So I wanted to write about the Loyalty Loop marketing model but I think it’s worth providing Traditional Marketing Funnel help for inventors first. It’ll help you understand how we initially thought about the customer’s decision-making journey when comes to making purchases. While we specialize in world-class product development services, we wouldn’t be able to get where we are without exceptional marketing. Thus, we get a lot of marketing questions from our clients as well. One of their most common questions is: “where do I start?”
That’s ok, that’s why this article is about a marketing model that’s tried and tested for many years. Yes, the funnel itself is outdated, but some concepts still hold today and will hold well into the future. The customer journey is no longer a straight line or funnel. It’s a loop. But we’ll get to that in a different article.
The purpose of marketing funnels is to help businesses discover potential customers, how to reach them, and ultimately, how to encourage them to make a purchase. The funnel below called is separated into five stages. As a client progresses through each stage, they get one step closer to making a purchase.
Traditional Marketing Funnel Help For Inventors
These five stages are still important today because they will help provide a foundation for your measurable and timed marketing objectives. Those who aren’t sure where to start with your marketing, start in order of these five typical stages below. Your marketing strategies and tactics should reflect what stage your customer is in.
- Awareness: Most likely this is the first time the customer becomes aware of your product. At this stage, you want to conduct customer research and deploy marketing and advertisement campaigns to generate leads.
- Opinion: Your customer has heard of your product enough to formulate a positive or negative perception of your business, brand, or product. However, this attitude does not necessarily determine if your customer will purchase your product. For example, while many have a negative perception of Mcdonald’s, they’ll still reluctantly eat their food because it’s convenient, cheap, or offers some other sort of value.
- Consideration: At this point in the marketing funnel, Your customer has narrowed down their options to yours and a handful of their businesses that offer similar products. Here the customer is more willing to learn more so be sure to provide salient information to convince the customer that your product can solve their problem.
- Preference: In the eyes of your customer, you’re a real candidate now. Your customer is researching heavily into your brand, personnel, and social media presence. You could provide case studies, free tools, offer an introductory discount to prove what you’re offering is better than your competitors.
- Purchase: Congratulations, your customer purchased your product!
Why are Traditional Marketing Funnels are Outdated
What this should tell you is that how important these stages in the marketing funnel are. If I asked you to name the first pop brands you can think of, cash cows like Coke and Pepsi are probably the first two to come time. We’re aware of these brands, not necessarily because we like them, but rather because we see them in advertisements so often.
Forrester sums up nicely why marketing funnels are outdated. It assumes that everyone starts at a specific stage. And the goal is always the same: to get the customer to purchase your product or become a loyal customer. However, it’s more like a loop where we often make repeat purchases for the same thing. Think about the coffee shop or restaurant you frequent. We formulate opinions on businesses based on repeat actions. Regular, positive experiences keep us coming back to the same brands. Now you understand the fundamentals of the typical journey a customer goes through. We think you’re ready for the up-to-date version of this – the Loyalty Loop! Keep your eyes out for the next article!
MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to small businesses, startups, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry’s leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Feel free to Contact Us anytime for help with your project.