The New Marketing Funnel Isn’t a Funnel at All
By Erica Chludzinski
For years, marketers and advertisers alike have referred to the marketing funnel to predict the actions of their consumers. And for years, the marketing funnel was a great tool. But in a world of new technology and increased consumer options, the old marketing funnel simply just doesn’t apply.
It used to be that the first step was consumer awareness, followed by interest, consideration, intent, evaluation and, finally, purchase! Companies had to take measures to brand and market their product in accordance with these steps to ensure that they were a viable option when it came time for a consumer to purchase.
In today’s world, this simple purchase path prediction just isn’t cutting it. For starters, consumers are educated. Sixty-three percent of shoppers surveyed say they do research before they buy a product to make sure its the best choice. Consumers have immediate online access to tons of product summaries and reviews. On average, a consumer will read eight reviews before buying. (Not to mention, one bad review will drive away an average of 32 customers).
Consumers are also impatient. They want the best product and they want it now. No longer do consumers go through the stages of awareness, interest, consideration, intent and evaluation as steps. Once a consumer knows they are interested in a product, they can pull that product up on Google or Amazon in seconds flat, anywhere they may be. Seventy-two percent of shoppers surveyed said they use their mobile devices to shop or browse the products they desire.
The bottom line? Consumer purchase paths no longer resemble the traditional marketing funnel. Purchase journeys can last 60 days or 5 minutes. A consumer can make 100 mobile searches and compare 5 brands before he settles on a product for purchase. Another consumer can make one search and click buy now as quickly as she desires.
This begs the question: How can advertisers ensure their product stands out in a world full of varying purchase paths? The key is staying top-of-mind. The professionals at Connoisseur Digital offer a complete suite of digital services including SEM, SEO and programmatic branding strategies, to ensure that you are top-of-mind when consumers are ready to purchase. Contact us today to get started.