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Marketing Strategy
A framework can help to create an effective marketing strategy.Â
Building a marketing funnel can help you visualise youâre strategies and help develop an effective campaign.
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Marketing Funnel Definition
A marketing funnel is a structure businesses use to turn strangers into loyal customers.
A marketing funnel helps envision the entire process of the customer's journey from noticing the business to finally making a purchase. Digital marketers will cast a wide net to get as many leads as possible and then nurture them in every stage of the journey through the purchasing decision.
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Marketing Funnel Stages Explained
There are numerous versions of the marketing funnels. Â
The simple marketing funnel model contains three stages to help visualise the entire process of the journey.
- Tofu (Top of funnel)
- Mofu (Middle of funnel)
- Bofu (Bottom of Funnel)
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Tofu (Top of Funnel)
Tofu is the first stage and the wider part of the funnel. Tofu is all about making the targeted audience aware of your business.
Prospects can be drawn into this stage through marketing campaigns such as events, trade shows, advertising, blog posts, infographics, and social media.
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Mofu (Middle of Funnel)
Mofu is where you position your company as the best product or service provider to suit the customer's needs.
This stage is used to provide enough value through podcasts, comparison charts and webinars so that your website visitors are interested to learn more about your company and establish a relationship with you.
You can further nurture prospective customers by offering free trials or product demos.
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Bofu (Bottom of Funnel)
Bofu is where you turn leads into customers. As a marketer, you have already built enough trust with your prospective customers and can present your brand in a compelling way that inspires your prospects to take action.
The bottom of your funnel might look like a limited-time offer for your products or services. Your task is to ensure prospects have enough information about the product beforehand, so they will want to complete the transaction.
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Sales Funnel vs. Marketing Funnel
Sales and marketing go hand in hand but have different functions.
- Sales are more focused on generating revenues.
- Marketing is more focused on driving sales.
Both can use the funnel strategy to create revenue for the company.
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Benefits of a Marketing Funnel
- A marketing funnel simplifies the customer journey.
- It is useful for nearly any customer interaction.
- It enables you to influence customers at every stage.
- It helps you understand and visualise the process, allowing companies to map out each marketing campaign stage.
- It provides a greater opportunity to drive bigger sales, more loyalty, and stronger brand awareness.
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