Growing a business requires a lot of hard work. What…
Growing a business requires a lot of hard work. What it also needs is a good set of strategies. And that’s precisely what growth funnels have to offer.
If you’re new to growth funnels, there is no need to worry. In this complete guide, you’ll discover what a growth funnel is and how to set one up. We’ll also give you some insightful tips on how to grow your business using this effective tactic.
What Is a Marketing Growth Funnel?
The concept of the marketing growth funnel has been around since the 1800s. It’s a blueprint that helps businesses understand the customer’s buying journey.
A marketing funnel shows the series of actions taken to promote a product or service according to a set of goals. When one or more users are exposed to a marketing funnel, the prospect or customer moves through the marketing funnel’s stages. They either move through or to a predetermined location or state.
One of the most important marketing tasks is to build your customer pipeline. You need to develop strategies to capture leads, convert leads to sales, and close deals. Let’s look at what creates your customer pipeline and how you can leverage it to attract more customers.
Marketing Growth Funnel Stages
A marketing growth funnel comprises stages that a customer undergoes when making a purchase. This includes awareness and conversion, which can refer to either the purchase of your product or post-purchase activities.
Let’s delve into each of these stages, so you can understand them better.
The first stage of the marketing funnel is a very important one. It signifies the point at which a potential customer learns of your business. Awareness happens when information that builds a marketing message comes through the potential customer’s information digest.
The Awareness stage is where you can implement your lead generation strategy. Content marketing, social media posts, advertising, or even word of mouth are also great ways to spread product or brand awareness. These are the first ways your potential customer learns of your business.
After generating your leads and letting them know about your product, it’s time to get them interested. In the interest stage, you let customers know more about the product, its features, and its benefits. You also let them know more about your brand. This helps build a great customer relationship.
Newsletters and email marketing are great ways to attract more interest. This is where your leads start getting excited about your brand or product.
Leads that enter the consideration stage are now prospective customers. In this stage, you will still need to keep your customers engaged. This is the time when you can really filter through the prospects and find which of them are really interested customers.
The consideration stage is often the longest stage in the buying cycle. Customers here are still weighing their options. That’s why it’s important to keep nurturing them through targeted email campaigns, free trials, and other engagement methods.
In the intent stage, buyers start to make a real buying decision, which ultimately leads to the purchase decision. They can display intention towards buying a product through surveys or by adding them to their shopping cart.
This stage indicates that they are now ready for some sale-level content like sales presentations or customer testimonials. You may also give them some pricing information.
Your customer is now inching closer to making a decision. At the evaluation stage, the customer may be comparing your offer to two or more competitors. And if you can make in-roads at this point, you could increase your conversion rate.
Less than one more step and you’re at a sale. So it’s time to give more meaningful content to your customer. You can present them with product sheets or send them social media messages. Let them know why your product is the best choice. Marketing and sales teams will have to work together in this stage.
Your customer is ready to make a purchase! At this point, you’re probably already thinking about making this as easy as possible for them. You want to ensure that the customer is comfortable with your product, so you want the next step to be an impulse buy.
From here, there are two ways to make the sale. You can make any necessary improvements to your landing page. You can also use a drip marketing growth funnel to continually feed customers more of what they want.
Tips on Improving Your Growth Funnel
Blogs are a great way to introduce yourself to potential customers. You can use blogs to tell customers more about your brand’s story and show them the value that your products can offer.
When done right, blogs can also build customer trust. It is considered a major component of SEO. Studies have shown that an online presence with blogs can lead to 97% more links to your websites. And it even leads to 43% more page indexes.
Social Media Presence
Almost everyone is on social media. It is one of the main ways for your company to be in contact with their current and potential clients. Social media has a variety of powerful communication pathways that can help your build customer loyalty and brand awareness.
Improve Your Landing Page
Having an optimized landing page makes it easier to convert leads into customers. Make sure your landing page has quality content and that it has no issues related to customer experience. This not only reduces bounce rates but also increases your conversions.
Email marketing is one of the best ways to market to a segment of people you believe will be interested in your product. This can be a more cost-efficient way to market to prospects.
At the beginning of your link, try including a short product description along with words that would appeal to your audience. This can be key in turning people from the consideration stage to the intent stage.
By identifying the different stages of your marketing growth funnel, you can know what you need to focus on. It will also help you augment your business interest and grow it along the way.