What is a marketing funnel?
A Marketing Funnel is a series of steps that your audience follows to convert into leads or buying customers. Funnels can be as simple as a potential customer clicking on a Google ad, landing on a sales page, buying a product and then being directed to a thank you page.
That being said, you can have funnels that include many channels, audiences segmented by behavior, age, interests and so on.
Core KPIs to consider
As a business owner, you need to focus on two simple KPIs. Cost per sale if you are in the e-commerce space and cost per quality lead which you can easily identify if you have a strong sales system in place.
Most businesses expect great results from online marketing without making any commercial effort. For that reason, it is essential to understand the stages of sales funnels so that your sales team attacks when the moment is right.
Stages of a Marketing Funnel
Awareness: The point in which the person kind of just met you. Whatever the channel is, Facebook, Instagram or your blog.
Interest: When the person engages with your company or brand.
Consideration: When the person gets a free trial or subscribe to your newsletter
Intent: Acquiring your product demos or adding products to the cart.
Evaluation: Is that stage in which the persons go over the features, benefits, and pricing and it is the job of your marketing team to give the prospect this final push.
Purchase: The person has their checkbook or credit card handy. During this stage, you will upsell or even down-sell to avoid losing a hot lead.
Now that you understand the stages of a sales funnel. You will realize that thinking that somebody who downloads an eBook is a “lead” or coming up with a very aggressive promotional discount when they don’t even know you, are big mistakes, yet very common in most small and medium-sized companies. And most importantly, you can get your marketing team or digital agency on track!
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