It could be said that marketing has two personalities. Traditional brand building involves TV ads and other marketing tools that reach a wide audience. This is one of the specialties of many old-guard marketers who have earned their way up the ranks. Performance marketing, or measuring online activity with data, is the other part of online marketing. This discipline is dominated by young marketers who have grown up in the digital age.
It is inhibiting the growth aspirations of many companies. Many conversations become contentious when it comes to budgeting and impact: performance marketers praise their click-driven campaigns, while brand builders insist upon longer-term investments, although they struggle to demonstrate how their teams generate value in the short term. A recent survey of two dozen top marketing executives reveals that less than a fifth are very confident about how their brand-building campaigns are performing. “It’s hard to measure the impact of brand campaigns, either in the short term or in the long run,” says one marketing executive. We attribute sales increases to them because of correlation and not necessarily because of causation. This is troubling for CMOs since 83 percent of CEOs view marketing as the business’s growth engine.
What Is the Purpose of Marketing Funnels?
Marketing funnels are the foundation of any marketing campaign. If you don’t understand how they work, your marketing efforts will be a waste of time. If you’re struggling to create marketing funnels, then you need to read this article! Funnel building is all about converting prospects into customers. It’s a very simple process, but it can seem very complicated if you don’t know how to make it work for you.
This article will teach you everything you need to know about how to create a marketing funnel. Why do I need a marketing funnel? Your business needs a marketing funnel in order to convert prospects into customers. Why? Because prospects have their own specific needs and expectations when it comes to buying products or services. They might not be ready to buy yet, so you need to make them aware of the benefits that they can expect from buying your product or service. The first thing that prospects do is find out what your product or service can offer them. They look for reviews and recommendations from friends and family.
Full-Funnel Marketing: Four Essentials
Marketers across the spectrum will have different perspectives on the contours of a full-funnel marketing program. CMOS want to keep in mind four common and essential elements whenever they launch a new brand or product or reposition an existing business.
There has long been a tracking problem with traditional TV ads, which are the cornerstone of many brand-building campaigns. Their flexibility allows marketers to collect detailed insights on how exactly the campaigns impact consumer behavior. Still, their inflexibility prevents them from reaching a large number of consumers or evoking emotional responses.
This is beginning to change. Online television and streaming services, including audio, are increasingly popular with consumers. Marketers can now see much more information about who is looking at their ads and show different ads to households watching or listening to the same program. These trends are only accelerating during times of crisis. Consumers in Europe and the United States report using online streaming channels to varying degrees this year; 33 percent have started using them, and 41 percent have increased their usage.
A Unified Set of Kips
Companies can better understand the impact of their marketing by linking KPIs across channels and stages of the funnel to actual business results, such as conversions or leads, and then design messages that will get the desired response. In other words, if brand awareness is increasing unaided, what effect, if any, does that have on website traffic or digital purchases? Are consumers making branded search queries, which have a lower cost per click than generic product searches in the age of brand-building?
Marketers can also use this unified view to identify the metrics that matter most by identifying how different touchpoints throughout the funnel affect one another. In other words, investing in more brand building will likely pay off if brand-building campaigns, for example, result in more website conversions or branded search queries. Once marketers link KPIs to business value, they can identify the most tightly tied interactions to business value and make smart decisions about how to adjust or rebalance their marketing budget.