What is the Funnel
In marketing, the purchase funnel is a marketing model that focuses on the journey one’s customers take while purchasing an item. Customers travel down the purchase funnel when first discovering a new brand/item. I am going to discuss exactly what each aspect of the funnel is and why it is so important.
How the Funnel Works
The first starting block is awareness. This consists of getting the brand image out to new and existing customers to improve sales. Awareness is important because the following sections are nothing without strong brand awareness. Following awareness is acquisition. This part of the purchase funnel is how interest builds larger. Acquiring strong interest with the use of awareness is a recipe for success. Once the acquisition of the customer/interest is successful, engaging the customer comes next. The engagement of both new and existing customers is equally important. Engaging with potential customers is key for building the brand and funneling customers to purchase. After engagement comes conversion. This is where driving the consumer to convert into their image is important. Conversion is to satisfy and convert a customer for life. All four prior steps lead into the retention stage. Retaining customers after initial customers is a key factor to continue to build and develop a brand. The purchase funnel is a great way to advance a companies analytics in finding where customers begin their search.
