2020 brought new changes in the marketing funnel. It is not like the AIDA model. The new marketing funnel ponders consumers post the beginning of purchase. This becomes necessary as you need your existing customers to keep purchasing from you. Also, need to attract new customers by employing new strategies.
Five stages of the buying cycle are as follows:
A. Awareness: The marketing goal of this stage is to raise awareness and target relevant audiences in the market. It displays the right message in front of the customers. Get your brand discovered by the targeted audience. Online marketing builds awareness through strategies like search engine optimisation, social media and paid search to get new customers to your web platform.
The complete Marketing strategy converts new customers into paying customers. The essential point at this stage is to ensure your target audiences bring relevant traffic to the web platform. The traffic must have the potential to become new leads so that they buy something from you.
B. Consideration: You should convince the audience to make themselves a compelling option. Their marketing goal is to target the strong intent audience to convert awareness into buying intent. You have already build awareness in the first stage.
Now, you have to target the new audience in the consideration stage. Also, you need to target existing leads who are aware of your brand. Allure them and bring them to enter into the next stage of the funnel. It can be done in two ways:
- target higher-intent keywords
- capture email lead for lead nurturing.
C. Conversion: At this stage, the potential leads are converted into a sales force. The marketing goal of the conversion stage is to convert leads, reduce conversion barriers and convert consideration into actions. You have done everything. Now it is the time to focus on the conversion process.
You need to target the audience through several campaigns. Use content downloads, email signups, account creations, free trials, demos, upgrades etc.
Tips to encourage the audience to make a purchase:
- Build search campaigns for the audience who are ready to buy now
- Optimisation of the forms to increase the conversion rates
- Implement Conversion rate optimisation
D. Loyalty: Sale is not the ultimate goal of the funnel. Building a loyal sales force is the ultimate goal. The goal of this stage is to persuade the existing customers to buy again to build loyalty and decreases the churn rates. The common mistake made by the marketing funnel is to close the funnel after accomplishing the primary goal i.e. sale.
Although, this is the starting of customer experience and ROI from all the hard work you have put to achieve that goal. You have to enhance return on investment using marketing strategies to close leads and emphasize more on customer retention.
5. Advocacy: Getting new prospective leads from the existing customers and turn them into happy customers using lead generation strategy is the main goal of this stage. Happy customers are those who keep on purchasing your products and also recommend them to their close ones. It has been surveyed that 83 per cent of the buyer buy the product because of the recommendation from their colleagues, friends or neighbours. A separate study has revealed that 76 per cent of consumers believe in online reviews than personal recommendations. These two studies reveal how you can convert leads into happy customers.
How to boost leads and conversion at each stage of the marketing funnel?
- Focus more on lead nurturing
- Optimize consumer experience at each stage so that leads to keep on moving at the end of the funnel
- Avoid slipping away from the leads. Else, they will buy from somewhere else.