Understanding of Marketing Funnel
A marketing funnel, or marketing sales funnel, is a model for understanding the process of turning leads into customers.
The marketing or sale funnel applies to all kinds of business whether it is your eCommerce store, Amazon brand, or any offline business. The marketing funnel has FIVE steps through which a prospective customer passes in order to become your Churning/loyal customer.
Let’s understand the 5-steps of the marketing funnel one by one.
Awareness
At this stage, a customer sees your product for the first time. The audience who see your product or ad for the very first time is also called “Cold Audience” and Top of Funnel (TOF) Audience. For instance, you launched a product on Amazon with the Xyz brand name and turn on the PPC campaign. The Impressions you get out of the PPC campaign will be known as from Cold Audience.
Interest
Continuing with the example of the product you launched on Amazon with the XYZ brand name. Now, the audience from the PPC campaigns is clicking on your ad and showing their interest in your brand. When a customer clicks on your ad or visits your listings/store, it shows that the customer passed through the “Awareness stage and is now aware of your brand or product. At this stage, the audience is still at the Top of Funnel (TOP) level.
Consideration
At this stage of consideration, a customer starts exploring the product which grabbed his attention. Reading the product details such as its benefit, pricing, and features. In the consideration stage, leads have been changed into marketing qualified leads and are seen as prospective customers. Marketers can send prospects more information about products and offer through Discount campaigns while continuing to nurture them with targeted content, case studies, discounts, free trials, and more. In the case of the example product launched on Amazon, you can offer a discount to show the ads to the audience who had clicked on the ads before. The Audience is categorized as “Warn Audience” which falls in the Middle of Funnel (MOF)
INTENT
To get to the intent stage, prospects must demonstrate that they are interested in buying a brand's product. This can happen in a survey, after a product demo, or when a product is placed in the shopping cart on an eCommerce website. In this stage, buyers are making a final decision about whether or not to buy a brand's product or services. Typically, marketing and sales work together closely to nurture the decision-making process and convince the buyer that their brand's product is the best choice. This is an opportunity for marketers to make a strong case for why their product is the best choice for a buyer. In the case of our example, we can consider achieving the Intent stage through stats of more clicks and Add to Carts.
BUY
We're here! This is the last stage in the marketing funnel, where a prospect has made the decision to buy and turns into a customer. This is where sales take care of the purchase transaction. A positive experience on the part of the buyer can lead to referrals that fuel the top of the marketing funnel, and the process begins again. The audience at this stage is known as “Hot Audience” or “Bottom of Funnel” (BOF)
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