Curious about what a digital marketing funnel can do for your business growth? You’re already ahead of the curve. Roughly half of small business owners we informally surveyed had heard of a digital marketing funnel, but almost none of them could explain it, or knew if they were utilizing a marketing funnel in their own marketing program.
This may be fantastic news.
Because businesses that strategically create and implement a digital marketing funnel stand to experience rapid business growth. In other words, if you’re not already deploying a marketing funnel in your business, it might be your next big opportunity. Here are three reasons why.
Video: what is a digital marketing funnel?
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Let’s start with the top three benefits of a digital marketing funnel. You’ll:
1. Gain clarity as to the process of acquiring new customers
2. Establish measurable key performance indicators (KPIs) to evaluate success and improve weak spots
3. Gain a strategic plan for growth that everyone on your team can understand
What does a digital marketing funnel look like?
See our sample marketing funnel below as an example.
Three benefits of a marketing funnel: in detail
Now that you know what a digital marketing funnel is and have laid eyes on an example, let’s go into more detail about the three main benefits (among others) of creating a strategic digital marketing funnel in your business to increase sales.
1. Clarity of process to acquire new customers
Businesses often focus on the top of the funnel without thinking carefully through the middle of the funnel, during which customers engage with the brand and consider its value (and perhaps compare it to other solutions). It’s also common to overlook the bottom of funnel, which represents the final stage of the customer journey.
For instance, they may establish social media pages and track impressions and awareness-based statistics, a top of funnel activity that increases awareness of your brand. Or a business may build a website so customers can consider their services without visible and juicy call to action buttons that make it possible for their customers to take action and purchase.
Another common digital marketing misstep we see businesses make is collecting emails from customers and fans, and then never using that email list. Sound familiar? We aren’t judging you. However, this is a missed opportunity to nurture future customers and prospects, moving them down your digital marketing funnel closer to the conversion or purchase stage at the bottom of the funnel.
Chances are, if you lack a strategic marketing team, your funnel is imbalanced, ineffective, or completely lacking layers of it.
Mapping out your digital marketing funnel clarifies what marketing pieces need to be created (by establishing what layers are missing) and what ongoing digital marketing services are necessary to effectively implement your marketing funnel to grow your business.
2. Measurable KPI’s to score your digital marketing funnel
The power of a digital marketing funnel lies in your ability to measure its success. With clear data-based goals, you can measure how well each step of the funnel performs in moving your prospective customers and clients further down your funnel into the buying process and towards becoming a paying customer.
When you have an expert marketing team, they will evaluate how well each stage of your funnel performs, and make recommendations to shore up any underperforming layers. This data also empowers your team to make year over year comparisons, seasonal sales comparisons, and monthly sales comparisons that might inform future product development or prioritize key features. This analysis also clarifies which stages of the funnel need more support and invites analysis of how to fine-tune your results and improve your conversion rates.
A marketing funnel without KPI’s for conversion rates at each stage is a red flag. Without KPIs, the funnel will likely not perform its function of acquiring new customers and nurturing them into paying customers. You need to be able to measure your funnel for it to work.
3. A strategic plan for growth that everyone can understand
With clarity comes understanding, and when everyone on your team sees just how important their role is in acquiring new customers via a marketing funnel, you’ll experience more effective teamwork, higher morale, and greater productivity.
Your retention may increase as well when team members see the organization’s leadership team present a clear plan for success.
Curious how a partnership with an expert digital marketing team could make digital marketing funnels a significant part of your businesses growth?
The first step is to book an exploratory call with us.
