The brand funnel is used to take a closer look at the buying process of your customers. By mapping your brand funnel you are assessing the strengths and weaknesses of your customers’ decision-making processes.
We evaluate your brand funnel using five simple steps:
- How many people are aware of your brand aided?
- How many people are aware of your brand unaided?
- How many people are actively considering your brand?
- How many people purchase your brand?
- How many people are loyal to your brand?
The brand Funnel has to be adapted to each case. Often, however, simple cross-industry metrics are more useful than trying to capture the entire customer journey.
Figure 1 only considers a single brand. We clearly see that the awareness of the brand is high, but the conversion from consideration to the actual purchase is low. How does that compare to the market?
When compared to the direct competitor, a clear bottleneck can be identified. Although the awareness of the brand is implemented in a large number of considerations, the customers do not proceed to purchase. The offers are just not convincing enough and the customers choose the competition.
Applying the Brand Funnel
The brand Funnel identifies the most important bottlenecks of a brand and positions it in relation to the market. By using simple overall metrics, we can compare across industries and over time. When we apply the Brand Funnel to your business, we tailor its use to your needs. Sometimes individual snapshots are required, and at other times, marketing efforts need to be constantly evaluated, requiring continuous evaluation and continuous data collection.