Since the proliferation of digital analytics, many marketers have become obsessed with last click attribution and bottom of funnel activity. And one can easily see why this has become the new marketing addiction.
The downside of a sole obsession at the bottom of the funnel, however, is that many marketers can become myopic and singular in their approach and marketing budget, at the expense of creating brand preference and brand awareness (Top of Mind Awareness--TOMA) funnel growth and lead generation at the top of the funnel. I have witnessed too many brands spiral downward as a result.
The only sustainable model is a growth strategy that requires a full funnel and integrated marketing approach manifested in a comprehensive and balanced strategy that includes top of funnel content to educate, differentiate, and create brand preference through value and thought leadership. Followed by generating opt-in leads as a result of offering great information for those who are very early in the research phase of the problem they seek to solve, or the benefit they seek to gain.
If we only focus on those who are ready to make a purchase at the bottom of the funnel, we have given-up the vast majority of potential sales by default of not having captured their hearts and minds much earlier in their awareness and research process. And this is where brands lose their growth potential, and two major issues arise:
1. They become too fixated on their existing email database to grow the business, so they tend to abuse the list with an oversaturation of email blasts. As more people in the list opt-out, or ignore the emails, revenue from an over-used list diminish, and the marketer resorts to even more emails and steeper discounts to stimulate sales, which diminishes the value of the brand, and net profits. As topline revenue and net profits decline, the marketer is left with fewer resources to get back to a growth strategy, and the downward spiral continues.
2. If new prospects are not aggressively pursued at the top of the funnel, the prospect pool never expands, and growth becomes nearly impossible. Top of funnel strategies includes PR, quality content creation and promotion, brand building campaigns, experiential marketing, events, sponsorships, speaking, publishing, community relations, etc. And though these marketing and awareness activities are not always directly attributable to a sale, they are responsible for generating the brand awareness and preference from the beginning, which creates the branded online search and activity at the bottom of the funnel.
As marketers, we owe it to ourselves and our brands to fully understand and execute a comprehensive strategy designed to build brand awareness, brand preference, sales, and repeat sales if we are to grow the brand.
It has been my experience both academically and professionally that the number one reason that brands lose focus on the entire funnel, is that they become siloed, and overly obsessed with the last click vs. full-funnel attribution, and therefore a true appreciation for the value of creating positive brand awareness and engagement, and opt-in email lists way ahead of a purchase decision. And as a final note, we cannot forget the art, science, and value of lead nurturing if we want to convert those early email opt-ins to customers or brand advocates.
The downside of a sole obsession at the bottom of the funnel, however, is that many marketers can become myopic and singular in their approach and marketing budget, at the expense of creating brand preference and brand awareness (Top of Mind Awareness--TOMA) funnel growth and lead generation at the top of the funnel. I have witnessed too many brands spiral downward as a result.
The only sustainable model is a growth strategy that requires a full funnel and integrated marketing approach manifested in a comprehensive and balanced strategy that includes top of funnel content to educate, differentiate, and create brand preference through value and thought leadership. Followed by generating opt-in leads as a result of offering great information for those who are very early in the research phase of the problem they seek to solve, or the benefit they seek to gain.
If we only focus on those who are ready to make a purchase at the bottom of the funnel, we have given-up the vast majority of potential sales by default of not having captured their hearts and minds much earlier in their awareness and research process. And this is where brands lose their growth potential, and two major issues arise:
1. They become too fixated on their existing email database to grow the business, so they tend to abuse the list with an oversaturation of email blasts. As more people in the list opt-out, or ignore the emails, revenue from an over-used list diminish, and the marketer resorts to even more emails and steeper discounts to stimulate sales, which diminishes the value of the brand, and net profits. As topline revenue and net profits decline, the marketer is left with fewer resources to get back to a growth strategy, and the downward spiral continues.
2. If new prospects are not aggressively pursued at the top of the funnel, the prospect pool never expands, and growth becomes nearly impossible. Top of funnel strategies includes PR, quality content creation and promotion, brand building campaigns, experiential marketing, events, sponsorships, speaking, publishing, community relations, etc. And though these marketing and awareness activities are not always directly attributable to a sale, they are responsible for generating the brand awareness and preference from the beginning, which creates the branded online search and activity at the bottom of the funnel.
As marketers, we owe it to ourselves and our brands to fully understand and execute a comprehensive strategy designed to build brand awareness, brand preference, sales, and repeat sales if we are to grow the brand.
It has been my experience both academically and professionally that the number one reason that brands lose focus on the entire funnel, is that they become siloed, and overly obsessed with the last click vs. full-funnel attribution, and therefore a true appreciation for the value of creating positive brand awareness and engagement, and opt-in email lists way ahead of a purchase decision. And as a final note, we cannot forget the art, science, and value of lead nurturing if we want to convert those early email opt-ins to customers or brand advocates.
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