Funnel blackboard

The importance of the funnel in marketing

Why size matters with your funnel in marketing

The importance of the funnel in marketing is not to be underestimated.  It goes without saying that the bigger the funnel at the top in terms of leads, the bigger it will be at the bottom.  A small number of leads will produce a small number of sales, so the bigger the funnel is at the top, the better.

You’ll be trying to engage with your prospects through a range of activities such as email marketing, PR, social media and events.

(Note, just one of these activities won’t be effective, you need to do all of them.) Because of this focus on encouraging a large number of leads, a crucial activity will be building your mailing list.

Set calls to action to move your prospects into hotter lead status

In your marketing materials you will have calls to actions or things you want your prospects to do to help move them through the marketing funnel to become hotter leads (more about this can be found on this Kissmetrics blog).

Once they become hotter leads you can’t just leave it at that, you’ll need to continue marketing to them through email newsletters and campaigns or perhaps an event or a free trial.  It is very rare that a prospect wishes to buy straight away, prospects usually need several touchpoints with a brand to even be retained.

Don’t be afraid to pick up the phone

Unless you have a dedicated sales team, or unless you are doing consumer marketing, it is a great move to pick up the phone to create a more personal interaction.  This is  a good opportunity to listen to 1) find out more about your potential customer’s business and pain points and 2) to find out when might be an appropriate time to take your product or service.

Telemarketing is a key activity in the funnel in marketing and even consumer companies encourage their customers to phone them for a chat, like Aussie, the hair product company.  Check out their website, it has some nice personalisation stuff on it.

Reach out on social media

Don’t forget to schedule some time to contact people on social media as well as just schedule posts.  Success on social media is a combination of the two and it pays to use Hootsuite to create lists and then see what people are talking about.

Dedicate time to email marketing

To move prospects down the funnel, it is important to send timely emails and more of them for your hotter leads.  An email newsletter doesn’t just have to be about your company, but about trends in the market and other useful information you might think relevant.  There are a number of different email packages available to use including Constant Contacts, Dotmailer and Mailchimp.  More sophisticated systems may include a CRM, marketing automation and the ability to create landing pages.

A promotion can really seal the deal

Have you noticed how many companies are using promotions to engage with people these days?  Voucher codes, 2 for 1 offers, discounts, free P&P, the list goes on.  This is because promotions work – customers feel they are getting better value for money. Many business to business companies tend to shy away from promotions as they feel that they somehow devalue their product or service. However, promotion is one of the P’s of marketing and it has a powerful part (2 x p’s) to play in moving prospects through the final part of the marketing funnel and into those all important sales.

Consider the conversion rate

Whilst considering your marketing funnel you will need to consider your lead to sale conversion rate as this will help determine the number of leads you need in the first place.  The importance of the funnel in marketing is paramount in helping figure out marketing resource and required lead numbers.

 

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