What is a funnel in Internet marketing? According to Kiyosaki, “A funnel is a funnel that’s so big it contains no bottom.” I’ve also heard this described as a “web in a web out,” where “out” represents the customer. Funnel designers (people who build customer relationships through marketing) don’t want to make the customer go “out” on their site; they want them to come back in, be more involved, and ultimately convert. In other words, if they can get the customer to “come back in,” they have a much better chance of making the sale.
The most effective marketing funnel system involves two primary stages: awareness and conversion. In an awareness stage, you build awareness of a prospect’s solution, concept, or product. At this point, you may not yet have a specific sale. However, competitors are responding to your message and expressing interest; they’re ready to purchase if given a reason to do so; and, they’re curious about what’s in it for them.
Moving into conversion, you introduce a solution or concept to a customer. Here, the journey turns into what is known as the evaluation stage. During this stage, customers decide whether to buy your product or service. Evaluation typically occurs after they’ve made their initial purchase – at this point, you have established a lead, a potentially strong customer if you play your cards right. Now, you must close the sale.
Online marketing funnel systems typically utilize two primary metrics to evaluate sales: customer satisfaction and return on investment. If your online business isn’t optimizing either of these measurements, it’s time to reevaluate the marketing mix. Here’s what you need to consider as you review your marketing funnel:
Which channel is better for my needs? – This is an important question to ask yourself as you evaluate your marketing mix. While some tracks are excellent for raising revenue and improving profit margins, they may not be ideal for increasing sales and conversion. For example, suppose you only offer a free e-book or video tutorial and do not offer ongoing marketing strategies or opportunities for subscribers to upgrade their service. In that case, you are not maximizing your revenue potential.
Which prospect is most likely to convert? – To optimize your online marketing funnel, you must determine who is most likely to convert. First, you will evaluate your prospective customers to identify key driver behaviors such as whether they seek information, seek service, and look for a solution. Once you’ve placed your ideal customer, then you can use your marketing funnel to promote only that one customer – and no one else.
Which prospects are getting the most benefit? – In most online businesses today, the journey isn’t the destination. While many people want to know where they’re going, fewer ask themselves which path they should take to get there. Funnel coaching courses help you learn how to conduct your customer evaluation of your own prospects’ journeys to maximize return on investment by targeting the most profitable customers.
What is a funnel in the first place? In the simplest terms, it is an imaginary map through which you can follow your customers from awareness (the initial awareness stage) to conversion (the consideration stage). It helps you understand your customers – their likes, dislikes, preferences, etc. – and in turn, it enables you to communicate more effectively with them. A well-constructed funnel is characterized by an easy-to-read road map that allows your prospects to navigate your products and services from awareness to consideration to conversion. What is a Funnel? The First Step to a Lucrative Online Marketing Campaign