In our February monthly newsletter, we distilled the steps of a full funnel conversion approach into the key steps of dating. Yes, we’re having a bit of fun with the idea, but the steps are still just as important to drive conversion. Below, we will be diving a bit deeper into the idea of full-funnel conversion and overviewing how brands can better holistically think about their funnel approach ultimately driving better ROI.
The Basics:
Marketing conversion at its simplest form is the process of turning potential customers into paying customers. As our clients become increasingly concerned with measurable marketing investments for their digital and e-commerce business, we recommend starting the conversation with a full-funnel analysis and investment plan. When brands deploy a full-funnel approach, they can maximize the number of conversions by ensuring that their marketing efforts are as effective as possible at every step of the consumer journey.
What is a full-funnel approach? It’s a comprehensive strategy that covers all stages of the customer journey, from initial awareness to post-purchase engagement. At Konnect, we believe it is critical to create a seamless experience for the customer, from the first time they learn about your product or service to the moment they make a purchase, to them loving the brand and coming back time and time again to repurchase. It all works together, and when coordinated, can drive more effective conversion metrics.
Awareness:
The first stage of the full funnel approach is awareness. This is where potential customers first learn about your product or service. The goal of this stage is to reach as many people as possible and create interest in your brand. This can be done through a variety of marketing channels, such as social media, PR, influencer marketing, search engine optimization (SEO), and paid advertising. By using a variety of channels, you can reach a wider audience and increase the chances of capturing the attention of potential customers. However, wide audience targeting still needs to be targeted. For the most effective “top of the funnel” tactics, the more you can target the frequency of a message towards a consumer that matches the profile of a potential consumer, or “more likely to purchase,” the better the conversion metric. We always try to think targeting efforts across platforms (i.e., targeting a similar consumer on Instagram and Tiktok), to drive greater KPI optimization, lower wear-out, and surround the consumer with the awareness message.
Consideration:
Once you’ve captured the attention of potential customers, the next stage is consideration. This can be someone engaging with your ad by clicking through to the company website or product page or maybe “liking” the social advertisement. This stage of the funnel is where the consumer begins to evaluate your product or service, ultimately deciding if it’s the right fit for them. In this stage, it’s important to provide detailed information about your product or service, such as features, benefits, and pricing. When we evaluate where critical purchase decision information sits with our clients, we ask the following questions: what information drives purchase, is that information hard to find, can we better showcase attributes? By providing detailed information but in a simple and easy to digest way, consumers can move through this stage and on to purchase more quickly and when they are “primed” with interest.
Conversion:
The third stage of the full funnel approach is conversion. In order to convert potential customers, you need to make it as easy as possible for them to make a purchase. This can be done by providing a clear call-to-action (CTA) and making the checkout process as seamless as possible. Additionally, providing incentives such as discounts or free shipping can also increase the chances of conversion. We closely audit shopping cart design, shop pages, or critical roadblocks. This can be as simple as a “buy now” button on a product details page or as complex as full “cart redesign”. More than 69% of e-commerce consumers abandon their purchase in this stage, and since the brand has done so much to get the consumer to purchase, optimizing the cart and purchase is typically the most effective audit we can do to drive conversion increases.
Engagement:
The final stage of the full funnel approach is engagement. Just because someone has bought once, and maybe loves the product or service, it doesn’t mean that they will automatically repurchase or share their experience with friends. “Previously purchased consumers“ are the most effective spend in the conversion funnel investment. They know your product. They have gone through conversion. And they are easy to reach. So at this stage, brands just need to remind those consumers to repurchase or share their love. This can be accomplished by retargeting social ads or smart use of email follow-up. We have seen great results with driving consumers at this stage to purchase subscriptions or unique product offerings or sales. Also, these consumers can be brand advocates and share their love and experience with their own networks. You just have to remind them to do so. At the end of the day, by building long-term relationships with customers, you can increase the chances of repeat purchases and positive word-of-mouth marketing.
To bring it all together, we recommend taking a step back and working through the entire funnel. This allows brands to understand the consumer journey, ensuring that the messaging and wiring all work as one. As powerful as an effective “top-of-funnel” awareness campaign can be, its value is greatly reduced if the purchase stage and cart are not optimized and all those “aware” consumers abandon purchase at the cart, or conversion stage. As we like to say, think globally while you optimize locally.
About Konnect Agency: From lifestyle PR services to digital marketing services for food and beverage brands, Konnect Agency is capable of solving your biggest marketing challenges.