How to Build a Marketing Funnel, Data Tracking Is Essential!
So you've decided to build a marketing funnel. You've mapped out a goal and the various processes along the way to funnel new prospects to that goal. Now the most essential step you need in the development of your funnel is tracking the data to determine how well your funnel is functioning.
A word of caution. It's important to remember that every bit of new content you add and every new stage built on your funnel you're generating more data. Even though it's all relevant to your sales process in one way or another it's easy to get bogged down in the data and metrics tracked instead of focusing on a few key performance indicators. And that is what will give you the best information you need to make necessary improvements.
Seven essential data tracking resource points:
1. The amount of resource traffic - the Entry Rate refers to the number of resources that are currently in your funnel. Track this rate and see how changes in your marketing strategy impacts it, you'll see positive increases in the number of resources you are able to generate.
2. Your conversion rate - if you're just going to choose a few tracking resources, this would probably be the most important tracking resource to include. Basically, this resource tracks the number of prospects entering your funnel at any point and then the number that are converted into customers. As you make adjustments to your marketing strategy, you will see this number improve or decrease letting you know if you're on the right track for not.
3. Sources of entry - as you monitor the traffic sources from which people are entering your funnel you can have ideas and how to expand the reach of your marketing campaigns. For instance if you see a large percentage of your prospects coming from a single post you did on a blog, then you know that you need to generate more posts building on the information in the original.
4. Time spent in funnel sections - in a perfect funnel your marketing would be so compelling that prospects would jump in at the top and flow to the bottom without restriction in one day.
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But that's rarely the case, so it's important to know are they are getting stuck in one of your stages. Then you'll know that you need to either add more content, change a page or address some questions that are unique to this area of the final.
5. Possible leaks - along with amount of time spent in a funnel, if you see a large number leaking out of your funnel at a particular point then you will know that you aren't doing enough to answer their questions or desires. You'll know that you need to add more content to build on their needs so they can move ahead.
6. Tracking engagement rates - if you are engaging prospects with calls to action on multiple posts or landing pages you need to know which are sending the most converted customers through your funnel. This will give you the ability to know which one is sending the most converted customers through the funnel. Then you will have the ability to replicate your success with future posts or content.
7. Conversion rate - your conversion rate (or "close rate") is the number of opportunities that turn into eventual sales. If your conversion rate is lower than you expect, look at some of the other resources you are tracking for ideas on how to improve the success rate of your marketing funnel.
These days there are many different tools on the market to help you track the data on your sites, for most marketers Google analytics is probably the most comprehensive, easy to implement and it's free. You can use this funnel tracking tool until you determine that you need something more advanced, at which time you can move to a different paid type sales analytic program for tracking or to a complete marketing automation program.
It's important to understand that creating a sales and marketing funnel is no easy task. It's not a project you're going to complete in an afternoon or even a day. And setting up a resource tracking system is essential for a functioning marketing funnel.
How to Plan Your Marketing Funnel
HOW TO PLAN YOUR MARKETING FUNNEL
1.0 INTRODUCTION
2.0 OBJECTIVES
3.0 MAIN CONTENT
3.1 What is Marketing Funnel?
3.2 Awareness
3.3 Consideration
3.4 Conversion
3.5 Loyalty
3.6 Advocacy
4.0 CONCLUSION
5.0 SUMMARY
6.0 ASSIGNMENT
1.0 INTRODUCTION
The next thing that naturally follows Market Research is the process of setting up your Marketing Funnel. This chapter will focus on how to do just that.
2.0 OBJECTIVES
- To highlight what a strategic marketing funnel is
- To demonstrate how to tactically set it up
- To encourage each student to set her own in her chosen market niche.
3.0 MAIN CONTENT
Before we go in to discuss how to plan your Marketing Funnel, there is a need to define it.
3.1 What is a marketing funnel?
It is an overall plan to channel new prospects into your business with the aim of developing a relationship, a sale, repeat sales and finally turning them to become not only your clients, but also your raving Fans for life.
It has also been defined by other authorities as a simple marketing system that you set up to collect email addresses of your prospects in such a way that you can market to them automatically.
There are two types namely: a lead-driven and a sales-driven marketing funnel.
