Are you working on a go to market strategy for your latest product or service? If yes, then you are probably working on optimizing all your available resources to outline a competitive business plan. While you are at it, have you considered integrating a strong digital marketing funnel in your action plan? Because, doing this can help your company reach desired customer audiences and engage them profitably with the brand. And if you haven’t incorporated a digital funnel in your marketing plan yet, here are two major reasons why this is extremely critical in today’s #pandemic hit world.
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Two reasons: Why digital marketing funnel…
- No. 1. Pandemic #COVID-19 has irrefutably demonstrated how developed as well as developing nations can be brought to a virtual standstill within couple of months. It’s the availability of digital media and eCommerce that has gone a long distance into helping authorities contain the spread and taper its growth. While nimble footed emerging businesses have already re-worked their go to market strategy (ies) in this “economic battle for survival” and larger brands have allocated huge funds to wade their way through…
- It calls for some urgent action from rest of the business class, that are yet to come out of their traditional marketing zones, to work at restructuring their marketing plans.
- No. 2. Pandemic #COVID-19 is making customers think again about their preferences, choice of brands, demand metrics and the way they “buy stuff”. They are looking for “reliable” sources of information, “quality” products and services and “agility” in response from their purchases. Here again, it is important to mention their increasing dependency on digital media.
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Three “To-Dos” for re-tuning go to market strategy…
Let’s take an example of why a new marketing strategy and plan is important for your business in this digitized world.
Jenny is a office manager who has been working from home since a few weeks, thanks to Covid-19 inflected lock-down in her region. This afternoon she was playing with her daughter when her phone rang. It was the local office furniture store that wanted to pitch a clearance sale.
A traditional marketing funnel would use tele-calling to reach out to its past customers and tap newer databases. However, people like Jenny would not appreciate answering such business calls, especially during her personal time with family.
- What could be a better way to reach Jenny and pitch her an office furniture clearance sale?
For one, it can be through a social media network like Instagram, Facebook or even YouTube. Or it could be an email if Jenny happens to be in the seller’s opt-in database.
- What should this office furniture store do to keep its business alive till things go back to normal?
And yet again, will customers ever again appreciate pesky callers or intrusive marketing strategies take away their valuable time?
Here’re top things you must do to plan (or re-structure) your go to market (GTM) strategy and incorporate a digital marketing funnel.
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- Who’s your customer. Identifying the various people or personalities involved in your marketing to sales funnel is key to define your GTM strategy. In a number of cases, the end user of your product or service may not be the person making payment. Or for that matter, the person making payment may have no role in deciding why your product or service is suitable. Hence, it is important to identify who is (are) the decision makers and who are the user(s). This will help define various parameters in your digital marketing funnel.
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In B2B marketing – an average 6.8 decision makers (HBR) are involved in the buying process, or in other words, your marketing funnel. Using an marketing automation software, your can engage these decision makers at various stages of your sales funnel and increase conversions.
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- Where is your customer. Not every potential customer may be right for your products and services. Neither could be the possibility of reaching and engaging all probable customers across continents. Hence the next step for GTM planning is to identify the biggest markets where you have a competitive advantage and can serve faster than others. The key here is to target customer segments where you can get the biggest returns on your marketing investments (ROMI).
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Once you start sending marketing communication to your target customer segments, your automation software will start capturing user insights and conversion metrics. This will help you fine tune your marketing campaigns to focus on areas that get you most clicks and highest ROMI.
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- Why should he/she buy from you. Depending on the complexity of your products and services, there will be many or few steps involved in the buyer’s decision making process. At each step, your marketing communications will have to reach and engage desirable audiences as defined in earlier steps.
- Awareness – How will you start creating awareness? What digital channels will you use to increase interest in your products and services? Once audiences start engaging with your marketing communications…
- Interest – Depending on the level of buyer involvement, how will you nurture the leads? How will you instruct your marketing automation software to handle prospects and manage other essential tasks? What types of content will you develop to keep the leads engaged?
- Decision – Now your potential customer is deep into your marketing funnel and is ready to buy… but only if he/she experiences better engagement than in other funnels. What content will you share with your leads?
- Action – Tracking performance of your campaigns across various channels and customer profiles is key to overall success of your marketing funnel. Monitoring user engagement data will help optimize funnel performance… but what tools will you use to capture cross channel data?
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Finally, the success of your go to market strategy and overall marketing funnel will depend on cost per customer acquired. But with sustained efforts and smart investments in organic processes, your business can face some very challenging economic situations.
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