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
Audience segmentation is a science that has previously relied on data and analysis of past behavior. Here’s how marketers can use artificial intelligence (AI) predictively to segment their Facebook audience more effectively at a lower cost per action. Social media platforms are a dream for marketers who are interested in the granular aspects of consumer traits. While audience segmentation is not a new practice, it’s becoming increasingly sophisticated in an age where you have reams of data about consumer behavior at your fingertips. How you use that data effectively is another story. At the moment, when marketers practise audience segmentation, what you are trying to do is analyze the data and identify traits that will indicate whether a customer is likely to take a desired action. You then use this to build a persona you use as a target for your ads. It works, to an extent. However, as social media marketing become more expensive – Facebook’s cost per click increased 92 percent in Q1 2018 compared to the same period last year, while click-through rates remain flat – you should be asking yourself how to optimize audience segmentation to get the best return on investment. First, Find Inefficiencies
Appier celebrates our 5th Anniversary this year. We share some milestones of the company’s progress in our journey towards Enterprise AI in this infographic. Appier – then and now About Appier Appier is a technology company which aims to provide artificial intelligence (AI) platforms to help enterprises solve their most challenging business problems. Appier was established in 2012 by a passionate team of computer scientists and engineers with expertise in AI, data analysis and distributed systems. Appier serves around 1,000 global brands and agencies from offices in 14 markets across Asia, including Taipei, Singapore, Kuala Lumpur, Tokyo, Osaka, Sydney, Ho Chi Minh City, Manila, Hong Kong, Mumbai, New Delhi, Jakarta, Seoul, and Bangkok. For more information please visit www.appier.com.
Customer lifetime value (LTV) is a significantly important metric for any growth company. So, what exactly is it? Why is it important? And how can you measure and increase it? Here we answer all these key questions to help you better understand why you should and how you can boost customer LTV. What Is Customer Lifetime Value? Customer lifetime value is a metric that tells you the average amount of revenue customers will generate over the lifespan of your relationship. It looks at how much your customers have spent over a defined period and, using this, you can anticipate how much they are likely to spend on your products in the future. It also takes factors into account like customer acquisition costs, sales, marketing and operating expenses, and product manufacturing costs. The longer a customer continues to spend money with your brand, the greater their customer lifetime value becomes. Why Is Customer Lifetime Value Important? Firstly, customer LTV is important because the higher it is, the bigger your profits. Secondly, knowing your customer LTV gives you valuable insight into how good your products are and how well you are engaging with your customers. If your LTV is high,