After securing a purchase from your prospect, the former puts the customer in your list, your control for further marketing while the later puts them in the affiliate merchants' control, gone forever out of your hands.
For beginners I recommend lead-driven marketing funnel as it is very useful for affiliate marketing, but sales-driven marketing funnel is good if you have your own product as a merchant in ClickBank etc. where other affiliate are selling for you. At the end you get the money and the list for further marketing.
When you are setting up your lead-driven marketing funnel, you need 2 things namely: a free offer and an autoresponder. I will deliberate on them in other parts of this eCourse.
However, strategically, a marketing Funnel is usually depicted as an inverted pyramid (or funnel), with 5 connected parts:
The top broad inverted base =>
The middle small part =>
The smaller underneath vertex =>
The smallest tip that opens into the funnel channel =>
The channel.
The inverted Pyramid (or Funnel) portions described above can then be labelled in that order as listed:
Awareness
Consideration
Conversion
Loyalty
Advocacy
3.2 Awareness
The top broad zenith (in the inverted pyramid) represents all the ways you attempt to create awareness for your brand, product or website; to attract and lead the people to your website. This include over 5-10 free and paid ways that you will regularly use to attract prospects to your website and finally to your products.
Top and easiest among them are the Social Media - Facebook, YouTube, Twitter, Google+, Squidoo Lens, Classified Ads, Press Releases, HubPages, Answer Sites, Forum, etc.
There are simple ways of placing ads on those sites - those kind of ads you often see on sites like Facebook and Yahoo Answers, etc.
The major aim is to create public/market awareness of your brand, products and services.
3.3 Consideration
The middle portion called consideration. It is where you offer to them valuable goods and services as baits and pecks to get them involved in doing business with you.
The goal here is to make a calculated attempt to convince them to join your list.
Thus, whatever you are offering must be very relevant to your market niche, but quite different from what you are putting up for sale.
If you are selling Affiliate products, the vendor will more often than not provide you with products that will serve as Free Offers which you can use here as baits to get people into your lists. If they don't, you can create them by yourself using free but relevant downloads or free products from other sources.
3.4 Conversion
The bottom portion represents the period that you have successfully convince them to join your list. This is called conversion.
Two things may happen immediately they have join your list. They will either buy your product or fail to do so.
As a savvy marketer, you must know that the game is not yet over till (and even after) they have bought from you.
The next thing is to get them on your educational series by sending to them lessons on the relevant niche. More often than not, they will later end up buying from you (if they did not, initially).
Thus, for most prospects, they need some kind of education on what they are about to get involved.
Email series of at least 7 lessons can help the prospect pass over this stage to become a customer.
3.5 Loyalty
Loyalty is when your customer shows up repeatedly to buy your related products in connection with the initial purchase.
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3.6 Advocacy
If you did the above groundwork well, your customers by now will be recommending your products and services to other customers - his friends, relations, acquaintances, etc. It is a sign of Loyalty and what every Marketer that knows his Onions should be aiming at.
This is the ultimate level of Internet Marketing!
Planning your marketing funnel:
Tactically, here is a simple and straightforward way to plan your marketing funnel.
From top to bottom Marketing Funnel typically contains:
Freebies
Sign up
One Time Offers (OTOs) often at a very minimal initial prices
Free eCourse
Sales Promotion
Membership Site Offer or
Another OTO, all at reduced initial prices
These positions may vary slightly depending on your goal for setting up the marketing funnel
4.0 CONCLUSION
It is only when you set up a marketing funnel for your niche market that you have really start business - online business. Otherwise, Internet Marketing is just your hobby and not yet a Business for you.
5.0 SUMMARY
The conduct of this aspect of business is also influenced by the approach of the marketer, some prefers a Soft Approach while others use the Hard Approach to Marketing.
I will return to this topic with more details when I will be discussing on setting up the Autoresponder Messages.
What do you think you should do next after this?
Did I heard you say: Domain Name Registration and Hosting?
You are absolutely right, and that is what I will be talking about in the next chapter.
6.0 ASSIGNMENT
Can you plan and set up your own funnel in your chosen market niche before you go unto the next eCourse?
