Going For Gold: The Marketing Funnel Redefined
What are Funnels?
As an entrepreneur, it’s hard enough managing the day to day operations of your business without even thinking about how you should market it and keep new sales coming in. Where do you begin? Well, funnels are usually the solution.
Funnels aren’t a new concept, especially to marketers. A funnel is the path of the customer’s journey from the awareness stage to the consideration stage, and then to the conversion stage. This defined journey allows you to track and optimise the steps in your strategy so you won’t burn money on ‘fluff’ (activities that don’t provide ROI).
Funnels help in mapping out your plan so you can work to achieve your goals. Rather than splashing marketing dollars here, there, and everywhere, funnels provide direction. The funnel will serve as the foundation for driving new customers into your business.
The Traditional Marketing Funnel
How do we bring in new customers? Start by mapping out your customer journey for each stage. The traditional marketing funnel has three stages that focus on Awareness, Consideration, and Conversion.
- Awareness: Strategies here are pointed out to a wider audience for your business to gain recognition. This is basically the introduction piece to your audience and will help establish your brand.
- Consideration: This is the stage where prospects consider and compare your product or service with other providers. It’s important to engage with them and entice them to choose you over the rest.
- Conversion: After attracting and engaging your audience, there’s a likely chance for them to convert. The conversion stage is where your leads make a purchase and turn into customers.
The top of the funnel focuses more on a broad audience to increase awareness. As you go down the funnel, the strategy gets more specific. Who your target market is, what drives potential customers to convert, and what makes them become repeat customers? All these can be determined by using the marketing funnel. Each stage focuses on different strategies and metrics, but all three have to work together for it to work. All together they can help you get started with managing your business in an effective and efficient manner.
The Golden Funnel
No doubt the traditional marketing funnel works, but it’s constantly evolving too. There are so many different marketing funnels, models, and strategies, that sometimes it gets overwhelming. Each of them has merit in a specific context, however, it can become very difficult trying to decide which to implement – especially if you’re working it out on your own.
This is why we developed our own funnel strategy called the ‘Golden Funnel’. We broke down the marketing funnel so you can easily digest the information and grow your business. No need to make it more complex than necessary; simple is always better.
The Golden Funnel is focused on driving direct results, and proven to be successful and relevant for many of our own clients in different industries. This isn’t only simpler but it’s also a smarter way to manage your business. We still focus on driving traffic, converting traffic into leads, and converting these leads into sales, but redefined the traditional marketing funnel down to 6 essentials to get you going.
What Makes Up The Golden Funnel?
With any strategy you generally want people to take action. Whether it’s to drive sales, sign ups, or whatever your objective is. It’s important to first figure out what your goals are before you go deeper with your strategy.
The Golden Funnel consists of these 6 elements:
- Target Audience/Profile
- Knowing your target audience makes it easier for you to get in front of them. Understanding how your target audience behaves and communicates will also help with strategizing to attract them. This can also help with creating other personas and opportunities you can potentially focus on.
- Offer/Lead Magnet
- This should capture your ideal audience’s attention and convince them to take your desired action. This is a valuable resource as your offer should be interesting enough for your audience to exchange their details with you. After capturing them, this will provide an opportunity for you to get in front of them again in the future. If you are new to lead magnets you can check this out.
- Ad Channel Selection
- Now that you know your target audience, choosing a digital channel highly relevant to your audience will help you gain more traffic and conversions. You should leverage targeted digital channels so you can attract the right market.
- Retargeting (to engage)
- Instead of focusing on getting new customers, retargeting has made it possible to re-engage with previous visitors or customers. This ties in with your offer as once you capture your audience’s details, it’s fairly easy to target them again. Ever heard of the Rule of 7? This means it usually takes 7 impressions before a prospect purchases from you. Retargeting ads will help trigger your audience to take action.
- Email Nurturing
- Email nurturing serves as a similar purpose to retargeting ads as this helps with re-engaging the lead. Once you have captured details and gathered more data, it would be possible for you to segment them and put out relevant content to entice them to take action. Putting out content relevant to your lead will help drive sales.
- Sales Conversion
- Your marketing efforts should tie in with sales. This is essential as it’s a major factor in determining whether you win or lose a sale. Having a reliable sales team with exceptional customer service will leave a positive impression and will likely drive future purchases. On the flip side, having an unsatisfactory sales process will potentially lead to unhappy customers who will then refuse to engage with or buy from you.
Where is the gold? The gold or rather, the value is in the execution of the Golden Funnel strategy. Once you get your own data and see results from this, you will have a basis so you can analyse and know how to proceed. Ongoing testing and optimising are essential so you can grow your business and further achieve your goals.
The Success of the Golden Funnel
With the Golden Funnel strategy implemented effectively, there will be a strong and consistent flow of leads coming into your business, making it a highly worthwhile investment of your time, effort, and money. If you’d like to hear about how we helped one of our clients use the golden funnel to grow from zero to 6000 leads you can check out the case study right here.
The most important factor for success here is setting your goals and having direction. Instead of just giving you a brief idea of the usual awareness, consideration, and conversion stages, this guide provides a more concise blueprint for you to follow. Utilising this strategy will provide you with tangible data that will assist in leading you to invest in the right activities to help you achieve the goals you’ve set. This way you can put a value and see actual return and results.
This is Gold!
It may have gotten a bit technical there, but now it’s time to put the ‘fun’ in funnel. You can now lay out your own Golden Funnel strategy and start pushing your business in the right direction. It’s going to be exciting to see your business grow and thrive so you can focus on bringing even more innovation and value to your customers.
If you feel you need assistance with the implementation or have any other queries about this, feel free to book a discovery call with us. We love helping businesses grow, and offer a range of packages to assist with this starting with very cost-effective coaching packages right through to full ‘done for you’ retainers.