8.21:
Marketing Funnel – Concept
The Marketing Funnel is a model representing a customer's journey from product discovery to purchase.
It acts as a guide for businesses on media channel selection decisions.
Consider Fast Twitch, a new Gatorade product. The goal is to convert Jerry, a potential customer, to a loyal one.
First the 'Awareness' stage. Through marketing campaigns like advertisements or store displays, Jerry is made aware of Fast Twitch.
Next the 'Consideration' stage. Jerry seems interested in Fast Twitch and is encouraged to compare it with other brands and check out reviews.
Gatorade ensures that information about Fast Twitch's benefits and features is readily available, helping Jerry to make an informed decision.
Finally, the 'Action' stage. This is when Jerry buys a Fast Twitch.
If the experience is rewarding, Jerry becomes a loyal customer.
By understanding and optimizing each stage of the funnel, Gatorade plans its marketing efforts strategically.
This way, businesses attract potential customers, nurture these prospects into leads, and ultimately convert them into loyal customers.
8.21 Marketing Funnel – Concept
The marketing funnel represents the customer's journey from initial product or service awareness to purchasing. It is illustrated as an inverted pyramid, which is divided into various stages, and each stage fulfills a distinct role in marketing.
The awareness stage: It marks the beginning, where potential customers become acquainted with a product or service. Marketers focus on generating brand awareness and attracting a broad audience through content marketing, social media, and advertising.
Consideration stage: In the middle of the funnel, potential customers move beyond awareness, expressing interest in the product. Businesses nurture leads with detailed information, addressing pain points, and building trust using email marketing, webinars, and lead magnets.
Action stage: The bottom of the funnel represents the stage where leads are considered highly qualified and are close to making a purchase decision. Here, the focus shifts to converting these leads into customers through tactics like sales calls, free trials, or demos.
Post-Purchase: Focus shifts to retaining and turning customers into advocates through excellent support, feedback gathering, and encouragement for referrals or positive reviews.
The marketing funnel aids businesses in optimizing customer acquisition by tailoring efforts and content to specific needs and behaviors at each stage.