What is a Marketing Funnel? How does it work?

Marketing Funnel | proeze

What is marketing funnel?

The funnel is a series of steps that a visitor takes before they can make a purchase. The Marketing Funnel is a process that lets you anticipate the purchaser’s journey or the path a prospect takes as they become acquainted with your business, from introduction to conversion (closing the sale/deal).

  • Awareness
  • Interest
  • Consideration
  • Intent
  • Evaluation
  • Purchase

Awareness

The first step in the marketing funnel begins with awareness. It’s at this point the prospect becomes aware of your product or services. It is important to establish a digital presence, cultivating familiarity with your product, so that customers who are most likely to purchase your goods are aware of your availability in the market.

Interest

In order to get to the stage of interest, prospects must prove that they are interested in purchasing our product or service. This can happen in a survey, during a product review, or when the prospect clicks on your online ads and expresses their interest.

This is an opportunity for advertisers to make a compelling argument as to why their product is the right choice for a buyer.

Consideration

Consideration is an important stage of the buyer’s journey. At this step, the potential customer is familiar with your product or services and is evaluating the problem, its urgency, how it can be solved, and whether it really needs to be solved here and now alternatively, he is comparing your product or service with your competitor.

Your aim is to show them all the ways in which their problem can be solved, how useful it is to them, and how you and your product can help.

Intent

In order to get to the stage of intent, prospects must prove that they are interested in purchasing our product or services, and this can happen once the product or service demo is completed.

This is an opportunity for the sellers to make a compelling argument as to why their product is the right option for the consumer.

Evaluation

 At the evaluation stage, consumers are making a final decision, whether or not to purchase the goods or services from our company.

Usually, the marketing and sales team work closely together to help the decision-making process and persuade the customer that the product of their brand is the right choice.

Purchase

This is the last stage in the marketing Funnel, where a prospect has made a decision to purchase your product or services and become a client. This is where the purchasing process takes place and the contract is signed.

Quality experience on the part of the consumer side may lead to referrals that fuel the top of the marketing funnel, and the process will start again.

Why are Funnels Beneficial?

Funnels are beneficial for the following reasons;

  • We can know who is aware of our product or services.
  • We can know who is interested in our product or services.
  • We can know who has the intent to buy our product or services.
  • We can also know how the customer feels about our product or services.

How a Marketing Funnel Works in E-commerce Site?

A marketing funnel has a series of steps as to how it works in E-Commerce sites. They are;

  1. Customer visits your website.
  2. Customer searches for a product/visits a product page.
  3. Customer adds the item to the cart.
  4. Customer does the checkout process.
  5. Customer clicks finish and buys the product.

Post-sale process/Retention

  • There is a great deal of focus on the Awareness, Consideration, Intent, Evaluation, Purchase phases of the marketing funnel. But the process does not end here. After these phases come the important one – The Retention phase.
  • However, companies focused on long-term relationships, and profits should work on this stage precisely.
  • Don’t get caught up in the process of acquiring the new clients, by missing out the quality service to the existing one. Acquiring new clients is an important sales process but remember here we are discussing the post-sales process.
  • The long-term benefit of maintaining your core customers is very much important when being compared to attracting a new one. We all know that it’s simpler and cheaper to sell our goods to a current customer than to get a new one.

Maintain a Constant Relationship through E-mails/calls

Email correspondence is one of the easiest and most effective ways to keep in close touch with your top clients. Given the focus on other digital and social media formats, email remains one of the most valuable tools for business repeaters.

Offer Best-in-Class Support and Service

Your task of delivering quality solutions does not stop at the point of sale. Customer satisfaction and retention only occurs when the customer feels valued during the implementation process. Sometimes, you have to provide support your clients in areas that are not relevant to your core. This is where the customer feels satisfied and makes a referral to partner companies and the chain goes on. This is the stage where you can create more ROI.

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