Part III - Funnels Flashcards
What is a marketing funnel?
A sequence of activities to build brand awareness and attract people to the sales funnel
How many stages are in a marketing funnel?
Four stages
What happens in the Awareness stage of the marketing funnel?
Targeted marketing and ad campaigns attract customers to the brand
What is the goal of the Consideration stage in the marketing funnel?
To build relationships and create a positive brand image with potential customers
What occurs during the Conversion stage of the marketing funnel?
Potential customers may become qualified leads and are directed to make a purchase or handed off to the sales team
What is the focus of the Loyalty stage in the marketing funnel?
To build a reputation that keeps customers coming back
What activities are involved at the top of the marketing funnel?
Activities aimed at building awareness
-Search engine optimization
-Pay-per-click advertising
-Social media engagement
What is the challenge for customers at the top of the marketing funnel?
They either do not know much about your brand or do not know it at all
How can marketers overcome the challenge at the top of the marketing funnel?
By conducting market research and advertising solution to target market
What marketing activities are used to engage customers at the conversion and loyalty stages?
Activities designed to keep the brand at the top of customers minds
-Content marketing
-Targeted ads
-Nurturing campaigns
What is a sales funnel?
A visual representation of a customer’s buying journey
How many stages are in a sales funnel?
Five stages
What occurs during the Awareness stage of the sales funnel?
Qualified leads enter the funnel
What happens in the Interest stage of the sales funnel?
Potential customers learn more about your brand, while conducting competitive research
What defines the Decision stage in the sales funnel?
Prospects understand how your company can benefit them and may research pricing and other options
What happens during the Action stage of the sales funnel?
Prospects are ready to make a purchase and are expected to convert
What is the focus of the Loyalty stage in the sales funnel?
Customers who have purchased may continue buying or recommend your business to others
What are the goals and activities at the Top-of-the-Funnel (ToFu) stage in a sales funnel?
Develop brand awareness and build relationships by sharing videos content inviting to webinars and informational meetings
What is the focus during the Middle-of-the-Funnel (MoFu) stage?
To nurture trust evaluate the brand against others and provide targeted information or product demonstrations
What activities are typical at the Middle-of-the-Funnel stage?
Conducting nurture campaigns providing more targeted information and offering product demonstrations
What happens at the Bottom-of-the-Funnel (BoFu) stage?
The prospect is ready to make a purchase and information is shared about product superiority and price negotiations occur
How can a business nurture a relationship after converting a prospect into a customer?
Through loyalty programs, social media, and email newsletters to encourage future purchases and maintain the relationship
What is the main difference between the marketing funnel and the sales funnel?
The marketing funnel aims to draw potential customers to the brand while the sales funnel focuses on converting prospects into customers
Why is it important to align the marketing and sales funnels?
To develop a better understanding of leads and customers at all stages and tailor messaging to meet their needs effectively
What benefits does aligning the marketing and sales funnels provide?
It allows for tailored messaging improved understanding of customer needs and cross-functional learning opportunities between sales and marketing teams
How can sales and marketing teams benefit from operating together?
By sharing insights and information which helps in crafting personalized strategies and pitches and addressing customer pain points more effectively
What is a funnel analysis?
A method to understand the steps required to achieve an outcome on a website and track how many users complete each step
What is a funnel in the context of funnel analysis?
A set of steps users take on a website visualized in a shape similar to a kitchen funnel showing the flow and drop-off of users
What does a typical funnel analysis involve for an e-commerce site?
Tracking steps like:
-site visit
-adding to shopping cart
-clicking to check out
-completing a purchase
What does a funnel chart help visualize?
It helps visualize how many users are getting through each stage of the funnel and where the biggest drop-offs occur
How can funnel analysis be used effectively?
By identifying where users drop off to make targeted improvements in the product experience
What additional insights can funnel analysis provide when broken down by user type?
It can compare behaviors between different user types such as first-time visitors and returning visitors to identify specific areas for improvement
What is Funnel Science?
A data-driven approach using the scientific method experimentation math modeling and quality control through analytics to optimize the customer journey
What did traditional ad agencies rely on for their marketing efforts?
They relied on a creative process largely based on feelings and opinions without testing various creatives to determine the most effective version
What does the term optimization mean in a business context?
In business optimization means to lower waste reduce costs and increase efficiencies such as lowering the cost per acquisition
What is the goal of marketing as a science?
To understand, predict, and control customer behavior to effectively promote a business
What techniques are commonly used in marketing science?
Choice modeling
Conjoint analysis
Latent class regression
Logistic regression
Factor analysis
Discriminant analysis
Time-series analysis
Bayesian statistics
What does funnel science analytics refer to?
The process of using data analysis techniques to:
1. Gain insights into the performance of sales or marketing funnels
2. Optimize conversion rates and outcomes
What are the steps involved in funnel science analytics?
- Data collection
- Segmentation
- Visualizing the funnel
- Bottlenecks
- Hypothesis
- A/B testing
- Monitoring
- Iteration
What are the benefits of using funnel science analytics?
It helps businesses make informed decisions, improve user experience, increase conversions, and achieve better business outcomes through data-driven decision-making
