There is, in our opinion, no better way to structure, organise and monetise your marketing investments and activities than with marketing funnel.
But no matter how well designed, how well thought through and how well implemented your funnel is, sometimes things don’t work out.
If your marketing funnel is failing to deliver the results you need at any stage of the buyer process, then the funnel itself might not be to blame.
This is because no marketing funnel – however well it’s designed – will ever make up for a bad product, ineffective strategy or lack of market demand.
If you are designing a marketing funnel for the first time, or if your are looking to improve the framework you’re already using; then it’s important to be sure of the viability – and true potential – of your business.
Otherwise you can end up spending on tactics and tools and never see the return you’re looking for on your investment.
Here are some areas to consider before you decide to progress:
How much demand is there for the type of product or service you offer? Do people really need or want what you do? Can demand be created?
Understanding market demand means understanding the size and potential of your business. With this knowledge you will know what you should be able to get out of your marketing funnel, and work backwards to set realistic and achievable KPIs at each of the critical stages.
The competitive landscape
As well as knowing how much demand there is for your business, you also need to know the competitive landscape of your sector.
Your research might tell you that demand for what you do is high, however, if you’re competing against the likes of Samsung and Apple then you’re market share is likely to be low. When objective setting ask yourself seriously why will people choose your offering over the competition – what is you can do better?
Priced to sell or priced to impress?
Discounting doesn’t always guarantee a sale because people will spend money with you if they see clear value in what you’re offering.
If you see a lot of interest in your product or service but fail to convert sales at the bottom of your funnel, then your pricing could be the issue.
There are deep psychological factors associated with pricing and it’ll pay to get a feel of what they are so you can generate the revenue you need – whilst still protecting your profit.
Distribution and Delivery
In an age where same day delivery is becoming the norm, can you compete on distribution? The movement of products and the physical provision of services is often overlooked, but if you’re losing customers then it could be down to your delivery charges rather than your website’s design or UX.
Your distribution strategy along with market demand, competition and pricing are just a few strategic areas that requires deep consideration when considering your marketing investments.
If you are planning on growing your business with a marketing funnel but want to make sure your business is in shape first, then give Masterplan Marketing a call. We’ll help you identify and overcome the critical issues in your business with our friendly and helpful advice.