A Conversion Funnel is a multi-step, multi-modality campaign that seamlessly and subtly leads an online prospect toward a desired action. There are many strategies/tactics for conversion funnel optimization. At ConnectedMarkets, we focus our funnel optimization efforts on both B2C funnels and B2B funnels.
B2C Funnels: There can be more (Awareness, Interest, Consideration, Purchase), but typically there are three main categories of B2C conversion funnels.
1. Acquisition – To acquire NEW prospects and customers for the business at break-even or better.
2. Activation – To convert large chunks of leads into buyers.
3. Monetization – To generate as much revenue (gross sales) as possible.
B2B Funnels: Historically, B2B funnels used for demand generation has been similar to B2C funnels, However more recently, B2B marketers have been deploying and testing an “inverted” or “flipped” version of the traditional B2C funnel (This style funnel is representative of Account-Based Marketing or Key Account Marketing). Basically, it is an inverted version of the B2C funnel. Typically there are four main categories of B2B Account-Based Marketing (ABM) conversion funnels.
1. Identity – You find your best-fit prospects first. Instead of “spraying and praying” for traditional lead generation, you start by finding these accounts using qualification criteria.
2. Expand – You take the list of companies you created and add contact data for the accounts you identified. The contacts in these accounts should fit “persona” criteria such as the job title, department, and responsibilities
3. Engage – You execute a variety of different marketing activities targeted to the contacts in your accounts. These activities include inviting them to events, sending emails sharing your new content, connecting with them on social media. The point is to market to the contact on their own terms instead of sending them tons of emails or calling their phone all the time.
4. Advocate – Your marketing pays off by creating enough interest and “air cover” for sales to close the account. The account becomes a revenue-producing customer.
Each funnel has a different job and each funnel is used differently in B2C and B2B businesses. When growth hacking, we focus on optimizing the funnel that will have the most impact on your business. Once you’ve optimized that funnel — it’s appropriate to optimize another… and another.