Analyzing Marketing Funnel of Competitors Flashcards
How many % only of purchases are made @ first customer touchpoint?
2%
What is customer touchpoint?
any in / direct interaction with the brand
The process towards a purchase is called ______ & the customer’s journey
Marketing Funnel
used to generate traffic, convert traffic to make a purchase & nurture those loyal customers
Marketing Framework
Benefits of understanding MF can: (6)
give you
- greater sales
- more loyalty
- stronger brand awareness
- have solid traffic source + plan & tested to create leads
- —– - gain better understanding of target audience
- create personalized content that appeals to your audience
What model was presented by Elmo _____? What year?
- Elmo Lewis
- AIDA (Attention, Interest, Deseire, Action) Model
- 1898
5 Parts of AIDA?
- Exposure
- Discovery
- Consideration
- Conversion
- Retention
this AIDA model means:
a customer goes through sequences when purchasing
Attract attention or ____?
Exposure
Caught interest + 1_____________ = 2___________
- Maintain interest
2. Trust & loyalty
- Explain how they’re going to benefit with our products/services ((don’t put emphasis on your products first)) ((benefits are more appealing than features))
CONSIDERATION (Desire)
- Persuade them to buy or take trial so they will purchaseCONVERSION (call to action)
CONVERSION (call to action)
- Persuade them that your products have SOLUTIONS to their issue & add values to their life
CONSIDERATION (Desire)
- Initial point of contact with potential customers as they enter the funnel
- Make potential customers aware of your brand/product/service
EXPOSURE
- Customers already interested -> likely to engage on socmed, advertisements, website
- Step to build their trust & inform them on your products
DISCOVERY
- Following up to new & existing customers, u can cultivate loyalty
- Repeat buyers & send new buyers
RETENTION (build loyalty)
- TOUCHPOINTS: product/service guides, downloadable templates, free trials/consultations, chatbots, special offer, text bursts & electronic direct mail (EDM)
CONVERSION (call to action)
- TOUCHPOINTS: Positive reviews, case studies, product guide, video testimonials, sales letter & features/interviews
CONSIDERATION (Desire)
- TOUCHPOINTS: tutorials, customer support, newsletter, surveys, special deals, upsetting cross-selling, subs upgrades, REFERRAL & retargeting ads, FEEDBACKS ((with faces happy to sad))
RETENTION (build loyalty)
touchpoints: landing page, paid ads, socmed posts, PR articles, podcasts, webinars, events, influencer posts, etc
EXPOSURE
- TOUCHPOINTS: targeted ads, socked posts, blog posts, PR articles, Webinars
DISCOVERY
- “Do ppl follow your socmed pages or visit your website?”
DISCOVERY
- “Do people know about your brand?”
EXPOSURE
- “Do ppl trust your brand?” & “Is it clear to ppl what your brand is offering?”
CONSIDERATION (Desire)
- “Do ppl transact/purchase your products/services?”
CONVERSION (call to action)
- “Do ppl stay with you?”
RETENTION (build loyalty)
Why analyze Competitor’s MF? (3)
- Discover what their up to, ads they target, email flows, which audience theyre talking to? (THEIR MARKET SHARE)
- Provide insights for your own campaigns, identify gaps in the market, how much threat they are
- Identify industry trends & plan strat accdg
Best way to start & understand your competitors?
Be their customer.
How? to analyze compet’s MF:
- Look at it from the customer’s perspective
2. Document the experience & observe efforts of them
