The Beginners Guide to Funnel Marketing
Well, what is Funnel Marketing?
As always on Marketing on the Fringe, let’s put things in layman’s terms! It’s a way of breaking down the customer buying journey to aid increasing performance of each stage, then visualised in a traditional funnel from top to bottom, based on where an individual is in their buying cycle for a product/service.
How traditionally is each section broken down?
Using examples of funnel marketing experts in Proventus Digital, it’s usually broken down in either 3 or 4 parts, mainly top, middle and bottom.
Used to engage audiences in their first and initial touch points. Mainly using channels to entice users to find out more information and informing them on your product or service offering.
Remember, on average, it takes around 10-12 touch points of your brand, product or service before a consumer is thinking about purchasing from you. Top of the funnel shouldn’t be used for the hard sell; it’s getting your target audience knowledgeable about you and what problems you can help them solve.
Case Studies, Reviews, Whitepapers, show your audience why you’re the best option and back it up. At this point, consumers know about what you’re offering and what potential solutions you can give them.
Mid Funnel is a very key part of your marketing strategy as statistically; this is the stage where consumers are considering their preferred supplier or product offering. It’s the point at which they have had around 4-10 touch points with your brand, and they are starting to form their opinion on your brand and if it fits their requirements.
DON’T LOSE THEM HERE! Ensure a good stream of touchpoints via multiple channels and give them the reason to continue being interested in your business.
BUY, BUY, BUY! You have correctly nurtured individuals through their buying cycle, and now they are ready to get in touch and purchase your product/service.
With at least 10-12 touch points with your brand, individuals at this stage are ready to convert. Increase bid adjustments, get ads out as often as possible, speed the buying cycle by using strong call to actions and fear of loss sales tactics to ensure conversions.
Traditional sales funnels have always existed, so why now are they becoming more popular in digital marketing?
Re-imaging the buying cycle for digital marketing and further innovations in technology and tracking is now allowing lots of companies to control every touch point an individual receives.
But why now is this becoming the core strategy for most online ad campaigns?
From Proventus Digital – “The hardest part of any buying cycle is what we call “Lead Nurture” or middle of the funnel. After you have the initial interest from your target audience, getting them re-interested in your product/service and pushing them further down the funnel to a point where they are ready to buy.
The reason this is becoming increasingly more difficult is down to modern-day buying habits. Brand recognition and trust are increasingly more essential to individuals, and on average you need to generate at least 10-12 touch points with your brand alone before someone is ready to invest their cash in your business.”
How and why do they increase online ad campaign performance?
With the ability to track all touch points of individual users across all channels and networks, businesses can help show the exact messaging, artwork and call to actions a user desires to see to move them through the funnel and get them to a purchase point quicker and more cost-effectively.
Imagine a standard business buying funnel. You have an initial touch point (Top Funnel) where your target audience first finds out about your product/service and engage initial interest.
Middle of the funnel where you need to create further interest around your product/service and engage your target audience with more information and success stories, case studies, reviews, whitepaper, etc.
Then Bottom of the funnel your target audience has had enough touch points to purchase and shown enough interest to be still worth showing ads to, now is the time to show them offers & promotions or hard-hitting call to actions to enable that final goal.
Already you know what message would be right to show an individual at each of the above stages, and now it’s able to implement and deliver a strategy that can achieve that.
So how do you take advantage of digital marketing funnel campaigns?
The capabilities of enabling this are within your grasp, running funnel marketing campaigns is possible within the most basic of DSP’s (Demand-side platform, e.g. Google Ads, Facebook Ads Manager etc.) and can be fully supported by using UTM Parameters to segment audiences.
Using a digital marketing agency or any local advertising agency can also be helpful, as they will be able to implement a further structure to your ad campaigns and can help with the strategy of how to correctly pass users through the funnel.
Tools that are helpful for DIY Funnel marketing campaigns:
Google Campaign Builder – https://ga-dev-tools.appspot.com/campaign-url-builder/
Helps you build UTM parameters quickly and easily, allowing you to create audiences within ad networks.
Google Analytics –https://analytics.google.com/
What’s your current buying funnel looking like? How do I track how well my new funnel campaigns are doing? Google Analytics is one of, if not the best free tracking tool to use for your website.
Google Tag Manager – https://tagmanager.google.com/
Effortlessly install all the tracking tags you need to run funnel marketing campaigns using GTM.