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The purchase funnel, or purchasing funnel, is a consumer-focused marketing model that illustrates the theoretical customer journey toward the purchase of a good or service. This staged process is summarized below:
Funnel analysis involves mapping and analyzing a series of events that lead towards a defined goal, like an advertisement-to-purchase journey in online advertising, or the flow that starts with user engagement in a mobile app and ends in a sale on an eCommerce platform.
The consumer is seen as being "converted" from a visitor to the site to a buyer. A funnel describes the progressive reduction in the number of users at each stage of the process. Advertising efforts can be aimed at "upper funnel", "middle funnel", or "lower funnel" potential customers. [1]
Action – The consumer forms a purchase intention, shops around, engages in trial or makes a purchase Some of the contemporary variants of the model replace attention with awareness . The common thread among all hierarchical models is that advertising operates as a stimulus (S) and the purchase decision is a response (R).
For online retailers, for example, a successful conversion may be defined as the sale of a product to a consumer whose interest in the item was initially sparked by clicking a banner advertisement. For content creators, a successful conversion may refer to a membership registration, newsletter subscription, software download, or other activity.
A typical example of a funnel chart starts with the sales leads on top, then down to the qualified leads, the hot leads and the closed deals. A business is bound to lose some number of potential deals at each step in the sales process and this is represented by the narrowing sections as you move from the top section (the widest) to the bottom section (the narrowest.)
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