Full-funnel marketing strategy is not a campaign; it represents a fundamental transformation in marketing strategies.
The measurement issue with the brand building has probably not been given importance according to its significance. Because of this, many CMOs allocate an excessive amount of their marketing budget to acquiring customers at the bottom of the funnel, which is simpler to justify, rather than generating demand and attention from customers at the top, which is less tangible.
This tendency toward bottom-of-the-funnel campaigns has important implications for long-term value because customers who have an emotional connection to a brand are more likely to be devoted and valuable over time than those who find a website through a generic keyword search or social media ad.
Leading companies are embracing “full-funnel” marketing to address this disparity.
This strategy combines the power of brand building and performance marketing through connected teams, measurement systems, and key performance indicators (KPIs).
By implementing full-funnel marketing, businesses can increase their customer relevance, create a more complete and accurate picture of marketing’s overall effectiveness, and create more value without spending more money on marketing.
Four essentials of full-funnel marketing
For different marketers across the spectrum, a full-funnel marketing program will take on different shapes. However, whether CMOs are trying to increase sales within the current quarter, reposition a legacy brand, or launch a new product or brand, they should focus on the following four elements:
-
Brand-building measurement
Consumers increasingly gravitate toward digital streaming services, including audio and internet TV. With the help of these options, marketers can target different households that are watching or listening to the same program and have a much better understanding of who is seeing their advertisements. During the pandemic, this trend has become more prominent.
Also Read: Three Practical Ways to Tweak Enterprise Marketing Strategy
Additionally, a number of innovative methods for measuring brand campaigns have gained popularity in recent years, enabling marketers to move past such antiquated practices as brand trackers and reach/frequency metrics.
-
A unified set of KPIs
Companies can better understand the true impact of their marketing by linking KPIs between channels and stages of the funnel to actual business results, such as conversions or leads, and then develop messages that will elicit the best responses. This unified view also enables marketers to pinpoint the most important metrics and understand how various touchpoints throughout the funnel interact with one another.
Investing in more brand-building will probably pay off if, for instance, brand-building campaigns are increasing website conversions or branded search queries. Marketers can only identify the interactions that are most closely tied to business value and begin making wise decisions to adjust or rebalance their marketing spend once they have linked their KPIs.
-
An updated media mix model for integrated spending
Today, a lot of marketers use media mix models (MMM) to gauge the success of their campaigns and estimate the budgets needed for various forms of marketing and advertising. MMMs have been effective in choosing where to allocate resources, but there are a number of areas where they fall short.
Additionally, MMMs don’t provide specific information about which platforms or channels should be given credit for customer conversions. Companies must modernize MMMs with new inputs to make them more dependable and better suited to a full-funnel marketing strategy.
This enables marketers to evaluate the actual results of their efforts and change the channel’s attribution as necessary. Such incrementally tests are now simple and affordable due to recent advancements in technology and analytics, but they take time to run at scale across channels.
Also Read: Buyer Reviews Could be a great B2B Marketing Strategy
-
A full-funnel operating model
Full-funnel marketing cannot simply be tacked onto already-existing daily processes; it necessitates a complete top-to-bottom integration of the function. Rethinking how work is done across functions is the first step in doing this. Almost all aspects of the marketing function must change when an operating model is transformed, but four areas are particularly crucial to get right.
Mid and upper-funnel teams need to have access to the dynamic, quick test-and-learn capabilities that performance-marketing teams take for granted. These methodologies can be used by brand marketers to quickly test personalized creative and to enhance the videos or other consumer content ads that are delivered alongside, a strategy that has been proven to be very successful.
Full-funnel marketing represents a fundamental change in the way marketing is done, not just a campaign strategy. To maximize the impact of all campaigns, close team collaboration is required in order to utilize the full spectrum of marketing capabilities. Above all else, it enables the CMO to present the C-suite with a much richer and more comprehensive picture of precisely how marketing is fueling growth.
For more such updates follow us on Google News TalkCMO News.
