Small Business Marketing Solution - Funnel
Imagine a wedding cake with multiple tiers, where each tier represents a different aspect of customer interaction or engagement. Unlike a funnel, customers can move laterally between different layers (or tiers), as well as up and down. This model recognizes that customer journeys are often non-linear and can involve various types of engagement or touch points.
WEDDING CAKE FUNNEL
Benefits
1. Informed Decision-Making: With all key metrics in one place, make more accurate and timely decisions to enhance your loyalty program.
2. Increased Efficiency: Save time and effort by not having to toggle between multiple platforms to gather data.
3. Higher Customer Retention: Real-time insights allow for immediate action, letting you engage at-risk customers before you lose them, thereby increasing retention.
4. ROI Tracking: Easily correlate customer retention efforts with sales metrics to understand the ROI of your loyalty programs.
5.Competitive Edge: Keep an eye on trends and customer behavior to stay ahead of the competition.
Features/Services
- Tier Identification: The first step would be to identify different "tiers" or layers in your customer's journey. These could range from social media engagement and email subscriptions at the top to free trials and customer referrals at lower layers.
- Drop-Off Analysis: By studying the transitions between these tiers, you can identify where drop-offs are happening. Maybe potential customers are engaging with your social media but not clicking through to your website, or perhaps they're visiting product pages but not adding anything to their cart.
- Segmentation: The wedding cake model allows you to segment your audience more finely, which can help you understand which types of customers are dropping off where. For example, first-time visitors might behave differently than repeat visitors.
- Lateral Movement: Unlike the traditional funnel, the wedding cake model lets you track lateral movement between tiers. For instance, some customers might skip the "content engagement" tier entirely and move straight to a purchase. Understanding these lateral movements can be key to understanding drop-offs.
- Contextual Analysis: Each tier may involve multiple touchpoints (e.g., different social media platforms, types of content, etc.). A wedding cake funnel analysis could dive into these to offer a more nuanced understanding of where and why drop-offs occur.
- Prescriptive Actions: Once you understand where and why potential customers are dropping off, you can take targeted actions to improve those specific tiers of your 'cake,' whether it's by improving content, enhancing user experience, or streamlining the sales process.
