Building Out an Initial Marketing Funnel for Your Startup

marketing planning

marketing planning

A marketing funnel is a representation of the steps a customer takes from the moment they first learn about your brand to the moment they convert. It’s important for many reasons but one of those is that a potential customer could drop off at any point during your marketing funnel. It’s your job to figure out why they did, what stopped them from converting and how you can alter your funnel to ensure it doesn’t happen again. 

A study from Harvard Business Review reveals that companies with a simple and well-designed marketing funnel are 62% more likely to close high-quality sales.

There are a lot of versions of the marketing funnel out there but here is a simple five step model to follow.

The Marketing Funnel

  1. Awareness: This is the first stage in the marketing funnel and is where your potential customer first becomes aware of your brand. They could have found you through a friend or an ad. Maybe they came across your website. Either way, they now know you exist and it’s time to find ways to nurture them throughout the rest of the marketing funnel.
  2. Interest and Evaluation: At this stage, you can spend your time targeting prospects – creating content on social media platforms, targeting them through ads, prompting them to sign up for your email list. Find ways to gauge their interest and evaluate if they are a strong lead. Keep in mind that this stage is dedicated to an audience with a specific problem in mind that are looking for solutions/products to address it. They are still looking for trustworthy sources and are not quite ready to make a purchase yet.  
  3. The Commitment: This is where your audience is ready to make a purchase. They’ve decided that your business is the right fit to provide a solution to their needs. They move forward with the decision but your job doesn’t stop here.  
  4. Loyalty: The relationship with your now customer doesn’t end once they’ve purchased. You want to ensure you monitor the relationship and continue to provide them with value. Ensuring a positive post-purchase experience will help them stay loyal to your brand.
  5. Advocacy: These post-purchase activities can ensure that customers will be advocates for your brand. When your customers are pleased with their experience, they are likely to give you a review and tell their friends and family about you. They may even post about you on social media which is a bonus. Keep in mind that it’s always easier to retain a customer than try and source a new one.

A survey by Salesforce reveals that 79% of marketing leads never end in sale. This is why it is crucial to implement blueprints such as marketing funnels for routing prospects to paying customers.  Keep an eye on your customers and monitor which stage they are at in the marketing funnel to ensure you’re nurturing the relationship and guiding them through to the advocacy stage.

If you are looking for marketing support for your tech startup, consider our MVP to Market program for dedicated sales and marketing training or reach out to us and we may be able to support you. Altitude Accelerator is all about helping businesses like yours succeed.

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