It’s no secret that it’s a tough economic time. With inflation in the West and recession in the East, purse strings around the globe are tightening – both in business and at home. ^1-3 So, how can business owners combat pervasive lead declines? 

You can start with how you do your marketing.  

Business purchases are still a must. Despite monetary limitations, consumption of goods and services will continue. Therefore, positioning your brand in the right place, at the right time, and in front of the right people is crucial to obtaining the ROI you need from your marketing dollars.  

In this article, we aim to simplify the lead funnel and provide clear instructions on what type of marketing moves to make at different stages of buying. Remember, buyers will find you at different places in their journey, and these approaches should be combined to create a holistic marketing strategy that meets every prospect precisely where they are.  

What’s the fuss about funnels? 

A lead funnel is the process of turning a stranger into a lead and then a customer. The marketing funnel has been adapted and iterated upon many times, but at its core it is composed of three parts:  

• Top of the funnel (TOFU): awareness stage 

• Middle of the funnel (MOFU): consideration stage 

• Bottom of the funnel (BOFU): conversion stage 

The funnel is a useful concept for marketers and business owners because it simplifies a complex psychological and behavioral process – business buying – into a straightforward and relatively accurate linear process.  

Awareness → Consideration → Conversion  

First, buyers need to be aware of your brand; they need to not only know that it exists but also what it does and how well. Consumer brands may have impulse buyers, but in the B2B space, every purchase is meticulously researched, deliberated, and ultimately must be approved by executives. Widespread awareness of your brand among your target audience can make the difference between closing and not closing a deal.  

Read more on building a recognizable brand here.  

No one leaps from brand ignorance to loyalty. What’s more, you don’t want to use high-pressure marketing and sales tactics on people who are just getting to know your business – you will likely scare them off.  

Once buyers know about your business AND they’re in the market for your offerings, they may enter the consideration phase. Weighing their options, such as comparing price points and support levels, buyers will be seeking specific answers to specific questions, and you want to be there to educate them.  

Consideration does not look the same across all organizations, nor is it a concrete step-by-step process; it is fluid, long-lasting – a stagnant spiral. On average, the B2B buying cycle lasts between 6 to 12 months, meaning it pays to be consistent with your marketing. You need to be there at every twist and turn.  

Lastly, the conversion phase. You’ve done it; you’ve earned a customer. But the story doesn’t stop there – now you must keep that customer. This is another element missed by the traditional funnel: retention. There are numerous tactics businesses can employ to retain customers, including referral programs and providing best-in-class customer service; however, if your baseline offerings are failing to satisfy customers, they will leave. Doing your job well is the most straightforward way to ensure contract renewals.  

TOFU Touches 

Again, this is the awareness stage. At the top of the funnel (TOFU), prospects are just getting to know about your brand, so this stage focuses on content and marketing material that inspires brand awareness across your target audience.  

Lead generation content should focus on attracting prospects and showing them what you have to offer.  

Marketing moves that support TOFU goals:  

• Organic social media posts showcasing your services, product offerings, employees, and business values 

• Paid social media and search ads that broadly target your audience and showcase your business – but not overly trying to sell it yet 

• High-quality blog posts answering common TOFU/introductory level questions consumers would have about your offerings 

• Video content that flexes your brand identity  

• Contact us and email subscription sign up forms 

MOFU Maneuvers  

Prospects are in the consideration phase, or middle of the funnel (MOFU), once they’ve engaged with your brand in a meaningful way: maybe they’ve subscribed to an email list, follow you on social media, or have signed up for a webinar. Whatever the action, they all signal that this person is considering your brand.  

Use this stage to engage with prospects, earn their trust, and set your brand apart. 

Marketing moves that support MOFU goals: 

• Retargeting ads that focus on users who have visited your website  

• Gated case studies and whitepapers that require user data to download 

• Detailed content, like blogs, that answer specific, common questions buyers would have when considering vendors 

• Hosting informational webinars on key industry topics oriented to your consumers  

• Sending monthly email campaigns to your prospects  

BOFU Bringers 

The bottom of the funnel (BOFU) is the last stop before conversion. You’ve gotten their attention, built trust, and fostered a relationship with them; now it’s time to carry the ball over the line.  

BOFU content should support the sales team. At this point, the user is a marketing qualified lead (MQL) and may even be considered a sales qualified lead (SQL). This is the sales team time to shine and the marketing materials should back it up.  

Use this stage to convert prospects – give them specific reasons to choose your brand over your competitors 

Marketing moves that support BOFU goals: 

• Sales enablement kits packed with key information on the products and prospects (demographic info) to help sales teams close 

• Product led sales, free trials, or add-ons to reel in customers  

• Sharing testimonials from other customers on materials or embedded into sales emails 

• Personalized service and product packages that cater to a customer’s unique needs 

• Limited time only offers to create a sense of urgency and scarcity 

• Market research and competitive analyses that show how your brand ranks against the competition 

Need a hand with your marketing?  

Marketing is our bread and butter. Extu offers world-class monthly email campaigns at little to no cost to you. Get access to cutting-edge content in numerous industries, including tech, insurance, finance, building, construction, and automotive. Want to see if you qualify for one of our fully subsidized programs? Click here to chat with our team and find out. 

Sources: 

1. Harmonized index of consumer prices (HICP) inflation rate in Europe in March 2024, by country 

2. United States Core Inflation Rate 

3. Japan Slips Into a Recession and Loses Its Spot as the World’s Third-Largest Economy