The marketing funnel is not a complicated process. It’s a tool, or a process, to separate your prospects and customers into different buckets.
For example we want to know the difference between our leads, customers that spend less than £10 a year with us, customers that spend more than £10,000 a year with us on a regular basis, and everything in between.
This allows us to concentrate our efforts on the smallest group of customers that spend the most amount of money with us. In other words, we’re trying to maximize our return on investment.
In our next post we are going to take a closer look at the marketing funnel in detail to see how it works, plus what you probably are familiar with as the “80/20 rule.”
Because that’s going to drive our return on investment returns of those customers and spend the most of my money with us, those customers that spend the least, and the freebie seekers and tire-kickers.
Most marketers are missing at least one or two of these crucial steps that are causing them to leave wads of money on the table that could otherwise be in their pockets.