To encourage a healthy conversion rate, brands need to use a specific strategy to entice and retain customers. Marketing funnel models is a scalable and easy way to achieve this.
This article helps brands uncover the best marketing funnel models to suit your current marketing strategies.
Having a key understanding of the different marketing funnel models will help maximise business growth and create a smooth transition for converting prospects into customers.
How do funnels benefit your business strategies?
A marketing funnel is a series of steps that a brand uses to turn prospects into a buying customer. While all funnels have the same goal, it is never a one-size fit all process.
All marketing funnels work similarly. It builds awareness, interests, desire and convinces the customer to take action. Still, no single funnel is alike. Understanding the different ecommerce marketing funnels will help brands improve growth. Every brand must build a specific marketing funnel model that best fits their business objectives.
How you can convert more leads with these 10 marketing funnel models
1. The sales letter funnel
This digital marketing funnel utilises a long-form sales letter to sell products and services to a prospect upfront. Russel Brunson derived the term sales letter funnel, as the term sales letters were in his “DotComSecrets” book. Giving the main offer allows you to upsell or downsell on the spot to increase the average cart value.
2. The membership funnel
This marketing funnel is best for businesses that offer membership services and sell access through it. Membership funnels help sell a membership site, paid newsletters or more. There are different ways to sell a membership site, such as a sales letter or a webinar. The first page will usually include a sign-up page or an offer for a trial. On the thank you page, users can create their accounts in the member’s area.
3. Video sales letter funnel
This funnel can sell products or services by using videos that highlight the offer. It is a lot like a typical sales letter funnel, but with a richer media experience. Some sales pages for the products or services may comprise a single or multiple video. Video sales funnels are really effective because it encapsulates everything that the brand wants to convey to leads in an accessible and enjoyable format.
4. The squeeze page funnel
A squeeze page is a funnel designed to “squeeze” a lead’s email address or contact information by offering them something valuable in return. It is typically a two-page sales funnel that aims to pique the interest of the leads. Pages should be simple and have very few distractions. The best tactic to use is creating a curiosity-based headline.
The more curious the consumers are, the more likely they will provide their contact information. Squeeze pages are very effective when brands are going after a new audience, so heavy branding is not required.
5. The reverse squeeze page funnel
The reverse squeeze page funnel is all about engaging the customers and making them want to get more content. Leads can provide their email address to get hold of this additional content. This marketing funnel model shows that by giving value first, any consumer will be ready to give something in return.
A good example is when brands provide an informational video first and then ask for leads to opt-in for more. This is a helpful strategy if brands need customers to drop their objections quickly. By contributing to the “relationship” first, customers will give back.
6. Survey funnel
This is a powerful email marketing funnel model that requires a lead to answer a quick survey. A survey funnel has two major objectives. The first is to engage with the customers since they are required to answer questions and make tiny commitments. The second is to allow the brand to see who the customers are and simply provide them with the right messages based on their needs.
In the survey, questions based upon demographics can help brands decide what kind of information they can give to turn them to customers.
7. Live Demo Funnel
This marketing funnel is an excellent way for brands to showcase the value of their products or services directly to leads. By engaging customers at the top of the funnel, brands can answer live questions and overcome any potential objections. You can create live demo funnels by hosting periodic live shows that leads can attend.
8. 2-step tripwire funnel
A tripwire funnel is a low offer (as in low priced ticket–usually between $5 – $50) sold to new subscribers once they sign up. When a customer enters their credit card information or email address, brands can then offer more expensive products or services. This marketing funnel model aims to expedite the buyer and seller relationship.
Naming of the funnel is based upon the “two-step” order form that is used on the first page of the offer. Asking customers to give their contact information is step one. Step two is the chance for the brand to follow up with lead if they didn’t complete the order.
9. Invisible funnel
Invisible funnels work by giving away something valuable for free upfront. Brands can then charge the leads if they liked what they received. Although it is free to attend, all leads are required to register their contact information before they can attend.
10. Hero Funnel
The Hero Funnel is best for showcasing a person as an entrepreneur or a champion in one subject area. The funnel begins by sharing information, such as a bio, or by getting people to join an email newsletter and asking them to follow social media accounts.
What are the best examples of online marketing funnel models?
1. Self–Liquidating Funnel (SLO)
A self-liquidating funnel is a tactic that a brand can use not to make a profit, but to create leads. The principal aim is to breakeven on ad costs. The funnel works because when brands get leads for free, any profit generated from these leads will be pure profit. It is the best way to gain a lot of leads, and many potential customers are likely to be among them.
By selling something so cheap, brands cannot make a profit but will convert a small portion of any cold traffic. This will not bring any profit but will cover any lingering ad expenses.
2. Automated Webinar Funnel
Using an automated webinar funnel for products and services that falls within the range of $297 – $1997 is typically the norm. The structure of webinars is great for brands because they can spend a lot of time presenting their products or services to customers. After a webinar, the lead will usually be more receptive to the brand. So the brand should have a solid offer before trying to build an automated sales funnel.
3. Free + Shipping sales funnel
This is a great funnel if the brand is offering a low-cost physical product, such as a book.
Brands can offer to send the product for free to the customers. All that they have to do is pay for printing and shipping. When brands get customers to take out a credit card to pay for a book, it is easy to get a list of eager buyers who will purchase. Also, getting the free book means the brand will introduce what they offer informatively.
4. Lead magnet + Email funnels
This is the most common type of sales funnels used online. Brands only need to have a lead magnet and a powerful email marketing tool. Some of the most recommended are Campaign Monitor, King Mailer and SendX.
Lead magnets encourage the consumers to provide their email address for content or a product. Utilising drip email campaigns will nurture leads further into the funnel.
5. Email marketing funnel models
Email may be outdated and weathered, but they are not ineffective. According to a 2018 report by Emarsys titled Adapting to the pace of omnichannel commerce, 81% of small to medium businesses rely on email as their primary customer acquisition channel.
There are a lot of ways to build your email list. You can use opt-in forms on your website, social media, landing pages and plenty of other tactics. From there, you can send the subscribers targeted and well-timed emails based on their interests to build trust and authority.
