To all the marketing experts, when did you realize that you are using an outdated marketing funnel to drive your marketing strategy? Maybe you are late to know, but it is true. Customer behaviour has changed. The buyer’s journey is not the same as before. It is sensible to ditch the old marketing funnel in favour of something new that represents the experience of present digital buyers. You may have now given a second thought to why your last marketing strategy failed? The change in trends never comes with advanced notice. Well, forget about what has happened in the past. Now, you have become cognizant of the modern marketing funnel, get yourself introduced to it here. And see hot it has modified the outdoor marketing strategies.
The major goal for you is to walk away with an in-depth understanding of how the modern online buyer’s journey works and how your target audience responds to it.
Breaking News: The new marketing funnel has no link with the old one, despite a few of the same-named stages.
THE OLD MARKETING FUNNEL SIMILAR TO YOUR CURRENT STRATEGY
Defining digital marketing funnel is pretty loose. Traditionally, it was a linear journey where buyers predictably have passed through one stage at a time. Below is the old marketing funnel:
Awareness or Attention: It describes the market potential and is the stage where buyers realize they have a problem. They ask themselves a few questions. Some of them are-
- How to describe the goals or challenges?
- What are the common misconceptions addressed by the buyers for challenges and goals?
Consideration: The buyer defines their problems at this level. Interest is a stage where buyers become “marketing qualified.” Marketers got engaged with prospects about their offerings and products. Sellers come to know how much their target audience is interested in purchasing their brand. For instance, the way outdoor digital signage connects sellers to their customers.
Decision: After the consideration, it is the task of a seller to persuade consumers that they want to own a particular product. In the best scenario, the advertisement or the brand itself helps buyers to make a purchasing decision.
Buy: When a buyer reaches the final stage, the buying process becomes crucial to getting the buyer through the funnel. The essential questions to consider at this level are-
- Is the buying process automated or personalized?
- What is the overall purchase experience?
NEW MARKETING FUNNEL: A JOURNEY FROM START TO RESTART!
A debate occurs on the marketing funnel- revealing who owns it, be it marketing or sales. How is the new funnel relevant to today’s consumer buying process? Here is a complete brief to the new marketing funnel that explains a flip to build more leads and discovers nonlinear approaches to the funnel.
Define Marketing Funnel: Visualization for understanding the procedure of converting leads into consumers from a marketing and sales perspective is termed as the marketing funnel. The idea behind it holds the structure of a funnel. Marketers case wide net to create as many leads as possible. Further, it slowly encourages prospective customers via the buying decision, nailing down these applicants in every stage of the funnel. One needs to note that there is not a single justified update of the funnel. Some have several stages, while some have different actions and names. But, the latest version won’t disappoint you. It consists of relevant terms, stages, and actions that seem useful to as many marketers as possible.
Modern Marketing Funnel: A Basic to Know!
Here you go with the funnel stage by stage to learn how it works-
Awareness: Uppermost Stage of the Marketing Funnel
- Through marketing campaigns and customer research and discovery, potential customers draw attention to this stage to boost brand awareness.
- Credibility and thought leadership are incepted with advertising, events, content (infographics, blog posts, and more), trade shows, direct mail, webinars, viral campaigns, search, social media, and more.
- Lead generation occurs with a collection of information. Leads are pulled into a lead management system for nourishing down the funnel.
Interest: Brand Relationship with target Audience
- The generated leads move on to the interest stage, learning more about the organization, its offerings, and any required information.
- It is an opportunity for brands to build a relationship with individuals in their lead database and propose their positioning.
- Marketers can nurture leads via emails and content, which are more targeted around brands and industries.
Consideration: Leads Converted Into Marketing Qualified Leads
- Markets can send prospects more information about offers and products through automated email campaigns.
- Prospects are nurtured while continuing with case studies, content, free trials, and more.
- A good sales team and persuasion skills are helpful during this stage.
Intent: Prospects are Interested in Buying a Brand’s Product!
- Interest can be seen through a survey when a product is placed in the shopping cart on an eCommerce website.
- It is an excellent chance for marketers to create a strong case for why their product is a great choice for their target audience.
- For instance, the interest of college students would be more interested in shoulder bags and look for them with discounts as well.
Evaluation: Buyers Create a Final Decision Regarding the Product’s Purchase
- Buyers make a final decision whether they want to buy a product/ service or not.
- Sales and marketing work together closely to stimulate the decision-making process and convince the buyer that the product is the perfect choice through brand advertising.
- Customers expect good results while buying a shampoo for themselves.
Purchase: Here You Reach the Final Stage of the Marketing Funnel!
- A prospect has decided to buy and can be a regular customer of the brand.
- It is the stage where sales take care of the purchase transaction.
- A positive experience of a buyer can generate referrals that boost the top of the marketing funnel, and the process starts again.
New Marketing Funnel Sum Up
The marketing funnel is the best tool that helps visualize the consumer journey or the direction that prospects take as they become familiar with your products and company, from brand awareness to the purchase stage. For example, the way digital advertising permits marketers to map out the marketing campaigns that require to be considered in a more structured approach.
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