The Funnel to Success
If you have ever had a meeting with a marketing agency or any well-qualified marketing consultant they most definitely dropped some digital marketing terms. It usually isn’t just to sound pretentious, although don't write that off. marketing is a derivative of sales so some narcissism is unavoidable- And I can say that because I have worked in both sales and marketing.
The entire digital sale is based on the idea that we want to move the consumer all the way from the awareness stage to the conversion stage, then from there we want to continue to find ways to turn that customer into our personal little piggy bank of other customers when we convert them to the loyalty or advocacy stages of the digital funnel.
In email marketing, this is a concept that gets talked about more than any other form of digital marketing because email is one of the only facets through which we can move a single customer through the entire digital funnel.
Heres an example for you:
A customer finds your website - awareness,
Signs up on your email pop-up on a website landing page (consideration),
After receiving the lead magnet promo he/she makes a purchase (conversion),
The customer continues to order from your site (loyalty),
Lastly, he/she forwards an email to a friend whom might benefit
from your product (advocacy).
This chain of events can range in time from a week to a year, which is why a well-timed, designed, and branded funnel can make a huge difference in increasing your brands viral coefficient.
Hold up. what's a viral coefficient?
Look at me sounding all pretentious again. A viral coefficient is exactly what it sounds like… if things sounded overly fancy and mathematical. This metric denotes the number of new users an existing user generates. In marketing, we don't just take into account the lifetime value of a single customer but how much value they bring as a single person and how many other people they bring.
Think about it,
You refer your friends to brands you love, but wouldn’t you expect them to do the same? Your friends, friends become advocates and their friend's friends. Hence the not-so-generous use of the world “viral”.
Here's a little math for your smart pants entrepreneurs to check out:
If 10 of your customers each tell 20 people about your store, you now have a potential customer pool of 200 people. say 10% of those become new customers, which is equal to 20 people. From just incentivizing 10 people, you gained 20 new customers, meaning you have a viral coefficient of 2. Each person will convert 2 new customers to your business.
So what's this have to do with funnels again?
Well a good email marketing funnel looks something like this:
Personally, I like to work off a 3-5-3 interval structure for ease of use. This is great for what I do since I work with small companies who may have customers not used to receiving a lot of emails. Some clients in small business have never received email marketing from the brand at all so this is a great way to make sure you don't hike unsubscribe and abuse rates.
Promo or lead magnet aka something that's going to get them to sign up.
3 days later:
Value- this can be a product, and story, a point of difference. Conversion for a cold lead doesn’t necessarily mean a purchase. If a cold lead opens an e-book or clicks on a button to read the brand story that may count because those are all valuable touch points.
5 days later:
Deal and product- show them you have what they’ve been looking for, even if they weren’t looking for it.
For marketing pros- offer an alternate offer if the first one didn’t get them.
3 Days later:
Create loyalty and an honest connection. The best way to do this is through social proof like press, reviews, recommendations.
5 days later:
If you want to get to the loyalty or coveted advocacy stage- you need to find continued ways to bring them value which is why you can't just set up a single funnel and walk away. You must continue to provide them with value-based content. The more personal, the better.
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