In this episode we explain what the marketing funnel means for your business.
Marketing Funnel Explained
What is a marketing funnel and why is it important to optimize? Put simply, a marketing funnel is the way of breaking down the customer journey from when they learn about your company to when they purchase your product and/or service.
A marketing funnel can become very complex, but in the video is a basic illustration to help you visualize what the funnel consists of and why it’s important to track each section of the funnel.
The Three Main Components To A Marketing Funnel
Awareness
This is the initial step of the marketing funnel and consists of where people are learning about your business whether that be through a paid marketing campaign on google or social media, or just organically through SEO, referrals, etc.
Consideration
So they have clicked on your ad, they are now on your website learning more about your product and/or service, what actions are they taking here? How long are they spending on your website? How many pages are they visiting? What is the bounce rate? There is a ton of questions to be answered here.
Conversion
The end goal! A conversion can be something like a direct purchase on your website, a contact form submission, or a phone call. Are people following through with a conversion or do they leave without taking any action?
Final Thoughts
This is an eye opener for a lot of business owners because the moment you start tracking this data, you start to realize where the improvements can be made in your funnel and how much revenue you are potentially missing out on.
You can track this information with something like Google Analytics and Google Tag Manager, then organize the data in an automated and easy to understand report so that you can track your performance.
From a marketing agency perspective, your marketing funnel is one of the first things that we analyze.
It’s no secret that having an optimized marketing funnel plays an important role in your revenue yet so many people overlook this framework.
Start Optimizing Your Marketing Funnel
Curious to know how we can help you optimize your marketing funnel? You can contact us here!
