By systematically presenting potential buyers with products and services tailored to their specific needs, a well-developed “product funnel” may increase the likelihood that these individuals will make a purchase. Attracting new clients is just half the battle; a successful product funnel also has to provide them with a satisfying buying experience that encourages them to become loyal to the company. Salesforce indicates that more than 50%% of customers consider that companies must fundamentally transform their engagement. Furthermore, 64% of the customers expect tailored engagements based on past interactions.
As a business owner or marketer, you must clearly understand how your customers engage with your product or solution at each customer journey stage. In this pursuit, a product funnel is a powerful tool that helps you visualise and understand the different stages of your customer journey and the interactions at each stage. Emeritus estimates that more than one-third of businesses believe that increasing the level of engagement with their customers is the best method to boost sales.
Phases of the Product Engagement Funnel
At the top of the funnel, you have your potential customers or leads. These individuals have expressed interest in your product or solution but may not be ready to purchase yet. They become more engaged and likely to purchase as they move through the funnel.
The middle of the funnel is where you convert leads into customers. This is where you provide more in-depth information about your product or solution and begin to build trust and credibility with your prospects. At this stage, you may offer a free trial, a demo, or other incentives to encourage them to take the next step.
Finally, you have your loyal customers at the bottom of the funnel. Adobe highlights that retargeted visitors are 70% more likely to convert than non-retargeted visitors. These individuals have purchased and are now repeat buyers or brand advocates. It’s important to continue nurturing these relationships and providing excellent customer service to keep them returning.
Utilise Customer Data & Product Engagement KPIs
Defining your target audience is a crucial first step in improving your product engagement funnel, and it starts with data. You can collect demographic information, behaviour patterns, and customer feedback to understand your ideal customer comprehensively. This data can be obtained through surveys, customer interviews, social media analytics, and website analytics.
Product engagement KPIs help firms assess product health and identify areas for product enhancement, such as retention rate, conversion rate, and customer happiness. They enable companies to focus on issue areas in the product engagement funnel. To explore this, a poor conversion rate might mean that firms need to concentrate on giving more information or incentives to convert leads into consumers. In a similar vein, a low retention rate may indicate that a company’s efforts might be better directed at enhancing the experience provided to its most loyal clients. Organisations may improve the efficiency of their product engagement funnel by monitoring and evaluating key performance indicators.
Integrate Social Proof
Social proof, defined as the influence of other people’s actions and opinions on our behaviour, can be essential to building trust and credibility with potential customers. By incorporating customer testimonials, user-generated content, and case studies on your website and social media channels, you can showcase the positive experiences of previous customers and provide evidence of the value your product or service offers.
Ultimately, this can help to increase engagement and conversions by reducing perceived risk and uncertainty and demonstrating social validation. Encouraging your customers to share their experiences with your product provides valuable feedback that can be used to improve your offering and serves as a form of word-of-mouth marketing, which can be incredibly effective in building brand awareness and credibility.
Improve Your Copy
Getting people interested in your product and using it requires compelling product copywriting that attracts and retains your target demographic. If you want to create content that gets people to take action, consider the following suggestions. Instead of emphasising your product’s qualities, stress its advantages.
Furthermore, it is important to highlight the beneficial effects your product will have on their daily life. Moreover, deploy storytelling to your advantage in your product copy; readers will relate to your words. Use a narrative to illustrate the issue your product addresses or to provide a personal account of how your product has benefited a customer.
Implement Customer Feedback
Continuously modifying your product based on customer feedback is crucial for keeping your customers engaged and satisfied. Listening to customer feedback can help you identify areas for improvement, feature requests, and pain points that must be addressed. By acting on this feedback and making changes to your product, you can show your customers that you value their input and are committed to delivering a product that meets their needs. It is feasible to acquire customer feedback through surveys or user interviews.
This avenue can help you understand how customers use your product and what features they want to be added or improved. In addition, you can monitor social media and online forums to see what customers say about your product and address any issues or concerns. Finally, making product modifications doesn’t have to be lengthy or complex. Simple changes like adjusting a button’s placement or improving your product’s speed can greatly impact customer engagement.