If you delve into the world of digital marketing blogs and podcasts, it won’t be long before you encounter the term “marketing funnel.” And then hear it a second time. And again. The so-called marketing funnel is a deeply entrenched concept in the marketing community.
What is the marketing funnel (also known as a purchase funnel)? It’s not a new idea or method, really, but a different way of thinking about an old one. This digital marketing agency in Kitchener describes it as “a way of visualizing how people make the decision to purchase (or not) a product or service.” In other words, it’s the buyer journey imagined as a vertical path from awareness to consideration to conversion.
The marketing funnel helps you think about how to market to customers at different points in the decision-making process. This strategy was used in the world of traditional marketing as well, but it’s especially prominent in digital marketing because the internet provides the ability to get really specific information about buyer intent.
It’s now possible to see exactly how people arrive at a website, where they go from there, and at what point in the process they pull the trigger to buy or bounce. That gives marketers the insight to refine and improve the buyer journey to maximize the chance of a customer making it all the way through the marketing funnel and convert (buy, order, sign up, etc.).
The same digital marketing agency in Kitchener points out that the funnel never really ends, because once customers convert, they become even more valuable to the business. It’s easier to convince a former customer to buy again than it is to persuade a new one for the first time.
Plus, these customers have the potential to become advocates for the business if they are happy with the product or service they get.
The marketing funnel is not only useful for strategizing new customer acquisition, but customer retention as well. This viewpoint enables you to create content that caters to varying needs and preferences at these various points.
Some good resources for further reading on the funnel: