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.
Frequently asked questions
What is an MQL and SQL?
MQL (Marketing Qualified Lead) means a qualified lead who has taken a content offer, interacted with your marketing team, but hasn’t yet entered your sales funnel. a SQL (Sales Qualified Lead) lead you have qualified as a potential customer.
What are the 3 stages of marketing?
In order to be effective, an inbound marketing plan must address the three stages of the buyer’s journey: Awareness Stage. Consideration Stage.
What is funnel stacking?
Funnel stacking basically means that every prospect entering the world has to go through a series of funnels in a certain order. Consider the term “particular.”.
What are funnel metrics?
What are funnel metrics? They’re Volume, Velocity, and Conversion Rates. A volume funnel metrics shows the number of leads entering a given funnel.
What is growth funnel?
Marketing funnels (which were called Growth Funnels) are basically the stages of a person making a purchase. In the following stages, awareness begins and conversion ends, along with either purchase of your product/solution or post-purchase activities.
What is a marketing funnel example?
The rack of T-shirts in the clearance store is visible to customers. Now that they have sifted through the rack, they are headed towards the next step in the funnel. Next, the customer selects four t-shirts and walks to their check-out area. At the last step, they’re done.
What are the 2 types of the marketing funnel?
- Email Automation
- Social Media Remarketing
- Social Media
- Social Media Remarketing
- Email. In your sales pipeline, you have an email list of prospects.
- What Funnels Do to Marketing Success. Find out how you reach out to prospective customers or consumers.
What is the purpose of a marketing funnel?
Marketing funnels simplify the customer journey and make it easier for companies to follow it. They map out each step of a client’s decision-making process and plan what steps they want to take during each stage. Marketing funnels are applicable to almost any interaction between customers.
What are the 4 major phases of funnel marketing?
There are four stages to the content marketing funnel: awareness, evaluation, purchase, and delight. The content presented to the customer in each stage serves a specific purpose in the customer’s journey.
How do you make a growth funnel?
- Provide high-level content to prospects in step 1.
- Step 2, Creating Top-of-the-Funnel Prospects.
- Three steps to nurturing middle-funnel prospects.
- Closing the Sale
- Step #5: Maximizing Retention
- I have a fatal typo: No individualization.
- The fifth mistake: Lack of, or no, testing.
What is funnel strategy?
In order to implement a full-funnel marketing campaign, you need to tailor your marketing messages to the purchase stage in which a customer is currently shopping. In addition to focusing on sales, it examines the whole 360-degree customer journey, creating relationships and building better brand experiences.
What are the 5 stages of the marketing funnel?
- Stage 3: Evaluation
- Stage 1: Awareness
- Stage 2: Interest
- Stage 5: Commitment/Purchase
- Stage 4: Engagement
What are the 3 marketing funnels?
- Awareness at the top. It is at the top of the funnel (TOFU) that your prospects become aware of your brand and engage with it for the first time.
- In the bottom of the funnel, you will see conversion.
- Take into account the middle of the funnel.
What is the difference between marketing funnel and sales funnel?
Marketing funnels advertise products or services to give leads a reason to buy. Marketing funnels deal with leads (the leads), in order to encourage them to buy, not once, but as often as possible. To be as productive as possible, your sales and marketing teams need the best technology.
How do you optimize a marketing funnel?
- Know Your Audience
- What You Can Do To Answer Questions.
- You can capture your prospect’s email address.
- An engaging media strategy can stand out.
- Reviews, Testimonials, and Customer Stories.
- Supporting content should be effective.
- Use Strong CTAs
- Frustration at checkouts & forms decreases.