Naturally, many potential consumers are shed from the awareness stage through consideration, as not everyone who becomes aware of your brand is a natural fit.
For instance, a company that sells luxury vehicles will see a significant narrowing of their funnel from awareness to consideration. After all, Lamborghini is a well-known name, but there are very few people who will give genuine consideration to purchasing one. No matter how great your product is, there will always be factors beyond your control that will cause the marketing funnel to get narrower.
The finish line: Conversion
The next step in the marketing funnel is conversion. At this stage, you’re left with consumers who actually make a purchase! The funnel gets even narrower here, as not everyone who gives your product consideration will end up making the final purchase. People might have to go through the funnel multiple times, or they may have converted with a competitor after considering both your brand and theirs. Generally speaking, this is the end goal: to drive sales!
What comes next: Loyalty and Advocacy
At the very bottom of your funnel, you’ll find the narrowest category: Loyalty and Advocacy. These stages are reserved for those who converted and continue to contribute to the brand! These are the individuals who will post about your product online, talk to their friends and recommend you, and continue to purchase your products well into the future. As consumers are strained down the funnel, this group is the fine gold dust that collects at the bottom; there aren’t many, but they’re some of the most valuable conversions you can get.
What should I remember about this process?
Your marketing efforts need to be tailored to fit these steps in the journey; gaining first impressions is critical to drive consumers to your awareness stage, and retargeting those consumers will help them genuinely consider your product when it comes time to make a purchase. If your ads are successful, and your purchasing process is smooth, you can end up with a conversion! If those consumers are smitten enough with your product, and you provide excellent service after the fact, you can see those conversions become loyal advocates on your behalf.
Every business has their very own marketing funnel that customers pass through; make sure yours is the only one your customers need to be in! If you think your business could use some help in streamlining your customer’s journey, connect with Baer Performance Marketing. We’re a full-service marketing agency, and we’d love to help your brand succeed. Get in touch today to set up a consultation!
