The marketing funnel is a wonderful tool for marketers to use and analyze how to convert possible consumers or leads to active consumers. The marketing funnel is essential to understanding how to make a successful brand following. There are many versions of the marketing funnel some deconstructed and have many parts, while others are more simplified and bigger picture.
The marketing funnel allows a company to understand the consumer journey. The marketing funnel has changed and morphed over the years. The basic overview of the funnel includes the awareness, interest, consideration, intent, evaluation, and purchase stages. However many agree that the funnel needs to be open to consider what customers do after a purchase based on retention and return customers. The stages of the marketing funnel are as follows
Awareness is the highest and broadest stage of the funnel. Awareness is the part where prospects learn about your company or brand. This is an essential stage to grabbing attention and getting your brand name out there to build recognition. This part is more of a focus on educating about your brand to see if a prospect may be interested in taking it further.
The interest stage is the next level on the funnel. At this point, the prospect may decide that your product or service is what they may be looking for. This is the part that the company tries to really connect with the prospect, in order to develop a relationship to change and influence the next stage of the funnel, consideration.
Consideration is the next stage of the marketing funnel. This is the part where consumers are now possible customers. This is also the part the company may begin to be more helpful and discuss product specifications for a specific prospect. It is important to establish that your brand or service is perfect for what they are looking for.
The intent stage is where possible consumers show that they plan to purchase the product or are interested in doing so. Most commonly this may be in online shopping when someone puts a product in their virtual cart. This is the part of the marketing funnel where the brand must further convince the buyer that they should choose their brand.
The Evaluation stage is the final thinking stage of whether to get the product or service for the possible buyer. This stage is important for brands to represent how their product or service is the best and even give incentives to push them over to the next phase in the funnel, the purchase phase.
Lastly, we have the most concentrated part of the funnel, the purchase. This is where the prospect has decided to buy the product or service. Now the brand has to prove its value and make sure to carry on a positive experience throughout the purchase. It is important to maintain a good experience in order to cultivate consumer loyalty.
The marketing funnel is constantly changing and morphing based on need and demand. Now the marketing funnel has also morphed and changed where some companies add in new segments like loyalty and advocacy at the bottom. This may be when considered what a consumer does after making a purchase where the company can influence them to continue to purchase and even advocate and spread positive word of mouth about their brand. At Big Marlin Group, we understand the buyer experience and journey and provide your company with the resources and marketing services to build your brand.
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