Is The New Marketing Funnel Now An Hourglass?

Understanding the marketing funnel: A closer look

It’s crucial to dissect the marketing funnel into its numerous stages to fully grasp it. A closer look at each stage and what it comprises is provided below:

• Awareness: Customers are simply learning about your brand at the top of the funnel. This might occur via a variety of platforms, including social media, advertising, or word of mouth. The objective at this point is to catch their attention and introduce them to your brand.
• Interest: After discovering your brand, customers may begin to express interest in your goods or services. This could entail doing research on your company, going to your website, or joining your email list.
• Consideration: At this stage, customers are actively considering whether to make a purchase. They may be comparing your products or services to those of your competitors, reading reviews, or seeking out more information about your brand.
• Purchase: This is the bottom of the funnel, where customers make a purchase and become paying customers.
• Loyalty: Finally, if customers have a positive experience with your brand, they may become loyal customers or brand advocates who are more likely to make repeat purchases and recommend your brand to others.

Using the hourglass shape to guide your marketing efforts

The hourglass shape represents the entire customer journey, from brand discovery to brand loyalty. By focusing on what stage leads are stalled in, you can address any gaps in your marketing efforts and improve your overall sales and brand advocacy. Here are some ways to apply the hourglass shape to your marketing efforts:

• Brand discovery: Concentrate on increasing brand awareness at the top of the funnel through techniques like social media advertising, content marketing, and influencer marketing. To reach people most likely to be interested in your goods or services, think about using tailored advertisements.
• Market research: Once consumers begin to show an interest in your brand, make sure you have a strong online presence with a website that is simple to use and offers helpful information about your goods or services. Think about producing a blog or other online content that highlights your knowledge and benefits potential clients.
• Comparison: To encourage customers to move from the consideration stage to the purchase stage, make sure that you have a strong value proposition and that your products or services stand out from those of your competitors. Consider offering promotions or discounts to incentivize customers to make a purchase.
• Purchase: At the bottom of the funnel, make sure that the checkout process is easy and straightforward. Consider offering free shipping or other incentives to encourage customers to complete their purchase.
• Loyalty: To turn customers into brand advocates, focus on providing excellent customer service and building a strong relationship with your customers. Consider offering a loyalty program or other perks for repeat customers.

Measuring the effectiveness of your marketing funnel

Finally, it’s important to measure the effectiveness of your marketing funnel over time. Here are some metrics to keep in mind:

• Traffic: Look at website traffic and social media engagement to see how many people are aware of your brand and showing interest in your products or services.
• Conversion rates: Measure how many customers are making a purchase or becoming paying customers, and how many are becoming brand advocates or loyal customers.
• Customer lifetime value: Look at how much revenue each customer is generating over their lifetime to determine the overall effectiveness of your marketing efforts.

By understanding the marketing funnel and using the hourglass shape to guide your marketing efforts, you can attract new customers, retain existing customers, and increase your overall sales and brand advocacy. By measuring your results over time, you can refine your approach and improve your overall marketing strategy.