Sales Funnels vs. Traditional Marketing - Why Funnels Reign Supreme
There’s no doubt you’ve heard the word funnel more times than you can count — in the business world, this means there’s a well-established process of taking someone from an unidentified prospect to a conversion or customer. This process includes a series of touchpoints and micro-conversions that work together to create a seamless experience for the customer.
However, not all marketing funnels are created equal. In fact, many are a complete waste of time — the traditional sales funnel has been outpaced by a newer, more effective strategy that focuses on relationships and turning customers into advocates for your brand.
The traditional sales funnel relied on hierarchical theories and a linear path from awareness to purchase to evangelism. While it aided growth during the 20th century, modern technology has introduced a breed of consumer who demands more from brands than simple pitches and demonstrations can provide. This generation has access to massive amounts of information at any given moment, and they’re savvy enough to sift through marketing fluff to find the value they need.
Using the old sales funnel model as a base, modern marketers have reworked the structure into something more aligned with the way consumers actually shop. This new model, known as the flywheel, shifts focus from sales to relationships, transforming your business into a trusted guide and turning customers into brand ambassadors.
A good modern marketing funnel is made up of three distinct stages: Awareness, Engagement and Consideration, and Conversion. Each stage represents an opportunity for your business to connect with your prospects and build trust.
At the top of the funnel, your audience is already aware that they need a product or service to solve their problem and that you have the solution. This could be from a Facebook ad, a video, a blog post, or a recommendation from a friend. At this stage, the goal is to capture their attention by offering them something of value – like a free downloadable or discount — while also demonstrating how your product can make their life better and solving their pain point.
In the middle of the funnel, your leads are interested in more technical content that addresses their pain points and highlights what makes you different from your competitors. This is where you can provide content like case studies, whitepapers and webinars that offer valuable solutions to their problems. Your lead nurture efforts in this phase should be aimed at converting their interest into a purchase, which can be done through email marketing and direct customer support.
Once a sale is made, you’ll have to do a little bit of work to keep your customer happy and loyal to your brand. A great way to do this is to offer add-ons and related products, so they can continue to experience your product’s value over the course of their lifetime. This helps increase your customer lifetime value (LTV), and ensures that they return to you in the future.
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