Businesses, these days, can’t function without a well-equipped overall customer service that focuses more on what the customers actually want than simply selling the businesses’ products or services. An all-inclusive customer experience places an equivalent focus on the buying experience, too. This is when the funnel comes into the picture. While traditionally funnels have been associated with the area of sales, of late, the focus has shifted towards marketing and internet marketing, in particular. Power-packed with digitalisation, internet marketing, in turn, has got social media marketing under its wing.
What does a funnel do?
Shaped like an inverted pyramid that has a broad opening and a narrow base, the funnel helps in channelling things. In sales, this metaphorical function has been put to use where such funnels help businesses understand customer processes and optimise conversions to the fullest. Profit-making is at the heart of any business and hence, funnels are regarded as the best ways of mapping out the customer journey and delivering what the customer exactly wants.
If you stick by definition, ebook Funnel Famous states funnel as a process in which potential customers are guided through a series of offers via sales pages, videos and automated emails that will essentially do the selling for you.
When we talk about a marketing funnel, creating a buzz or awareness is the first step that is generated, thanks to the amazing SEO and miracles of social media. Once this awareness has been successfully aroused, this interest that is captured is what makes people consider their buying options. They then evaluate bearing in mind the other factors and finally decide whether or not to make a purchase.
The aim of the funnel ultimately is to increase your brand awareness. Funnels are, hence, divided into three stages: TOFU, MOFU and BOFU.
The top of the funnel or TOFU is the most lucrative part of the funnel because that is what is fundamental when it comes to attracting customers.
At the top which coincides with the awareness generation stage, the goal of any business should be to initiate curiosity among their target audience. This can be done through articles or as mentioned before, the wonders of social media. In simple words, it’s the number of leads you’ve got. However, you don’t have to unfold all the tricks that you have up your sleeve and come out as too persuasive at this stage.
Next, comes the middle of the funnel or MOFU which is supposedly a complicated stage as it’s a transition between understanding what the customers want and delivering on those terms. Quizzes, videos and anything advanced would do the trick as long as you can convince your audience that this is what they need.
The third stage is the bottom of the funnel or BOFU. However, don’t be astonished if, for some businesses, these don’t exist as they would believe that the shorter the processes are, the more efforts are saved. This stage, however, means that the leads are well-explained and well-qualified, meaning that they are ready to be sold. Trials and demos are offered at this stage to aid the buying process.
A key factor that often comes into play here is upselling. There’s no harm in selling things to someone who is already your customer. As a business, you can always give it a try and maybe out of ten of your customers, 2 would be interested in ‘what more you have got to offer’ and one may move ahead with actually buying the product. For instance, if you’re a cosmetics brand selling foundation, you’re faced with buying mascara or lipstick, too.
The aim of the funnel ultimately is to increase your brand awareness. How do you use these funnels? While chalking out a business strategy, you can divide the processes according to the funnels mentioned above. Templates for the same are widely available across the net.