Marketing has a important rolev to play in essuring that the buisness is driven aggressively yet with the minimum expenditure. It is extremely important that the company identifies the correct set of customers for whom selling the product or services is utmost important. Companies try to identify the most releavent target audience, who will buy the product as they have the maximum need for the same. Though there are several method to identifying customers, cathing and targetting ''intrested'' cutomer can generate easy revnue for companies. This can be done by evaluating and studying customer funnels.
Customer funnels are the important way of identifying consumer behaviour at every step before purchase. Companies can maximies their revnue by understanding customer funnels, and then targetting & pitching them product personally. Customer funnels give the target audience who are interested in making a purchase but for some reason opted out. Since the need is there, these customers can be cotacted and can be addressed at a personal level.
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Let us understand yhe customer funnel jouirney and how it can be benificial. Consider an e-commerece plateform selling digital cameras. Assume that close to 1000 customer visit the camera page every day out of which 200 customer read all the product details. We can clearly see that these 20% customers have shown an inclination of knowng more about the product. Off these 200, 50 customers select the purchase or add to cart option. Hence, the 150 customers who drop out desp[ite understanding all product specification, chose not to select this camera. But still are prospect and are considering buying a camera. Eventually out of 50 customers, 20 purchase the camera. Hence, overall 2% customers bought the camera. But the dropout customers in the journey are prospects and hence can be targeted proactively.
While the customer funnel approach is efficiant in generating additiona;l revnue, it is important to track the right parameters as well as have a short turn around time, else either the customer will loss interest or purchase other product. For this companies must have real time data available which can be actioned upon proactively. This is where big data analytic can play important role in following customer journey and identify customer dropping out from the customer funnel. Identifying dropuot customer proactively through a customer funnel journey can give a ready base of customers who can be targeted for quick sales.
Customer funnel also filters out the audience which are less interested in buying a product or services. This enable companies to focus on important customers channelize their energy on converting dropout customers to buyer, rather then aproaching each & every individual. A slective approach to taeget a filtered audience not only helps in better conversion but also reduces un wanted costs. Hence, increase in the ROI through more sales and lesser costs.
Hence customer funnel is an efficient approach is evaluating the customer journey & identifying prospective customer who have dropped out of the customer journey. This way is extremely effective and can help generate incermental sales and help grow buisness.
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