The New Sales Funnel: from Tofu to Mofu
All efforts aim towards the goal of transforming a marketing qualified lead into a paying loyal customer. More tools have become available to effectively target a consumer entering and moving down the sales funnel.
It’s important to note the stage in which a consumer enters the funnel and at what stage of the purchase decision process he or she is. At the 1st touch point at Top of Funnel (TOFU), only 2% of prospects turn into a paying customer. At the second and third touch points, approximately 3% and 5% of the final conversions are added. Moving down the funnel, this number gradually increases, but we see the biggest leap at the Middle Of Funnel, where at the 4th contact point an approximate 10% of conversions are made. Once arrived at the Bottom of Funnel (BOFU), an astounding 80% of consumers is potentially ready for conversion.
It’s crucial that you show the right information to the right consumer depending on the stage of the sales funnel the prospect is in. Each step should aim towards moving the consumer further down the funnel, rather than to convert right away.
|A mistake made much too often is that marketing managers, once a lead enters their funnel (Top of Funnel), expect the lead to be fully ready to convert. Many companies do a great job at collecting targeted and qualified online leads. However, due to the nature of certain products that need more time and consideration to convert than others, leads are not led down the right way. And if a sales rep does engage and the lead isn’t ready to talk with them, it reinforces the notion that marketing sourced leads are not great. As a result, leads get lost, ignored, or followed-up much too late, allowing the lead to turn freezing cold.|
To prevent this from happening, good lead generation marketers should invest in lead nurturing and other Middle of the Funnel (MOFU) techniques to build relationships and trust—earning the lead’s business once he or she is finally ready to buy. Engage these leads through relevant content and make sure that you get your timing right.
Lead generation has moved beyond simply discussing how to have leads enter the Top of Funnel. In order to have a comprehensive and integrated strategy, MOFU marketing must be included in all your strategic discussions to make sure that you have all process in place that allows your leads turning into sales.