The marketing funnel - sometimes called the sales funnel, the purchase funnel, or the buyer’s journey, - is a fundamental concept in marketing for understanding the step by step process that consumers go through to make a purchasing decision.
Each week we will focus on one segment of the funnel and go into more detail. Last week we introduced the marketing funnel.
This week’s segment: Target market
We are starting at the top of the funnel, in the universe at large. Because before anyone can exist in your funnel, they must exist outside of it.
The very highest level of the funnel is the market of people you would like to reach. Your target market is the full set of consumers who might do business with your brand, who might buy your products or services.
It is one step down from all consumers, because it only includes those people you realistically think make up the market for your products. For example, a local pizza restaurant might include all adults and families within delivery range of its location its target market. Those are the people it wants to get into the funnel.
This is the planning segment. Time spent here is focused on how to best reach those consumers, because at this point they have never heard of your company, have no idea who you are. So you must start to devise strategies for introducing them to your brand – outdoor advertising, direct mail, banner campaigns, print media, etc.
The very top of the funnel can be both the most difficult, but also the most exciting. It is not easy to convince someone who is unaware that your brand even exists to do business with you. But the point of the funnel is that you don’t have to. You just have to convince them to take the next step, so that you can move them into the funnel and start the process of selling.
Stay tuned next week for another edition of the Marketing Funnel series.