A graphic representation of the buying process is a business-to-business (B2B) marketing funnel. It serves as an illustration of how a step-by-step marketing message might persuade a potential client to act.
The buyer’s journey can be understood largely thanks to the B2B Marketing Funnel. It’s a strategy for directing customers toward your finished product through a sequence of interactions and transactions.
Any B2B marketing funnel consists of three stages:
- Top-of-the-funnel (TOFU)
- Middle-of-the-funnel (MOFU)
- Bottom-of-the-funnel (BOFU)
The steps in your buyer’s journey before they acquire your items are laid out in a B2B marketing funnel.
Let’s examine the marketing funnel’s operation and how to construct a straightforward funnel using the aforementioned three steps.
Need for funnels in the B2B space
Let’s say you want to sell a good or service.
You begin by determining the target market, or the group of people who are in need of a solution to their problems that you can offer. After that, you may either produce material to naturally reach them or run advertisements in the hopes that people will visit your website, register for the webinar, or respond to the ad copy. Now, you approach them with a sales pitch right away.
Since they don’t know you, the likelihood of this strategy succeeding is essentially zero.
They don’t know who you are, what you offer, or why they should care about it.
You must first introduce yourself to them, explaining who you are, what you believe in, your area of expertise, and why they should be interested in what you have to offer.
The funnel is useful in this situation. Your prospect goes through a process—a journey—that gradually deepens their connection to your brand. You ultimately convert.
Building a B2B Marketing Funnel
To build a robust B2B marketing funnel, let’s expand the three-stages of the funnel a bit further through the following steps:
- Create a lead magnet: Top-of-the-funnel B2B Marketing Funnel level (TOFU).
The core of marketing is content. Exciting material known as lead magnets seeks to provide more value in exchange for an email address.
As long as the lead magnets provide value to the target audience, they can take many different forms. Maintaining relevance and interest are crucial for making it worthwhile.
Maximizing the propagation of your company’s brand name with pertinent content is crucial at this point of the marketing funnel.
This means that every channel that can reach the correct audience, whether it be through your website blog, newsletters, social media channels, infographics, or how-to books, should be investigated.
- Awareness and Interest: Middle-of-the-funnel B2B Marketing Funnel level (MOFU)
The next stage is to properly nurture this contact over time after the audience is interested in your material.
This is a crucial phase because you want to establish trust with your audience and maintain it despite any hesitance or concerns they may have.
Keep in mind that as you progress through this stage, the number of people on your list will begin to decline because not everyone who was drawn to your content during the TOFU Stage is your ideal customer.
- Desire and Trust: Middle-of-the-funnel B2B marketing level (MOFU)
A relationship between your brand and that prospect begins when your audience interacts with it.
You must maintain a positive relationship with them and gain their trust so that they will be willing to consider working with you on your finished product.
The most important component of the entire sales process is trust. People don’t make purchases at random. People buy from those they believe in.
Through email sequences and retargeting advertisements, you may increase trust.
Trust is extremely brittle. It develops gradually and in little dosages. You need to put together a series of articles that gradually builds trust over time in little doses. But just because someone trusts you doesn’t imply they’ll buy what you’re offering.
They ought to have a pressing necessity that justifies the purchase.
The next step is when the customer has heard of your brand, is intrigued, but isn’t sure if they want to buy your finished goods. At this point, you must persuade your prospects that your items are superior to their current options.
The goal of the marketing strategies used at this point is to educate the potential client about the benefits you offer and what sets you apart from the competition. They will advance to the following level if they show signs of purchase intent.
- Action and Transaction: Bottom-of-the-funnel B2B marketing level (BOFU)
There should be a pressing need for them to make the transaction.
When a potential buyer has heard of your brand, is intrigued, but isn’t sure if they want to purchase your finished items, the following step is. Your job now is to convince potential customers that your products are better than what they already have available.
At this point, your potential customers should be informed on the advantages you provide and how you stand out from the competitors. If they exhibit indicators of a desire to buy, they will move on to the next stage.
Challenges in Building Funnels
There are a few challenges that can set businesses behind while working on the funnels. They are as follows:
- Regular quality content:
It’s crucial to provide content frequently since it fosters consistency and reliability. Since the majority of businesses now recognise the value of content, there is a lot of content being replicated among competitors in the same industry. Producing high-quality content aids in standing out.
- Managing Lead Sources:
Where your audience is located are lead sources. Understanding your audience is crucial. In the era of trends, it’s also important to be adaptable in placing information where the audience is already consuming it.
- Managing Lead quality:
The funnel must complete this stage in order to function. A tool like lead scoring should be utilised in order to have clarity because lead quality can be arbitrary.
- Alignment between sales and marketing teams:
The lead qualification process is frequently viewed differently by the sales and marketing departments. The sales and marketing teams must communicate often about qualified leads. For the B2B marketing funnel to operate well, this is one of the areas that becomes difficult.
- Customer’s perspective:
The customer’s perspective is sometimes overlooked in the rush to generate quality leads and make effective outreach. One such dynamic document that captures several facets of the target audience is the buyer persona. It is crucial to understand the difficulties, preferences, and dislikes of the clients.
It goes without saying that building a successful funnel is easier said than done. The development, maintenance, and utilisation of the B2B marketing funnel require teamwork and industry knowledge.
Working with specialists can assist you in accelerating the procedure and gaining the necessary support to fully utilise the data from the funnel.