Maisie Lloyd
Maisie is the Digital Content Manager at Intelligency, handling all things creative for the agency. Her experience centres around the production of digital content, pertaining to graphic design, writing copy, and video and audio content.
The way social media and websites perform is evolving, and customer journeys are no longer linear. This shift requires businesses to adapt, whether that means reallocating marketing budgets or adjusting their visual approach to better align with customer expectations.
What is the marketing funnel?
The marketing funnel describes the varying levels of commitment an audience has to your product or service. Often described as a funnel, as the top lets in lots of people, whilst the process naturally eliminates uninterested or ill-fitting prospects, eventually with a smaller output of people who convert.
How does the marketing funnel inform marketing strategies?
A solid marketing strategy will account for the customers at the various stages of the funnel, producing content and campaigns that cater to each stage of the funnel. Understanding the different stages of engagement better allows the messaging and imagery to be tailored, with the aim of converting them.
The type of content produced for the top of the funnel, for instance, would differ significantly from that created for the bottom of the funnel. Depending on the stage of the funnel the customers are at, the goal will change, and therefore the strategy to achieve the conversion will need to be differentiated.
Measuring engagement for each stage of the marketing funnel
At the top of the funnel, the kind of metrics you’ll need to pay attention to are the reach and click-through rate. These metrics alone will help give you a sense of the interest generated, with the reach being the overall figure, and the click-through rate indicating interest.
As customers advance to the middle of the funnel, metrics that will begin to play a key role in your strategising, these include:
- Average duration
- Drop-off points
- Data captured information (the volume compared to reach)
- Cost per lead
- Engagement rate
The middle of the funnel is where the “make it or break it” moment happens; it shows the clear strengths and challenges. It’s perhaps the most insightful because it allows businesses to distinguish exactly what customers do and do not respond to.
At the bottom of the funnel is where all the work you have done in terms of strategy is either validated or highlights greater pain points. Metrics you’ll need to track for this stage of the funnel range from conversion rates and retention to the customer’s lifetime value.
To calculate your customer lifetime value, you’ll need to multiply the average purchase value by the purchase frequency and the predicted customer lifespan.
Retention is just as crucial as acquisition, as it indicates just how much of the audience wants to engage, an indicator of strong growth. Personalisation is a non-negotiable; in fact, it’s a determining feature in why some customers stay. A better understanding of the interplay of these will allow brands to connect with customers on a profound level.
