Most businesses today do advertising and marketing aimed at getting a single sale per customer interaction. In most cases, the advertising engages with the customer once and most customers once they see the offer, say no and leave or they buy one thing and never return.
The net effect of this is that advertising does not really yield a positive return and business owners cut down on marketing and advertising when they should be spending more on that activity, which they would do if it yielded an immediate positive return. This situation can be remedied by using a marketing funnel.
What is a marketing funnel?
A marketing funnel is in essence, a step-by-step process where the customer is led from one step to the next and in each step offered more value in exchange for a purchase. This process, when handled correctly can have a significant impact on the revenue of a business.
Let’s look at the steps in a marketing funnel…
Awareness / Getting Attention
This is the first step where we need to grab the attention of the customer, making the customer aware of our existence in the first instance. This is a difficult task in itself as we are constantly fighting for attention with a number of distractions such as emails, social media, phone calls, other business and the list goes on and on.
Conversion to a lead
When the customer converts to a lead is at the moment when the customer is ready to listen to your offer. A good example is a restaurant when the customer walks pasts and smell the food, that grabs the attention. When he/she now walks in, sits down and asks for a menu, this is the moment when that customer has changed to a lead and you make your offer [in this case the menu].
Making the Offer
This is when we show the customer what we have available for them. In our restaurant example, this is when the customer is offered the menu and decides what to order.
Making Additional Offers
This is where we offer the customer more products or services. As any restaurant owner knows, a good waiter can make a major difference if trained properly. Customers can be sold additional drinks, wine a dessert after the meal etc. If the customer has a pleasant experience, these additional orders could be significant.
Follow up has 2 stages. Firstly you can follow up with leads that did not convert and get them to buy later. For example, if someone walked past your restaurant, walked in and asked about your restaurant availability for another day, these details could be collected and the lead contacted in the future to initiate a visit.
The second type of follow up is where we follow up with customers that have bought and turn them into repeat business. We could offer them a discount on a future visit or even a referral fee if they send friends or family. The best thing is to give them a terrific experience and they will come back again and bring everyone they know along.
Creating customer advocacy
All truly great businessmen know that your customers are your greatest marketing asset. If you are able to cultivate your relationship with them and create a real sense of community, you will become unstoppable. In other words, you need to “build a tribe” of loyal followers.
The steps above have always been the foundation of building a great business but with the advent of technology, this means that we can scale this process up by implementing systems and tools that help us to do this on a massive scale.
A scale on which we can DOMINATE our competition. Interested in Dominating your market? CLICK HERE