You may call it by a different name: Sales funnel, Marketing funnel, or Conversion funnel. No matter what you call it, your business needs a funnel. So what is a marketing funnel?
Basically, a marketing funnel is the theoretical journey a person takes towards a purchase or action. The path from awareness to action is, in essence, the marketing funnel.
There are three main stages of any marketing funnel: top of the funnel (TOFU), middle of the funnel (MOFU), and bottom of the funnel (BOFU).
The top of the funnel must start with awareness. Unless you’re a household name brand, you have to get your business name or product out there. A person can’t become a customer without being aware of who you are and what you do. This is the largest part of the funnel; it’s not where you’ll make money, but it is where you get people to enter your funnel and begin nurturing leads.
You can do this through marketing campaigns, social media, blog posts, or events and trade shows. At this stage you want to focus on getting your name in front of as many eyes as you can. Once someone has entered your funnel you want to keep them there until they are ready to take some desired action, like a purchase.
MOFU: Evaluation or Consideration
The middle of the funnel is where you start to get more targeted in your approach. You have their attention and now you need to nurture them until they are ready to take an action. Provide them with value through free downloads, podcasts, email marketing, and educational resources like your company blog or YouTube channel.
Give them enough information and show them the benefits of your company or product. Your goal in the middle of the funnel should be to get them to the intent stage where they start to show interest in taking action.
The bottom of the funnel is the most important step. This is where people decide if they want to take action or not. This means the job’s not over; you still need to give them one last push in the right direction.
Some great ways to do this could be through coupon codes, free trials or demos of your product, showing them reviews, or inviting them to an event. This is the final bit of information or incentive they need to take a desired action. The bottom of the funnel is also where a lot of leads drop off. It could be because they weren’t nurtured enough and thus don't have the right mindset or enough information to take action.
Get people into your funnel with broad marketing strategies that focus on awareness and not so much on selling. Nurture your leads by offering value and information so they can research and discover the benefits of your company. Once they’re ready to take action, be there to give them the last nudge they need to pull the trigger!