How to Build a Winning Full-Funnel Marketing Strategy
Getting conversions in today’s competitive market is tough. The latest stats show that in March 2020, 88.05 percent of online shopping orders worldwide did not convert into a purchase. One of the reasons for this is that many marketers still focus on a sales-heavy marketing strategy, which is all about pushing people to buy.
The brands that do better are the ones who implement a full-funnel marketing strategy. So, what is a full-funnel strategy and how can you build a winning one?
A full-funnel marketing strategy involves tailoring your marketing messages to the particular stage of purchase a customer is currently at. Rather than focusing only on sales, it considers the entire 360-degree customer journey and attempts to nurture relationships and build better brand experiences.
A good full-funnel strategy is heavily informed by data. This data, which is collected from a range of internal and external sources, enables you to tailor and optimize your efforts at each stage of the journey. The results are more sales and a greater ROI.
3 Stages of the Marketing Funnel
Here we will take a look at each stage of the marketing funnel, what they are, and what you should be focusing on.
Stage 1: Awareness
This is the top of the funnel. At this stage, customers are experiencing pain points but aren’t yet aware of your brand or product. The focus here is to draw attention from potential customers through engaging, educational and easy-to-discover content that caters to their needs.
Stage 2: Consideration
This is the middle of the funnel. At this stage, you have captured your prospects’ attention and they are actively seeking or interested in information that helps solve their problem. The focus here is on building trust and continuing to engage them with relevant marketing messages, so they think about you over the competition.
Stage 3: Conversion
By this stage – the bottom of the funnel – prospects are already familiar with your brand and have been receptive to your brand communications. They are now weighing up their options. The key here is to make it easy for them to say yes, click and complete the sale.
So, when you look at the marketing funnel holistically, you should cast your net wide to capture potential customers at the top of the funnel. As you move down the funnel, your efforts should become more focused and targeted as you collect data and learn more about your prospective customers.
Effective Tactics for Each Stage
To create a winning full-funnel marketing strategy, here are some proven tactics you can easily implement in your business. Not only can they boost performance, but they can also encourage sustainable growth.
1. Use video ads to generate awareness
Video advertising is one of the most effective ways to generate awareness. Not only is one-third of all online activity spent watching video, but videos also generate higher engagement, with prospects 27.4 times more likely to click a video ad than a banner ad.
As today’s customer journeys are fragmented, the key to success in video advertising at the awareness stage is reaching the right people on the right channels. By knowing your target audience, as well as and what their journey looks like as they switch between screens, you can reduce ad spend and boost impressions.
Artificial intelligence (AI) tools can help you map which devices a customer is using and create behavior profiles based on their interests, viewing patterns and purchase history for effective video ad targeting. User-generated and how-to video content works well at this stage.
2. Leverage personalized engagement to drive consideration
At the consideration stage, focus on building desire for your brand. An effective way to do this is by sending interactive, personalized marketing messages which deliver engaging and informative content based on your prospects’ behavior and interests.
Tailor your website content for first-time visitors based on their interests. Use machine learning (ML) to analyze legally compliant third-party data to discover what their interests are outside your channels in order to create personalized website content.
You can also leverage hyper-personalized EDMs and push notifications to increase open rates and engagement. This involves combining data from your owned channels with data from external channels to better understand customer behavior and interests and develop a holistic customer view. This insight will enable you to develop relevant, targeted and timely recommendations to drive consideration.
3. Focus on high-value customers for more conversions
To drive action at the conversion stage, segment your warm prospects by demographics and behavior and continue to deliver highly-personalized product recommendations. To reduce overspend, focus your efforts on the most valuable customers by using deep learning (DL) tools to identify your best segment combinations and rank them according to the likelihood to purchase. Next, use natural language processing to better understand the interests of your most valuable customers, and then leverage DL to predict which products are most likely to drive conversions.
Some customers might be on the edge of purchasing but just need a little push. You can use intelligent promotional marketing to encourage them to check out. Use advanced ML tools to help you identify who these hesitant shoppers are, while excluding window shoppers and guaranteed buyers. You can then target them with relevant offers and coupons, speeding up conversions while keeping ROI down.
By following this full-funnel approach, you can nurture prospects and existing customers from the stage of awareness to consideration and conversion. Importantly, don’t stop once a conversion has taken place. Turn the funnel full circle by measuring, evaluating and using your data to inform your future efforts.
* Do you want to put some of this advice into practice and build a winning full-funnel marketing strategy for your brand? Contact our team today to learn more our full-funnel AI marketing solutions.
WE ARE HERE TO HELP
YOU MIGHT ALSO LIKE
Artificial intelligence (AI) has enormous potential to help you grow a business. It has the power to automate tasks and tap into the power of big data, boosting innovation, insight and decision making. So how can your organization harness its power and reap its many rewards? By becoming an AI-driven enterprise, and putting AI at the heart of everything you do. If that sounds like a tall task, then read on, as we will explain exactly what it means, how you go about it, the challenges you will face and how to overcome them. Hey Siri, Build Me a Business Empire: What AI Can Do for Your Enterprise Most people might know AI from its consumer uses such as personal assistants like Apple’s Siri and Amazon’s Alexa. So how can the same technology help a business achieve its goals? In other words, what exactly is an AI-driven enterprise? “An AI-driven enterprise is one that continuously leverages data and AI techniques to grow and improve its business,” says Charles Ng, VP of AI Enterprise at Appier. “This requires a strong data infrastructure, a data-driven decision-making mindset and a willingness to experiment.” AI can help with practically all aspects of a
Predictive modeling is considered a subset of artificial intelligence. Not only it can help businesses predict the future, but it can also propel growth. What is predictive modeling? How can it be applied in various marketing and business scenarios? What Is Predictive Modeling? Predictive modeling is a process of creating a model to predict likely outcomes based on data collected from past and present events. The types of data used for prediction include transactional data, CRM data, advertising data, customer service data, economic data and demographic data. Predictive modeling can be used to predict anything from customer churn to credit risk, sports results and TV trends, making it easier for businesses to justify critical decisions, increase profits, and create a significant competitive advantage. What Are Some of the Most Widely Used Predictive Models? There are several different types of predictive models and algorithms. Figuring out which ones are best for your business is essential to getting to most out of the process and to making informed decisions. Regression Model Regression algorithms predict a dependent variable based on independent variables. It is a way of mathematically figuring out which of those variables actually has an impact. Classification Model The
Alibaba pledged that this year’s Singles’ Day shopping festival will be the largest-ever in terms of “scale and reach“, and marketers can now use personalization powered by artificial intelligence (AI) to get the most out of this golden opportunity. The one-day shopping extravaganza will take place on Nov 11, which marks its 10th anniversary. As Alibaba is taking the event global this year, around 180,000 brands from China and abroad will offer promotions and discounts to shoppers. The Chinese e-commerce giant is also offering 3,700 categories of imported goods from 75 countries and regions on Tmall Global, its dedicated cross-border portal. Lazada, a Singapore-based e-commerce site with US$4 billion investment from Alibaba, will participate in the shopping event for the first time. It’s expected to attract buyers across Indonesia, Malaysia, the Philippines, Thailand, Vietnam and Singapore. To fight for shoppers’ share of wallet, many brands start to showcase their best promotions weeks ahead of the day. But how to stand out from the crowd in such a high-stakes game, and engage with the right audience with the right message that will maximize conversion later? Here are three steps that how you can nail your marketing for Singles’ Day through AI-driven