How Digital Funnels Apply to Your Business
Every business has a funnel. Whether you refer to it as a “digital funnel”, “marketing funnel” or “conversion funnel”, these processes exist for businesses looking to retrieve new leads, convert leads to paying customers and get repeat business from these customers. If you haven’t discussed your business’ digital funnel yet, don’t worry – you’re not alone!
Business processes take time, but mistakes can happen if you don’t do your research beforehand. Funnels aren’t one-business fits-all; they’re a multi-step campaign that leads a prospect towards a desired action based on your business goals. Organizations enjoy consistent growth, so crafting a funnel with measurable KPIs and clear targets for conversions, goals and sales. It’s a combination of the various types of funnels available as well as the different stages that make funnels effective for your enterprise.
5 Digital Marketing Funnel Stages You Need to Know
Each stage of the digital funnel builds on the one that comes before it, so strengthening each area of your process can contribute to your business’ overall growth. In addition to checking every stage of your business funnel, you need to be aware of the various types of funnels that a digital business needs.
Types of Digital Funnels
Conversion Funnels – According to Digital Marketer, a conversion funnel is simply a multi-step, versatile campaign that brings a prospective customer to a desired result. We can even break this definition down further, examining how a conversion funnel fits into three specific categories: acquisition, activation and monetization.
Your business needs to employ all three of these conversion funnels but you’ll need each one at different times in your business. Each one meets a particular goal; your monetization funnel isn’t meeting the goals of your activation funnel and vice versa. Focus on building the funnel your business needs today.
If you need to acquire new customers, create an acquisition funnel like offering market research white papers to help generate new lead prospects. Once you have your leads, you want to activate your buyers and get as many of these leads to convert. This leads into the monetization funnel, which is where you can snag your leads and turn them into paying customers.
Of course, you’ll want to track every step of your business journey so setting up your conversion funnel Google Analytics is a must. Start by defining your lead goals prior to creating your funnel as this will help you identify any problems at any point of your consumer’s paths.
Digital Sales Funnels – Sales funnels guide customers through the path of purchase with, hopefully, an end result of a sales transaction. Especially for e-commerce shops, you want to structure your digital sales steps in such a way that you offer customers something first before they actually make a purchase.
Business2Community outlines the ideal steps your digital sales funnel should take. It begins with keeping the lines of communication between you and your customer open; consider offering a freebie service like downloading a white paper in exchange for an email address. Pick something that a visitor to your website considers valuable enough that they would give up their contact information in exchange. Once you get visitors to sign up, redirect them to a page that not only thanks them but offers a special deal on a product you’re selling or is an extension of the free product you gave visitors. The big end goal is to redirect your visitor to a final sales page that offers you the product you ultimately are trying to sell.
Don’t panic if customers choose to not make the final big purchase – not all is lost when a visitor leaves your page. If they’ve traveled through the first two parts of your sales funnel, you still have their contact information in your database so you can contact them via email at a later date. And digital sales funnels aren’t only for online businesses. Suppose you’re in the business of selling bicycles. You could offer a freebie on the best bike trails or easy bike maintenance on your website for customers to download.
Facebook Funnels – Facebook and other social media platforms are great for engaging with your target market, considering how many people are constantly checking their social media profiles. If your company is on Facebook, that’s great for brand awareness and creating an open line of dialogue between you and your customers. But you could be making several mistakes when it comes to effectively implementing a digital sales funnel on your social media.
Fact: “At most decision points, more than 50% of your audience opts out.” – Brian Carter Group
For starters, take a good look at your sales funnel on Facebook. Are you spending a huge amount of money on ads and seeing little return? If you have thousands of likes on your page but are only getting minimal sales then you might be implementing too many steps from discovery to purchase. Your social content might not be shareable or engaging, resulting in a lack of shares and retweets. If the numbers aren’t promising, thoroughly comb through all of your social pages and see what needs fixing. It may mean revamping your landing pages and launching an A/B test to see what content users are engaging with the most.
At the end of the day, don’t be afraid to delve into customer research and figure out what it will take to sell your product. As a business your job is to sell so there are times you’ll have to be pushy and a little salesy if you want to remain in business. Figure out what is keeping people from clicking on your ads and making a purchase. Close the sale before your competitors take your potential customers.
The funnel marketing approach is the journey your customers take from the time they first discover your brand to the ultimate end goal of making a final purchase. There are a number of steps and types of funnels that contribute to your business growth and it depends on what stage your business is at and what type of industry you would classify your enterprise.
A customer’s online journey is complex, so your digital funnel will be different from everyone else’s. Focus on what your customers and what your business needs are today; you can build off of existing funnels and optimize channels that affect customer purchasing decisions. Your digital marketing funnel is a series of steps that takes time to properly develop. Before you launch your funnel, thoroughly research your target market and plan your strategy with analytics and a way to measure your progress. Create A/B tests to discover what customers are positively responding to and what isn’t working. You’ll need a little bit of luck and a ton of patience, but if you’re willing to work for it your digital sales funnel could skyrocket your business potential.
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