Understanding about valuable customers is a very important thing for all types of marketers. Marketers can do it in a number of ways and one of those ways is by using the marketing funnel. It reveals information about your customers’ interactions with your brand. Studying this correctly and developing appropriate strategies can help you generate more sales. So, without waiting let us know more about what this marketing funnel is and how it works.
What is a Marketing Funnel?
The marketing funnel is also known as the buyer funnel, the purchase funnel, or the sales funnel. It was founded in the nineteenth century. It is a visual representation of the journey of customers. The reason behind its funnel shape is that the number of customers decreases as we go from top to bottom.
Types of Marketing Funnel and Its Stages
Stages are the key difference in different types of funnel. Businesses can create these stages according to their industry type and target audience. Mostly three types of marketing funnels are used by businesses which are as follows:
Basic Marketing Funnel
This type of marketing funnel includes 3 stages:
- Top of the funnel (ToFu): The topmost part of this funnel is known as ToFu and at this stage, people become aware of your selling products/services. It is just about knowing your brand.
- Middle of the funnel (MoFu): It is the central part of this funnel and at this stage, possible customers want a solution to their problem and consider your brand as a solution option.
- Bottom of the funnel (BoFu): BoFu is the bottom stage of a funnel at which these possible customers turn into confirmed customers and they are convinced to buy your product/service.
AIDA Marketing Funnel
This is the popular type of funnel that is widely used by many businesses. Each letter of AIDA represents one stage and these stages are as below:
- A- Awareness: In this stage, potential customers get information about your brand’s products and services which they require. Marketers can excite prospects by advertising their brand.
- I- Interest: When prospects find interest in the business’s service then it comes. In which they understand more about the service. Here businesses must provide information on their offerings.
- D- Desire: At this stage, prospects think about selecting your brand’s offering to purchase over others. So, businesses can give justification for why their brand is the best choice.
- A- Action: This final stage of the funnel is about potential customers making a purchase of their desired products/services. Here, businesses should ensure that customers get the exact service/product they want without any hassle.
You can also read about What Is Market Segmentation?
Granular Marketing Funnel
It provides more particular stages than AIDA. Here is the detailed breakdown:
- Awareness: It is the same stage as present in AIDA.
- Consideration: In this stage, potential customers consider your business’s product/service as an option with others. So, here you can give them more information about that particular product/service that totally changes their mind toward only your product.
- Conversion: At this time customers make their decision to buy a product/service from your brand. Businesses can give their customers a high-quality experience that makes their purchases easy.
- Loyalty: It is the post-purchase stage. Here, customers choose you over other brands and shop from you every time by staying loyal to your business. It can be possible by giving them a personalized experience and building strong relations with them.
- Advocacy: It is the recommendation phase. At this stage, your customers are so pleased with your service that they recommend it to others. Here customers become promoters of your brand.
How Marketing Funnel Works?
A marketing funnel helps the marketing and sales team in a number of ways. By analyzing all stages marketers can find at which stage the customers are leaving and not making further purchase processes with your brands. You can make a marketing strategy accordingly. It helps brands to find out the issue in marketing and allows them to correct it.
Conclusion
A marketing funnel is a design that contains several stages. These stages show the progression of the customer purchase procedure. By analyzing it businesses can effectively implement strategies that capture the attention of many people and convert them into potential customers.
If your business is finding a lack in marketing strategies at any stage of the marketing funnel then connect with Thanksweb. We help you in mastering your online appearance.