In the online Business world, with such a huge competition, Innovation is the key for running a successful Business. The marketing strategies keep changing daily depending upon the change in the platforms and pattern with which the buyers are purchasing. Due to digitalisation, multiple options have opened up for the buyers and thus the companies have to target potential consumes using various strategies that keeps on varying with time.
An ideal customer maintains loyalty as well as the price compatibility and due to the increase in the number of option, they might scroll through a number of places before buying the product.
The marketing funnel has evolved with time and here are the certain aspects that lay the key impact in the evolution.
Awareness has been key target for the marketers and they have resorted to various strategies such as e mail marketing, social media and online portals. With the innovation in Data analysis, the marketers are provided with the information about the customer preferences. Hence they are formulating their marketing strategies accordingly in order to increase sales and Branding. This has led to major advancement in the Marketing funnel.
Most people confuse Familiarity with Awareness. Familiarity is brief knowledge about the company and the products it offers. Familiarizing a customer is a much more tedious task as the accuracy of selecting a target audience, and the means to market are much more precise and the strategies developed by the marketers keep on changing on a regular basis.
The ultimate target of any Business is the sale of the product or service they offer. Rest comes after it such as customer retention, reputation etc. Due to the changing buying behavior of the customers, various other parameters have been added while making a purchase, such as return and exchange policy, availability etc. Due to these additions, now companies focus on variety of areas in order to fulfill the customer requirement.
Due to all these reasons the marketing strategies undertaken by the companies are regularly modified in order to optimize the Business and increase sales. Thus, the marketing funnel keeps on changing with the time.