Full Funnel Strategy A clear Introduction
Today, Calibr8 Digital will introduce a full-funnel strategy that you can adopt on the digital marketing channels that you are using. Any marketing campaign has to be done properly and it starts by having a structure otherwise you might end up with low performance and spend money on Facebook Ads or Google Ads for almost nothing. But first, let’s talk about your Online Customer Experience.
The customer journey within the funnel strategy
The online customer journey is the complete sum of experiences that customers go through when interacting with your company and brand on the internet. Instead of looking at just a part of a transaction or experience, the customer journey documents the full experience of being an online customer
You need to list out all the online touchpoints, profile your personas, and define their goals.
- The touchpoints are all the places where the customers can interact with your brand. Examples of such touchpoints are your website, social channels, paid ads, email marketing, as well as third-party review sites or mentions. Once you have your touchpoints, you can start analyzing the actions that your customers are taking. You can check through Google Analytics where your traffic is coming from. You also need to understand their emotions and motivations, and what are the obstacles and pain points.
- Define the goals of your personas: These goals might not necessarily be obvious at first, so you may have to conduct some research. You will need the feedback of people who interacted with your brand and interested in buying your products and services. Some of the questions can be:
-What attracted you to our website?
-What do you want to achieve with the help of our brand?
-What is your deciding factor in buying our products?
-If they used your Customer Support, how would they recommend it on a scale of 1 to 10?
Contextualize the marketing funnel
Once you gain a better understanding of their Online Customer Experience, you can use this to contextualize the marketing funnel.
- Understand the marketing funnel
The marketing funnel is a graphic representation of how brands can funnel prospecting individuals to those that drive conversions, such as purchasing your product or availing of your service.
Funnel strategy scheme
Visualize a classic funnel shape: The approach will be to reach as many prospects as possible at the lowest cost. Then, you need to bring them down with a more focused approach, as audiences have a higher buying intent.
As you can tell from the shape, there will be a lot of prospects but not a lot of conversions. You need to be smart in allocating your budgets across these audiences since you want each instance that you spend to be as cost-efficient as possible.
- Who are you targeting at which stage?
Step by step:
Awareness stage: Get people to know your brand– Prospecting audience: Target new customers who might be interested in your brand and exclude anyone who previously engaged with your brand in any way. At this stage, you will focus more on your Cost Per Mile and Cost per Reach.
- Consideration: Look at my products, are they great? Add them to your cart!
- The “viewed” audience: Target people who are viewing your products but did not add to cart yet.
- The “Add to Cart” audience: Target people who added to cart but did not check out. Here, you will look into the Click Through Rate of your ads, your Cost per Click and your Bounce Rate.
- Conversion: It’s time to checkout!
- The “purchased audience”: Target people who already bought your products to make them buy again, or to cross-sell other products. Finally, you will check your Conversion Rate, Cost Income Ratio and Cost Per Order
No idea what these metrics mean? Check out our article about Performance Marketing!
Now that we’ve talked about our different audiences, let’s see what we can test for the ads themselves, either on captions, or creatives. Pick one variable to test and identify your goal.
For your visual artwork:
Dark or bright tones? Lifestyle or exact use case of your product? Cartoon or real life? For promos, highlight the percentage off or the discounted price?
For the Ad copies:
The strict or funny caption? With emojis? English, Taglish, or Tagalog? Write down the call to action?
You can combine a lot of those AB test examples to determine which content is the most relevant to your targeted audience
- Audience? Check. Ads? Check. What now?
Of course, you will need to focus on your KPIs, analyze them, and optimize your campaigns to get better results over time. However, in acquiring new customers, the most important thing at the end of the day is the Lifetime Value of each new customer.
Customer Lifetime Value
Your customers are not just worth the amount of money they spend on your business today, they will have a way bigger one if you retain them.
Let’s say that you are spending P100 to attract one new customer who will end up spending more than P10,000 in your e-commerce store of mobile phones. But what if you spend P300 to attract 3 new customers, with a P2,500 lifetime value each?
Customer lifetime value is important in the long run because the higher it is, the greater are your profits. You’ll always have to spend money to acquire new customers and to retain existing ones, and monitor the costs among the old and new ones.
When you know your customer’s lifetime value, you can improve it. You can use your CRM data for e-mail marketing, SMS marketing and many more. You still want new customers, but don’t forget about the old ones.
How to finally implement a conversion funnel
To summarize, you need to have a customer-centric approach to understand your online customer experience. With this approach, you can implement a full-funnel targeting strategy and segment the customers that you target. To better understand the efficiency of what you are doing, you will have to run AB tests. And lastly, you need to focus your efforts on retaining your customers to increase their lifetime value.
Wow, it seems to be a lot right? If you want to talk about it with one of our experts, feel free to reach out to our performance marketing agency in Manila or to contact us at contact@calibr8digital.com.
Free
Digital Strategy
Consultation
Digital Strategy
Consultation