021 - The Real Marketing Funnel
1* - The Real Marketing Funnel
Less than 5% of your customers are ready to buy from you.
Marketers know this figure.
But yet, our actual marketing is still geared towards the 1-5%, and not the 95%.
Let’s move away from short term planning and focus on long term brand building.
2* Jobs To Be Done - Excellent Explanation
Harvard Business School marketing professor Theodore Levitt said, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!” Clayton Christensen says, “People buy products and services to get a job done”.
For those unfamiliar with the jobs to be done framework, this is a beautifully simplified articulation of the jobs-to-be-done methodology.
Katelyn Bourgoin shares her own experience about purchasing an alarm clock.
She describes how brands selling alarm clocks missed a trick, and her example shows how easy it is for brands to get lost in a sea of mediocrity by selling based on features, vs selling on the output of the job someone is trying to complete.
Katelyn talks about how when browsing through Amazon to purchase an alarm clock, she noticed every single product focuses on the functionality of the alarm, the chimes, the casing, the shape, and size.
But no one discussed why people were hiring the alarm clock, and what job it was being brought to do.
Her example touched on the fact she wanted to get into shape, and she wanted a traditional alarm that had no snooze button.
This was an opportunity for a brand to have their Purple Cow moment.
Instead of blending into the dozens of alarm clock options available on Amazon, a brand could have easily stood out and resonated with a customer who instead of focusing on features, sold a better you, a healthy you, what if the alarm clock was a symbol of accomplishment for what the alarm clock allowed you to do.
Get up early, start the day with a win, go for a run, and start your journey to a better you.
What positioning would resonate with a customer in market for an alarm clock to help with their fitness routine?
“A beautifully crafted traditional metallic alarm clock for £5.99”, or “Our alarm clocks are designed to kick start your new fitness routine, our no snooze option ensures you get out of bed and start the day”
This 18 min video is an excellent watch.
3* Lead Gen to Demand Gen
“But how do you measure it?”
This seems to be one of the biggest objections to moving from a lead gen model to a demand gen model.
Cognism’s journey from a lead gen focused strategy to demand gen strategy is well documented.
The Cognism team continues to open up on their journey on how they’re evolving their marketing strategy to be more accustomed to how their buyer buys today,
They share practical steps and suggestions on how you can follow suit.
The irony is this is making for fantastic social content for their strategy.
This 10-minute video shares their 6 key pillars to their measurement framework, they include.
Splitting the funnel
Inbound velocity
The sales cycle
Measuring Awareness Ads
Measuring Performance Ads
Human Attribution
If you’re interested in learning more, follow Liam Bartholomew and Alice de Courcy
Conversations You Should Read
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A Twitter Thread - What a coached learned from speaking with senior marketing leaders
“Every product has a unique personality and it's your job to find it” — Joe Sugarman
Tools & Platforms
Each week I share a tool I have used, plan to use or I find interesting.
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