Your conversion funnel is a valuable tool for understanding your customers’ experiences online with your company. Find out what a conversion funnel is, how you can map yours and how to use it to boost your marketing performance, here:
What Is A Conversion Funnel?
A conversion funnel is the flow or journey that a customer takes online before a conversion. Conversion funnels work based on the knowledge that customers arriving on your website won’t always purchase your services or products immediately. Instead they will need to move through several stages. Customers arrive at the opening of the funnel and are gradually nurtured through each stage before they finally convert into a lead. As customers move through this journey a percentage will drop off, meaning that the opening of the funnel is much wider compared to the final ending point.
How Many Stages Are There In The Conversion Funnel?
A typical conversion point can be split into the following stages:
- Awareness – your customer needs to become aware of your brand.
- Engage – your customer needs to learn more information about your product and build an interest.
- Persuade – at this point in the funnel your customer will need to learn why they should pick your product over competitors and feel like your brand is one they desire.
- Convert – this is where the customer is nudged into taking an action.
In some models of the conversion funnel, marketers also include the following stage:
- Retain – once a customer has purchased your service or taken a desired action, you can keep them engaged and loyal to your services.
Different marketing channels perform effectively at different points in the conversion funnel. For example, email marketing would be good for engage, persuade, convert or retain, but not for initial awareness. A PPC campaign would be good for initial awareness or for the final nudge into a conversion but not as effective at ‘persuading.’
How Can The Conversion Funnel Affect Your Marketing?
By understanding your conversion funnel, you can use the journey to boost your marketing performance. Are you conducting enough marketing activity to cover each part of the funnel? If you’re not currently running any marketing for ‘awareness,’ then think about setting up a display campaign. Or if you don’t have any activity to cover the ‘delight and retain’ aspect of the funnel, then review your post-purchase points of contact, such as sending customers an email with an offer code, or personalising the invoices that you send out.
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