Research estimates that 80% of new leads will never result in sales, and companies that excel at lead nurturing will generate 50% more revenue with 33% less cost. How well are you nurturing your leads?
When we think about lead nurturing, the first things that come to mind are to be friendly to your leads and answer their questions. However, implementing a campaign that makes people want to convert takes much more thought and creativity. How can you connect and engage with consumers and convince them you’re the solution to their problems? That’s where the marketing funnel can help.
What Is the Marketing Funnel?
The marketing funnel is a model that shows you how to appeal to consumers as they travel through the customer journey. It includes several stages designed to build brand awareness, engage with audiences, and ultimately lead to customer conversions. As consumers enter each step of the marketing funnel, marketers try to capture as many leads as possible to create a loyal customer base.
Marketing Funnel Stages
Successful marketing strategies cater to all funnel stages to reach users. Understanding each stage of the funnel helps you create individual touchpoints and appropriately interact with your audience wherever they are in the customer journey. Below are the marketing funnel stages and each stage’s goals.
Awareness is the first and most crucial stage of the marketing funnel since it’s where customers first get to know your brand. The awareness stage encourages interaction and engagement. In this stage, leads are drawn in for further nurturing in the rest of the funnel.
The critical question during this stage is how will you attract your audience? How do you get your content out to them? You can build brand awareness through content like blog posts, social media posts, and infographics. Webinars, special events, and advertising can also attract the right audience.
The main goals of the awareness stage include
- Finding your target audience
- Learning more about their goals
- Discovering their pain points
- Getting your brand in front of them
Interest and Research
After becoming aware of your brand, people move on to the interest and research stage. In this stage, they spend time researching and learning more about the company, its products or services, and any other helpful information the company shares. Companies now have the opportunity to develop a relationship with their new audience through classes, emails, and newsletters.
People want to learn more about your brand during the interest stage. They want to know how your products or services can benefit them. The interest stage should focus on building trust with your leads.
The main goals of the interest and research stage include
- Interacting with your target audience
- Offering solutions to their pain points
- Gaining their trust
During the consideration stage, leads are now seen as potential customers. Leads that reach this stage are interested in your brand and ready to choose you over competitors. At this stage, keeping the relationship going and guiding them to make a purchase is essential. Producing targeted content and having meaningful interactions can help you nurture the relationship. This is also an excellent time to offer free trials and case studies.
As part of this stage, it’s crucial to clearly demonstrate the differences between your brand and competing brands. What makes you stand out from the competition? How can your offerings better suit the needs of your potential customers? Automated emails offering more information about products and offers can encourage potential customers to purchase from your company.
The main goals of the consideration stage include
- Continuing to build trust
- Proving your brand’s value
- Convincing your potential customers to make a purchase
The purchase stage is where prospects make their buying decision and become customers. During this stage, the most crucial goal is positioning your brand at the top of prospects’ minds. Demonstrate how you can solve prospects’ needs and how to choose the right products or services to meet those needs.
By this point, prospects have learned a great deal about your brand and feel confident in making a purchase. Make the purchase process as straightforward as possible. Ensure they know how to complete a purchase on your website or who to contact about a consultation. Include clear calls to action to direct people where they need to go to complete their purchase.
The main goals of the purchase stage include
- Simplifying the purchase process
- Making customers feel confident in their purchase
- Offering product or service support
Benefits of the Marketing Funnel
Companies that spend time nurturing their lead relationships have a better chance of converting those leads into actual customers. The marketing funnel helps companies shift their strategies throughout the customer journey to target the right audiences and appropriately nurture their leads. Other benefits of the funnel include
- Focus on the buyer persona. The marketing funnel helps you stay focused on the needs of your prospects and how your products, services, and content can relate to them.
- Simplify the customer journey. The marketing funnel helps you quickly see the entire customer journey to find the right tools and techniques for every stage.
- Better planning. By mapping out the whole customer journey, you can find any gaps in the system and fix them before they become a problem.
- Easier tracking. The marketing funnel helps you measure where you’re losing customers to help you adjust your strategy.
The Customer Experience Funnel
It’s common for brands to flip the funnel after a purchase is made. This flip, commonly known as the customer experience funnel, defines the process for turning customers into brand advocates. Creating brand advocates can refuel the marketing funnel through awareness and referral. The stages of the customer experience funnel are outlined below.
Once a customer has made a purchase, the next step is to convince them to return. Continue to nurture customer relationships through interactions and follow-ups after the purchase to prove to them why it’s worth returning.
Customers develop a preference for a company during the customer loyalty stage and begin to identify with the brand. Building a personal connection is essential during this stage. The best way to build this connection is to develop a brand community, regularly engage with customers, and provide any needed support.
Customers loyal to a brand are more likely to refer them to others. They may suggest your brand or products when asked for recommendations or share the word of your business with friends and family.
Loyal customers have the potential to become brand advocates. They may write positive reviews about your brand or products or share your products on social media, which can generate more leads.
A recommendation from an outside source unaffiliated with the brand can influence prospects. To better support advocates, companies can build their communities, ask advocates to take part in case studies, and engage with them on social media.
The main goals of the customer experience funnel are to increase the number of purchases and encourage more awareness and referrals to fuel a new marketing funnel.
When people are ready to make a purchase, they’re more likely to choose a company they’re more familiar with. The more people know about your brand, the more likely they will convert into customers. Therefore, understanding your brand and how it fits into a marketing funnel is essential for success.
If you’re struggling to determine how to cater to consumers throughout the marketing funnel, Cool Ideas Marketing can help. We launch brands to their highest potential by walking them through specific marketing strategies and creating content that appeals to their audience. Visit our website to learn more about how we can help you navigate through every marketing funnel stage.