THE FUNNEL Flashcards
Top of the funnel (ToFu)
Even though the flywheel has arrived, the funnel still represents how you turn prospects into customers. The top of the funnel refers to the first stages of the buying process. During this stage, buyers are becoming aware that they have an issue and are looking for more information. Whether it’s subscribing to a blog or watching a video, you want to have helpful content that prompts visitors to take the desired next steps.
Middle of the funnel (MoFu)
The middle of the funnel represents the middle stage of the buying process. Buyers have identified that they have a problem and are continuing to do more research; however, now they are looking at content, such as a case study, that brings your business in as a solution to the problem they are trying to solve. This is also where responsibility for leads is typically transferred from marketing to sales.
Bottom of the funnel (BoFu)
The bottom of the funnel represents the last stage of the buying process. This is when the buyer has identified a problem, researched possible solutions and is getting ready to buy. At this stage, buyers are typically requesting either a free demo or consultation & beginning a conversation with a sales rep.
Marketing qualified lead (MQL)
A marketing qualified lead (MQL) is the third of six lifecycle stages in the buyer’s journey. MQLs indicate the number of visitors you’ve converted who are good fits for your organization.
When a company confirms a lead is a good fit, that lead becomes an MQL. Once a lead becomes an MQL, the company works to further qualify the contact and nurture them down the funnel.
Sales qualified lead (SQL)
A sales qualified lead (SQL) is the fourth of six lifecycle stages (occurring right after the MQL stage) in the buyer’s journey. An MQL is characterized as an SQL when sales agrees with marketing that the contact has demonstrated enough interest and is a good enough fit to initiate a sales conversation.
The SQL stage also happens to be both one of the most important and most difficult stages for a company to define because it’s where the marketing-to-sales handoff occurs.
Conversation qualified lead (CQL)
Conversational marketing and chatbots are becoming increasingly important in today’s marketing landscape. A Conversation Qualified Lead is someone who has expressed interest in buying via a conversation with an employee or a bot. These leads are coming to you with specific questions that they want answers to in real-time.
Buyer’s journey
The buyer’s journey is the progression that a contact follows when researching and purchasing a product. It starts with the awareness stage, when buyers realize they have a problem, moves to the consideration stage, when they evaluate different solutions to that problem, and concludes with the decision stage, when they decide which contender best aligns with their needs and objectives and purchase it.
The buyer’s journey differs from the customer journey because not every prospective buyer becomes a customer. Individuals might go through some of the buyer’s journey stages without ever making a purchase.
Multi-touch revenue attribution
Multi-touch revenue attribution is the process of organizing, collecting and cataloguing all of the interactions that occur as an individual decides to make a purchase with your company. It helps businesses understand how their marketing is contributing to the company’s bottom line, giving marketers the credit they deserve for their efforts.
