Trying to sell to a customer that isn’t ready to buy will only waste your time and money; being with your customer from start to finish is much more valuable.
But how do I do that?
Well, thanks for asking. That’s what the marketing funnel is for.
The purpose of a business is to create and keep a customer. – Peter Drucker
What is the marketing funnel?
The marketing funnel describes the customer mindset during the whole buying process; from where they first hear of you, to where they are your no. 1 fan and buying from you regularly.
Oftentimes the marketing funnel gets confused with the sales funnel. These are two different funnels with two different functions; just as marketing and sales have two distinctly different functions in a business. Just for context, the sales funnel has the following flow: Awareness, Interest, Consideration, Intent, Evaluation, and Purchase. The marketing funnel looks a bit different – the stages are Awareness, Consideration, Conversion, Loyalty, and Advocacy.
The marketing funnel aims to grab the customer from the first time they notice you, pull them through the sales process all the way to where they want to show the whole world that they support your business.
Why is it called a funnel?
The reason it’s called a funnel, is because the probability of a customer making a purchase decreases gradually as they progress through the stages. But more recent models started showing the funnel more like an hourglass – by the time the customer makes their purchase, they become more likely to purchase from you again and again. This way, your business grows as long as you retain the customers that you have.
It actually takes less time and energy to focus on current customers than to get new business, so if you need to make a decision between servicing a new customer or an existing one, always choose the existing one.
1. The Awareness stage
The Awareness stage is the first stage. This is where the potential customer notices you for the first time. They will see if their personality matches your business’ brand identity. If they feel like it’s a good fit, they will move on to the next stage.
In this stage, you have the opportunity to show the value of your service or product. You can choose to educate your potential customers. You need to answer the possible questions they have and let them know why they need your specific product or service. Compelling copy can be very helpful to draw attention during this stage.
The tools that are most helpful during this stage are blog posts, videos, and infographics. You can post these to your social media platforms, or send them in email campaigns to people that have already subscribed to your newsletters.
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