The Marketing Funnel is not dead, it’s just complicated.
If you are familiar with the marketing funnel then you may laugh at my blog title. If you are not familiar with a marketing funnel then refer to the image below. This is considered a traditional marketing funnel:
As you can see, the marketing funnel is a funnel (literally) that explains the consumer pathway to your business. The funnel starts with awareness and moves through a variety of specific steps that lead to purchase. However, this is far from the realistic image of a marketing funnel today. Thanks to advances in digital marketing, the shift to inbound marketing and marketing innovations, the funnel doesn’t quite look the same.
This is a more realistic image of a marketing funnel that accurately depicts what your funnel might look like:
As you can see, the path is slightly more complicated, with a few extra stops along the path to purchase. And this is a direct result of all the various ways a consumer can engage or interact with your brand. From the moment someone learns about your business, to their research, then their delay, then more research, then more delay, and then finally a purchase. If not, some version of that.
Think about the last time you bought a car. Likely, the first step you took was researching a variety of cars to narrow down your choices. This would have depended on variables like budget, mileage, what is available locally, etc. In fact, market research shows the average consumer has a 3 month cycle between deciding to purchase a car and actually making that purchase. Hopefully your sales cycle isn’t that long, but it could be. After all is said and done, you still have to go to a dealership and close the deal on your new car.
Why you need to know your marketing funnel
Have you ever identified your marketing funnel? It can be a challenging task. Especially if you don’t have the right tools in place to track your marketing data accurately. Many business owners realize this is the case after they attempt to evaluate their marketing funnel.
The importance of learning about your marketing funnel is first to ensure you have one. How are your consumers finding your business? What kind of research are they performing before contacting you? What decisions do they make before finally taking that purchase step? These are all crucial answers for your business.
If you don’t have a marketing funnel or need to identify yours, Nixx Media can help.