Marketers spend a lot of time promoting a business’ presence, products, and service. These efforts aim to get prospective customers' attention, increase leads and conversions, and ultimately grow the business.
But knowing the different stages customers go through in their buying journey, how can marketers identify what matters most to their customers in each stage?
Let’s look at the difference between Sales and Marketing funnels to help you prioritize and implement marketing strategies that best benefit your business.
What’s the Difference between Sales Funnel and Marketing Funnel?
Marketing Funnel - The marketing funnel comprises all the inbound marketing touchpoints that a prospect encounters in a precise order. These touchpoints may be an email, a sponsored commercial, a podcast, a video, an eBook a whitepaper, a blog post, or any other kind of communication that leads them on a path to take action (such as buying something).
Sales Funnel- A sales funnel refers to the route prospects take to purchase a product or service from you. A paying client undergoes a sales journey from the top-of-the-funnel (TOFU) to the bottom-of-the-funnel (BOFU).
The Different Stages of the Sales Funnel
Prospects who enter your funnel will go from one level to the next, even if they do not make a purchase. The phases of the buyer's trip through the funnel are categorized according to their level of interest. The stages are as follows:
The Stage of Awareness
This is the fundamental stage at which the prospect contacts your brand, product, or service for the first time. TOFU activity at this level may include clicking a social media ad and visiting your website after conducting a Google search.
How you portray your brand/business may determine whether the prospect progresses from the awareness level to the next.
The Stage of Interest
The prospect's interest in your company, product, or service is piqued at the awareness stage. Prospects will compare your products and value proposition against the challenges they are attempting to address. If they believe your answer is the best, they will go to the next level of the funnel. If not, the prospect is dropped from the funnel at this stage.
The Stage of Decision
At this time, the prospect begins to delve deeply into middle-of-the-funnel (MOFU) activities. This might include reading blog articles, studying case studies and whitepapers, comparing products, etc. They aim to acquire as much information as possible before deciding on a product offering or packaging.
The Stage of Action
In the action stage, sales are converted, and prospects become paying customers (or not). Use cases, testimonials/reviews, live demos, a clear price page, and other BOFU information can assist prospects in taking swift actions.
Even if prospects do not become paying customers now, numerous marketing funnels may be developed to foster their interest in your product/service in the hopes that they will get converted soon.
Other Types of Marketing Funnels
The following marketing funnels can be developed as touchpoints in the buyers’ journeys to drive prospects to take different actions.
It is now known that marketing funnels are critical components of any inbound marketing approach. They assist in attracting new clients to your business, educating them on what you offer, and converting them to new customers. The sales funnel one example, and it's most likely the one you're most acquainted with. Stay tuned as we investigate other marketing funnels you should consider for your small business.
Final Words on Sales and Marketing Funnel
Make no mistake: building a sales and marketing funnel following the abovementioned process is complex. This isn't a job you will do in one day; it's something you'll want to work on as long as your firm is in operation.
Developing a marketing funnel is not an easy task, but it is one of the few possibilities you have to enhance your efficiency and effectiveness when completing business significantly.
Need help with creating a high-converting sales funnel? We at KLB Solutions got your back! Just sign up for our newsletter, and you’re good to go!
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