Do you experience low website traffic? High bounce rate? Low conversion rates? Poor lead quality?
Is the messaging inconsistent in the various touch points of your business to customers? Are there clear call-to-action or follow-up plans for potential customers to take after engaging with the business.
There are all indications that your business needs to fix your funnel strategy.
Funnel as a journey
A marketing funnel is like a journey that a person takes when they become interested in a product or service. It’s called a funnel because it starts with a lot of people who are just curious about a product, but only a few of them end up actually buying it.
It is possible for some marketers to misunderstand or overlook certain aspects of a funnel.
A marketing funnel can be a complex process that requires a deep understanding of the customer journey, buyer behavior, and the tactics that are most effective at each stage of the funnel. Some marketers may be more focused on the creative aspects of marketing, while others may be more data-driven and analytical.
Wrong mindsets towards funnel
Not taking a funnel strategy seriously can lead to missed opportunities, lost sales, and decreased revenue.
Here are some wrong mindsets to watch out for:
“Our product or service is so good that it will sell itself.”
Having a great product or service is not enough to ensure sales.
“We don’t have the time or resources to create a funnel strategy.”
Investing in a funnel strategy can pay off in the long run by generating more leads and increasing conversions.
“Our target audience doesn’t use social media or digital channels, so a funnel strategy won’t work.”
Even if the target audience is not active on social media or digital channels, a funnel strategy can still be effective. For example, a B2B business may use networking and referrals as part of their funnel strategy, while a B2C business may use offline marketing tactics such as direct mail or print ads.
“Our sales team can handle the entire sales process without a funnel strategy.”
While having a strong sales team is important, relying solely on them to handle the entire sales process can result in missed opportunities and lost sales. A funnel strategy helps to create a structured and efficient sales process that can increase the chances of converting potential customers into paying customers.
Everyone plays a role in funnel strategy
Implementing a solid funnel strategy requires collaboration and involvement from various departments within a company.
The sales team can provide valuable insights into customer behavior and preferences, as well as feedback on the effectiveness of the funnel. The product development team can help ensure that the funnel aligns with the company’s offerings and provides a seamless customer experience. They can also provide insights into customer pain points and needs, which can inform the content and messaging in the funnel.
Customer service is often the first point of contact for potential customers and can provide valuable insights into customer needs, pain points, customer frustration or confusion. The analytics team can provide insights into the performance of the funnel and identify opportunities for optimization.
Last but not least, the business’ executive leadership should be involved to provide the necessary resources and support to execute the strategy effectively.
How funnel strategy can vary with different businesses
The funnel strategy for a startup, small business, and mature business may vary based on factors such as their resources, target audience, and stage of growth.
As startups probably have limited resources, their funnel strategy may focus more on creating awareness and generating interest. They may use low-cost marketing tactics such as social media, content marketing, and influencer marketing to reach their target audience. A greater emphasis may be placed on brand building and creating a unique value proposition to stand out in a crowded market.
On the other hand, a small business may have more resources than a startup but may still have limited budgets. Their funnel strategy may focus on optimizing their marketing efforts to generate more leads and improve their conversion rates. There may also be investment in customer relationship management (CRM) software and automation tools to streamline the sales process and to provide a better customer experience.
The funnel strategy for a mature business with more resources and an established brand may focus on retention and upselling to existing customers. They may use more sophisticated marketing tactics such as targeted advertising, email marketing, and personalized messaging to engage with their audience. It would also be critical for them to invest in customer service and support to build loyalty and increase customer lifetime value.
Overall, all businesses should focus on providing a seamless customer experience and continuously optimizing their funnel to improve their conversion rates and drive growth.
Does your business have a sound funnel strategy ?
This article is written by Christina Lim, Founder and Chief Strategist at Chrisspeak.