4 compelling reasons why you need a conversion funnel

4 compelling reasons why you need a conversion funnel

Branding, Marketing

A cone without ice cream is like a brand without a strategy – it may show promise, but will never achieve its full potential.

Being more tactical with your brand marketing spend will help you deliver on your potential, and avoid navigating the peaks and troughs which are unsustainable for any business.

A conversion funnel is a key part of your brand strategy. Simply put, it’s a process of influencing leads and prospects into becoming paying customers.

Sometimes called a sales funnel, or a marketing funnel, it’s made up of a sequence of events designed to convert leads to sales. So, we call it our conversion funnel 🙂

The goal is to add qualified leads at the top of your funnel, who will receive message sequences that will guide them through a series of steps to complete their buyer journey. 

Wait, not the J word again!

Yep! That’s right, they go on a  buyer journey. The first step on their journey is awareness; they have to know that you exist and what you offer. 

The next step is demonstrating interest; they are intrigued enough by what you’re offering that they decide to learn more about it. 

Then they are ready to do their due-diligence; to evaluate why they should make their purchase with you. 

Finally, they complete the process and commit to the purchase to become a new client.

The goal of each part of the conversion funnel is to get the lead closer to becoming a customer, by sending the right message, to the right person, at the right time.The buyer journeyIn this article we’re highlighting 4 essential reasons why your brand strategy needs a conversion funnel.

1) Lower customer acquisition costs & increase customer retention

We’ve said it before, and we’ll say it again (and again, probably); all your marketing activities should begin with a good understanding of your target customers. Your conversion funnel is no exception.

Knowing who you are addressing at each step of your conversion process will give your messages focus, preventing a ‘one size fits all’ scattergun approach. It will enable you to select the most effective channels for acquiring new leads and achieve the highest return on investment (ROI).

Unfortunately, not everyone who enters the top of the funnel is going to convert to a sale. However, once you know out of the 100 leads you add to the top of the funnel, that 10 will convert to customers, then you can adjust your lead capture budget accordingly to attract 1,000 leads. Confident in the knowledge that you’ll see a return.

You can also tweak your messaging to increase your conversion rate, so you can convert 20 or 30 leads out of every 100 prospects.

Additionally, you’ll be able to increase customer retention by creating a customer experience that addresses their needs. Creating content designed to help and educate your target audience will remove friction from the sales process, at the same time as building an informed and loyal customer base.

2) Let marketing automation do the heavy lifting 

Automating your conversion funnel process means you can sell to your new leads 24/7. However, automation means more than just a drip sequence of messages that use the prospect’s name in your message. It means you can use deeper personalisation around website activity, user data and content interaction.

Marketing automation also responds to user activity, such as opening an email or clicking a link, to trigger a new course of messaging designed to move your prospects to the next stage of their buyer journey.

This doesn’t mean you can “set and forget” your marketing automations. Keeping a check on your engagement metrics will enable you to identify how to improve your messaging. You can also address drop off points and build greater trust and credibility.

3) Consistently grow your email list

Your email database is one of your most important business assets – which should be continuously growing. Your conversion funnel strategy means you are always adding to your email marketing lists.

Email marketing is ideal for building relationships with customers and prospects. It provides a direct connection to your audience, to get feedback and request reviews and shares from your customers. This is especially useful if you’re running an ecommerce business that needs to build a loyal customer base.

“Email has an ability many channels don’t: creating valuable, personal touches – at scale.” David Newman

Using the customer data you have acquired from your conversion funnel activities, you can personalise your content to deliver valued correspondence and increase customer engagement.

You can easily track your email marketing activities, to see how many people open your emails and click through and engage with your brand. 

4) Metrics, measures and making improvements

Using conversion funnel automations gives you the ability to track the effectiveness of your messaging and make data-driven decisions to improve your campaigns.

Your funnel platform should provide performance data from lead acquisition, all the way through to purchase. To measure:

  • The best performing ad keywords, content and locations
  • Which social media platform sends you leads that convert
  • The effectiveness of landing page headings, copy and lead magnet offers
  • Lead magnet follow up message engagement
  • Audience interaction and drop off

When making improvements, the temptation is to change a number of things at once to make it all work better – but the key is to test on one thing at a time. 

By making just one change, you can test, measure and improve, rather than a scenario where you can’t identify which change made things work better (or worse).

It’s in the detail of your metrics that you get to make the sometimes small changes to increase your ROI, often without needing to spend a penny more on your paid lead capture campaigns.

Getting started with conversion funnels

Setting up a conversion funnel strategy can seem daunting. So, we’ve got you covered! We’ve broken it down into the separate elements that make up a successful lead capture and lead nurture process.

  • Define your conversion funnel goals
  • Research your target audience/conduct competitor analysis
  • Map out your sales funnel
  • Create a lead magnet to attract your target audience
  • Set up paid (and organic) marketing campaigns
  • Drive traffic from your social profiles
  • Build a dedicated landing page(s)
  • Craft a high converting Call to Action (CTA) and email opt-in form
  • Send an automated follow-up email
  • Send lead nurture messaging to address each stage of your customer buyer journey
  • Publish monthly email campaigns
  • Track and measure everything you do so you can make data-driven decisions to improve results.

Few! That’s actually a lot of moving parts, right? 

Right. But you can start with a basic structure and then build in more elements as you progress. Keep in mind that there’s no need to reinvent the wheel when it comes to creating your conversion funnel.

A good Customer Relationship Management (CRM) tool will help you achieve most of the above. And while it might require some work to develop, your finished conversion funnel will be the gift that keeps on giving. 

Build it, and customers will come…

Modified corny film quote aside (thank you Kevin), if you don’t have a conversion funnel in place, you’re missing an opportunity.

Your conversion funnel will provide you with a structure to help you make the most of your sales and marketing activities. And when integrated as part of a well-defined brand marketing strategy, your conversion funnel will be instrumental in helping you achieve all your customer acquisition goals.

Interested? Then let’s get you started. Get in touch if you would like to discuss the best DIY tools we would recommend – or if it all seems a little overwhelming to do it yourself, we’d love to do it for you  – we are here to help 🙂

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