It is one of the most useful things that you can focus on to make your marketing effective.
Basically it is a picture of your customer’s journey from when they initially hear about your brand to when they buy it, recommend it to their friends and family and buy it again.
You need to design your own marketing funnel that reflects your customers’ experiences – each business’s is a little bit different.
Building Your Marketing Funnel
Working on your marketing funnel forces you to do some hard thinking and research. You need to find out :
- The size of the market segment you are targeting.
- The percentage of this market segment that are aware of your brand.
- The percentage of those aware of your brand that would consider buying your brand.
- The percentage of those who would consider buying your brand that would (if asked) say that they prefer your brand over others.
- The percentage of those who express a preference for your brand that actually do go ahead and buy your brand.
- The percentage of those who buy your brand that buy it again.
- You may want to include the percentage of those who buy your brand that recommend it to others.
Finding out the answers to each of these questions helps you to decide on your marketing objectives (see more about these here) so that you can choose the correct marketing tactics and measure the effectiveness of your marketing investments.
Using Your Marketing Funnel
Look for the big holes in your funnel where your customers are leaking out from. It may be that lots of your target segment know about your brand but the number of people who would consider buying it is low. This may lead you to investigate and find out why this is – is there something in your brand communication that makes it feel irrelevant or unsuitable to your potential customers? Do you have a high rate of people who buy once but never again? Finding out why that happens and solving the problem with the correct solution for example direct marketing or bounce back offers would be crucial.
If you would like to discuss your marketing, drop me an email – firstname.lastname@example.org