Among the models that a marketer could and probably would use frequently, the marketing funnel(also known as the purchase funnel) should be one of the most famous ones.
However, although it is a very popular and useful tool, there is actually quite a lot of detail on using it, which could affect your marketing plans.
What is it?
"The purchase funnel, or purchasing funnel, is a consumer-focused marketing model that illustrates the theoretical customer journey toward the purchase of a good or service...The purchase funnel concept is used in marketing to guide promotional campaigns targeting different stages of the customer journey and as a basis for customer relationship management (CRM) programs and lead management campaigns."
Why it is useful?
It is not easy and very realistic to do marketing or advertisement, and gain high reach, within the target group, and also able to turn them into conversion.
To make marketing efforts advertisement effective, it is useful to have them mainly target the "potential customers" that are on a specific stage of the customer's journey.
With this in mind, while planning for the advertisements, you can design the style, as well as the reach of the advertisement accordingly.
How to use it?
There are many variations of the funnel, but most of them consist
Top of the Funnel (TOFU) which coincides with the traditional awareness stage
Middle of the Funnel (MOFU) describing prospects in the consideration stage
Bottom of the Funnel (BOFU) corresponding to the latter life-cycle stages (i.e. decision, conversion, purchase)
While planning for marketing to bring more people to the top of the funnel(awareness stage), you can make the marketing in a viral format, so that the brand or product could reach a high number of targets, and let them be aware of it.
While planning for marketing to move people from the top to the middle, you can generate, or remind them of the needs of the product, like mentioning the pain points of the potential customers and the correspondent selling points.
While planning for marketing to move people from the middle to the bottom, you can create an urge or an incentive for potential customers to generate conversion.
How to look at it wisely?
Like any model, the marketing funnel is not as same as the reality.
The funnel provides a simple method to separate customers, and thus provides guidance on how to construct your marketing activities according to that.
However, in reality, most customers are not going through the customer journey one stage by one stage, with each move stimulated by single marketing activity.
Most customers purchase after encountering multiple stimulations, and it is not clearly moving stage by stage as well.
In fact, if you are able to set a tracking tag on customers who purchase at your online store, you might find almost all customers simply come from Google search, which means they are not as simple as only having a single conversion stimulation, as well as having single stimulations to move from the top of the funnel to the middle of the funnel, then to the bottom of the funnel.
To make the marketing funnel model be used practically, the marketer must combine the model and different tools, as well as the unique characteristics of each market, and arrange marketing activities according to real situations.
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