The Brand funnel is a tool used to assess the purchase journey of your customers. By mapping your Brand Funnel, you are assessing the strength and weaknesses of your customers’ decision journey.
We evaluate your Brand Funnel based on five simple steps:
- How many are Aware of your brand Aided?
- How many are Aware of your brand Unaided?
- How many are actively Consideringyour brand?
- How many Purchase?
- How many stay Loyal?
In all cases, the Brand Funnel needs to be adapted to the relevant case. However, often simple cross-industry metrics prove more useful than trying to capture the full Customer Journey.
Figure 1: The Brand Funnel
The figure above only considers a single brand. We clearly see that the Awareness is high, but that conversion from Consideration to Purchase is very low. But how does this compare to the market?
In the following example, two competitors had more than 90% of the market, but our client kept falling short of achieving their desired results. Their large market shares converted into very high awareness rates, so where did our client fall short?
Figure 2: Using the Brand Funnel
By comparing the results to their direct competitor, we identified a single bottleneck. While awareness had great conversion to consideration, customers did not proceed to purchase. Their offerings were simply not relevant enough, and customers then chose the competition.
Applying the Brand Funnel
The Brand Funnel identifies the most important focus areas of a brand and places it in relation to the market. By using simple overall metrics, we are able to compare across industries and across time. When we apply the Brand Funnel to your business, we customize its usage for your needs. Sometimes single snapshots are appropriate, and at other times, marketing efforts must be constantly evaluated requiring continuous evaluation and data access.