There are always risks associated with business.
Forces such as economic downturns, technological advances or viral pandemics can throw even the most secure companies into jeopardy.
However, businesses with well-defined marketing funnels are far more likely to be able to ride out any storms because of the what they can reveal through the visibility they provide.
A marketing funnel improves visibility
A marketing funnel effectively breaks processes, tactics and investments into stages and assigns KPIs to each stage meaning business owners can monitor progress and spot issues that threaten commercial success more easily.
Take an economic downturn for instance: It’s very difficult to predict what kind of effect economic factors will have on demand for your product or service – personal and economic austerity can have a strange effect on consumer and client behaviour, after all.
Without a marketing funnel in place that breaks your processes down into manageable stages, diagnosing issues and rectifying problems will only ever be a game of chance.
A marketing funnel gives you greater control over your business
Let’s pretend you’re selling a mid-range make-up brand online, for instance. You may assume that a recent economic dip will have a devastating affect on your business as your customers look to buy only what they need.
Without a funnel in place, it may feel this new market trend is beyond your influence. However, a well-designed funnel could reveal a different picture and put you back in control.
For instance, what if some research indicates that online searches for make up products are actually pretty stable despite the economic situation? And what if your top of funnel data reveals that you’re shopping ads are performing really well?
It might reveal that, in fact, consumers are turning away from expensive brands and luxury products to something a little more mid-range meaning so far as your business is concerned, the current economic situation could present an opportunity rather than a threat.
A marketing funnel will help you respond to market forces
Perhaps your sales are down because your are now attracting a different type of customer with different preferences and tastes. Or, that you still have the same customers but their circumstances have changed.
Whatever action you decide to take, thanks to your marketing funnel you are now back in the driving seat and are able to instigate change.
Need help designing or improving your marketing funnel?
If you’d like a quick chat about how a marketing funnel can structure your business and provide you with visibility and control over your marketing, then don’t hesitate to get in touch.