Like match-makers, we’re here to ensure your brand enters potential customer’s orbit at the right time.
We do this by mapping out the customer’s entire experience, measuring the right KPIs and ensuring a customer’s interaction with your brand is seamless across all four stages:
- (i) Awareness,
- (ii) Consideration,
- (iii) Action,
- (iv) Loyalty Stage.
Let’s consider Tom’s journey towards purchasing his dream car.
1. Awareness
At this stage we focus on spreading general information about a product or service to the right audiences to help them get acquainted and familiarise themselves with your brand. While scrolling through his favourite sites and apps, Tom would be exposed to banners of our car brand, or a generic video emblazoned with our logo. Our focus here is to nurture trust, and loyalty, while considering how customers feel during and after engaging with the brand.
Start by measuring the users’ progressions across the site by using Analytics tags and triggers coupled with URL templates to identify which channel and campaigns the converters are using to get to your site. The main KPIs we recommend measuring at this stage are:
- – Cost per 1000 impressions (CPM) :
CPM charges are on the number of times the ad would have been visible to a unique user, irrespective of whether or not a user clicks on the ad.
- – New users on the site: These can checked using your
Web Analytics software.
- – Landing Page Bounce Rate, i.e. the percentage of visitors that leave your landing page without taking any actions.
2. Consideration
This is where customers begin to look for alternative brands in the hope of stumbling on a better deal.
At this stage, Tom is shopping around different vehicle brands and taking note of pricing and different specs. This is why it is crucial that your business stands out and convinces potential buyers, like Tom, to consider your brand as the viable alternative.
Using data and metrics will help identify the right messaging for the right demographics, to ensure we’re communicating to the right audience effectively, for instance, we target customers on sites that are car related, with models that are in-line with their preference (e.g. electric SUV review/comparison sites). If we understand our customers at every touchpoint in their journey, the easier it is for us to develop content, products, and services that meet their demands.
KPIs we analyse at this stage include:
- – Click through rate (CTR): This is the number of times Tom has clicked on the digital ad divided by the number of times the ad was shown (e.g. if Tom clicked the ad 5 times out of a 100 appearances, the CTR would be 5%).
- – Cost per click (CPC): Also known as pay-per-click (PPC), this metric is likely used when a daily budget is allocated for a specific campaign. In this way, when the budget is reached, the ad will automatically stop being displayed to potential customers.
- – Minor site events that would enhance the probability of the sale later on down the funnel (i.e. registrations, subscriptions, e-mail captures etc.)
3. Action
Here, Tom has moved past consideration. He is now convinced that your brand will satisfy his needs, and ready to take action. Whether to make an inquiry, subscribe to a mailing list, or a purchase, a dedicated call-to-action must be there to guide them, to help them achieve their goal. Users who have recently visited our sites or watched our brand videos can be retargeted with messaging that nudges them to convert, such as executing ‘reminder’ campaigns to encourage users to ask for a quotation. A good li-mited time offer here would increase conversion through urgency.
Moreover, we can follow up by implementing tracking pixels and floodlight configura-tions in order to build retargeting audiences to drive them back to your site. For smart decisions to take place in your team and business, you need to make sure that you are working with accurate and complete data. In other words, it is of utmost importance that we audit what data we review. Skewed data will provide skewed results. At this stage, it is important to keep track of the number of
- – Purchases, i.e. how many times a customer has bought a product (e.g. a car) through the site,
- – Registrations, such as newsletter subscriptions, quote requests, or filling out a form to register their interest and ask for a call-back.
4. Loyalty
Our job doesn’t end at the point of conversion. It merely starts. Our job is to retain a positive relationship with our customers. A loyal customer brings consistent business and costs less than the effort to bring in new customers.
Using CRM systems, push notifications, we can offer customer like Tom discount coupons they can redeem on their next purchase or subscription (e.g. special offers on car up-grades), send newsletters with recommendations on selected repair services, invite them to refer a friend, leave a review for perks.
The KPIs we measure at this stage of the journey are:
- – Customer Attrition, i.e the number of customers who opt-out of a service during a specific time-period (known as Customer Churn Rate)
or cancelled subscriptions.
- – Return Sales. Look into what has driven the most return purchases by existing customers. Grow loyalty and advocates through this process.
Do you have any questions on how to create your customer funnel strategy? Reach out to our team today.