Now more than ever, marketers must be agile and strategic to keep up with changing consumer behavior. Maintaining a holistic full-funnel strategy will not only aid in the long-term development of a solid foundation for marketing activities, but it will also help to emphasize brand persona, brand affinity, and brand recall.
Leading businesses embrace “full-funnel” marketing, which combines the power of performance marketing and brand building via integrated teams, KPIs, and measurement tools. Companies can become more relevant to their customers, establish a more complete and accurate picture of marketing’s overall efficacy, and provide more value without devoting additional money by implementing full-funnel marketing.
This strategy is more than merely doing more at each point of the funnel. It’s all about knowing how one stage affects the others for a seamless consumer experience.
A well-thought-out, data-driven full-funnel marketing plan can yield substantial results. Marketers can significantly increase marketing ROI by shifting more media allocation to areas with higher returns and using test-and-learn optimization for demand-generation initiatives. Furthermore, many marketers have discovered that combining brand building and performance features in a campaign often result in a higher overall return on ad spend than focusing solely on performance channels.
Also Read: Building a Marketing Strategy That Aligns with Sales Objectives
Three Full-Funnel Marketing Must-Haves
The contours of a full-funnel marketing strategy will be different for every marketer. Regardless of whether CMOs are introducing a product or brand, repositioning an existing brand, or simply aiming to boost in-quarter sales, they need to focus on three key elements:
Measuring Brand Development
Traditional television advertisements, which are the foundation of many brand-building operations, have long had a tracking issue. They can reach a vast number of people and provoke strong emotional responses, but their rigidity precludes marketers from gathering detailed insights into how the campaigns influence customer behavior.
This is beginning to change. Digital streaming services, including audio and Internet TV, are becoming more popular among consumers. During the pandemic, this trend accelerated.
Furthermore, numerous innovative measurement approaches to brand campaigns have exploded in popularity in recent years, allowing marketers to move beyond reach/frequency metrics and brand trackers.
Unified KPIs
Companies can better understand the true impact of their marketing by linking KPIs between stages of the funnel and channels to actual business results, such as leads and conversions, and then construct messages that will evoke the best responses.
This unified picture also aids marketers in determining how different touchpoints throughout the funnel interact with one another and identifying the most important KPIs. By linking KPIs, marketers can find the most closely linked interactions to business value and begin making sensible decisions about how to adjust or rebalance their marketing expenditure.
Updated Media Mix Model
Many marketers increasingly use Media Mix Models (MMM) to estimate the effectiveness of their campaigns and how much money they should spend on various forms of advertising and marketing. While MMMs have proven to be helpful in determining allocation decisions, they have some flaws.
They aren’t responsive to short-term factors, such as changes in shopping behavior or shifts in campaign performance due to external circumstances, because they require extensive look-back periods to evaluate the impact of each sort of spend. They also don’t go precise with their spending recommendations and may miss the subtleties of actual channel behavior.
Organizations must modernize MMMs with new inputs, such as Multitouch Attribution (MTA) models and incrementality tests, to make them more trustworthy and suited to a full-funnel marketing strategy.
Regular incrementality testing can provide a more thorough verification of a channel’s success and insights that are more real-time and granular. This allows marketers to determine the exact impact of their efforts and modify channel attribution accordingly.
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