The best way to solve this common marketing problem is to take a look at the marketing funnel. At the top of the funnel is Awareness. Before anyone in your market can become a customer or supporter of your business, they, of course, need to first be Aware that you exist. Mass mediums, or TV and Radio, are used to make the market Aware of what your business has to offer.
Once the market is aware, the next step down the funnel is Interest. In this step, your potential customers get to work and begin to do their homework. Consumers are smart and always do research before spending their money. Is this the right product for me? What do their other customers say about their service? Am I getting the best price? These are a few questions potential customers ask themselves throughout the Interest phase. To continue moving your potential customers down the funnel, you need to reassure them. Follow up emails, managing your social media and creating compelling offers are successful methods of building your potential customer’s Interest.
Now that you have them on the hook of interest, it’s time to reel your prospects into Desire. What’s in it for me? Hit these prospects with your benefits and what makes your product different from others available. Businesses use digital advertising during this phase for several reasons. First, you can get granular with different targeting techniques, so you know you’re talking to the members of your total market who are actually in the Desire phase and therefore are most likely to become your customer. Second, well done creative will communicate your points of difference, create FOMO (Fear Of Missing Out) and keep your business top of mind – just in case you’re sitting in their cart or on their “to-do” list. Regardless of the creative strategy you use, the goal is to always drive your prospect further down the marketing funnel by building a strong Desire. Finally, because digital ads can be set up to click through directly to a transaction page, they are the best way to drive people to the next phase in the marketing funnel.
At the bottom of the marketing funnel we have Action. This is the phase where a transaction occurs, and your prospect officially becomes your customer. Here, it’s in your team’s hands to deliver on your promises in hopes that this new customer will becomes a loyal repeat customer. The best businesses will not only develop a loyal repeat customer in Action, but an advocate of their brand, who becomes an entirely new marketing tool.
So, you might be asking yourself, “how does the marketing funnel help solve my marketing problem?” Well, as we now know, digital advertising lives in the bottom of the funnel. So, you may need to reevaluate and rework your digital plan by introducing new strategies or creative and refining your targeting. Or, since you have been using digital advertising for a while, your potential customers who make up that portion of the funnel are likely exhausted. This means you need to begin to feed the top of the funnel, utilizing mass mediums to replenish that pool of potential customers. Radio and TV campaigns create top level awareness in the market and tap into a new group of people who you can work down the funnel, ultimately making them your new loyal customers.
If you’ve been using digital advertising strategies for some time now, consider reevaluating your digital strategies and keep the top of the funnel in mind. When the bottom of your marketing funnel dries up, InnoVision’s media team is here to top you off with their traditional media buying expertise and results-driven creative. Cheers!
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