The funnel is a concept used to describe the journey potential customers take when they go to buy a product or service. It is a process that illustrates what a sales cycle looks like and how potential customers are guided to make a purchasing decision. The funnel stages vary depending on the company's sales model, but typically include the top, middle, and bottom of the funnel. At the top of the funnel (TOFU), potential customers become aware of your brand and interact with it for the first time.
This is where they find out about your product or service and begin to evaluate it based on their level of interest. They'll think about the problem they're trying to solve and conduct competitive research to make sure that your offer is the best solution. The first stage of the sales funnel is called the “knowledge level”, because it is where people first become aware of your product or service. Potential customers may find out about you through your advertising, social media, and even word of mouth.
The middle and lower stages of the sales funnel are where you should pay the most attention, as these prospects have gone from awareness to interest. At this point, potential customers move from the knowledge phase to the interest phase. You can create a series of emails to share educational content about your offer and encourage them to move into the decision phase. In the decision phase, you'll want to offer anything that might lead them to make a purchasing decision.
This could include a product demo, an extended free trial, or a special discount. In the action phase, you'll get new customers or discover why potential customers aren't interested in buying. For potential customers who haven't made any purchases, create a new series of emails to contact them every few months. Potential customers enter the funnel at different stages.
Sometimes this happens because they are recommended and they already know that they want to buy a brand's product, so they move on to the intention phase. It can also happen because they have followed their own education and have intervened in search of interest or consideration. The second phase of a marketing funnel is the consideration phase. Here, you must interact in ways that encourage potential customers to consider you above the competition. It is important to clearly identify your points of differentiation and be identifiable. The ultimate objectives are to increase the number and size of purchases and generate more visibility and referrals to boost the marketing funnel.
This funnel describes the process of turning customers into promoters, which in turn drives awareness and lead generation. A sales funnel is managed with strategic programs designed to channel specific potential customers into conversions (sales) and ongoing sales for brands. There is no single agreed version of the funnel; some have many stages while others have few, with different names and actions taken by both companies and consumers for each stage. To help you better understand how the marketing funnel differs for B2C and B2B brands, see the following modified diagram which describes the actions and conversions of B2C and B2B consumers at each stage of the funnel. A positive buyer experience can generate referrals that drive marketing success and start the process all over again. There is a heated debate in the world of marketing and sales about who exactly owns the funnel. It is important to note that there is no single agreed version of the funnel; some have many stages while others have few, with different names and actions taken by both companies and consumers for each stage. Whatever stages your sales funnel has, it's important to understand how it works in order to maximize conversions and generate more visibility for your brand.
