Why focusing on the entire marketing funnel is key for long-term brand growth – Nielsen | International Association of Digital Marketing Professionals (IADMP)

By Adam

Brands of every size and industry saw their marketing budgets decrease after the COVID-19 epidemic in 2020. Many brands had to halt or reduce their brand awareness campaigns as a way to cut costs. The brands refocused their resources and bandwidth on engaging existing customers, rather than trying to win new ones.

Because they inspire immediate action from consumers, lower-funnel tactics like these are attractive when markets are uncertain, and marketers want to be able to continue reporting results to leadership. That said, forgoing upper-funnel priorities (like brand awareness) on account of a delayed return on investment isn’t sustainable for long-term brand growth.

Marketers have learned to recalibrate their tactics to not only address our new realities but also pave the way for future success. Balanced marketing strategies are essential to address growth. This means that upper-funnel branding efforts should be used in conjunction with lower- and mid-funnel activities.

Below are some ways brands can create a balanced marketing strategy.

Think about the journey of the customer from start to finish

A consumer can’t engage with a brand if they’ve never heard of it, which is why marketers must target new prospects through brand awareness initiatives to create a pipeline for future sales. The potential return on investment is higher for lower-funnel initiatives once these prospects have entered the pipeline. According to SME research, sales can increase by 1% if there is a 1 point improvement in brand metrics like awareness.

Believing that growth is their main focus, brands must keep in mind that customers who are already loyal and have enjoyed a positive experience should still return to the brand. To stay in the minds of consumers, even well-known brands will continue to use top-of-the-funnel strategies. Given the prevalence of choice and access to a product or service, staying in consumers’ minds can be the difference-maker when a sale is on the line.

Reach prospects by sending the right messages through the right channels to target them

For consumers to get to know your brand and drive sales, it is important that you present messaging that resonates. For inspiration, marketers should consider any major trends or news events and articulate how their products or services align with them, thereby underscoring the brand’s relevancy. Marketers can use their audience knowledge to create messaging that addresses their customers’ needs and shows them they value their brand. Individuals who have just heard about a brand might not be as responsive to calls for action than those who are already familiar with the brand. To grow their customer base, marketers must mix messaging.

Marketers need to think about the choices they make when choosing channels. SME examined the effectiveness of nine channels to drive short-term insurance sales. They found that many channels which were successful in driving brand awareness and consideration failed to do so in increasing brand awareness. It was surprising considering the amount of budget that went into this campaign. Considering how consumers …read more

Source:: Social Media Explorer