Welcome to the lesson on understanding business funnels and their impact on digital experience. In this lesson, we will explore a business’s different phases and layers, known as funnels, and how they affect internal and external stakeholders and the overall digital experience.
What are Business Funnels?
Business funnels are stages or steps stakeholders go through when interacting with a business. These funnels can vary based on the relationship’s nature and each stakeholder’s goals. Funnels can be broadly categorized into employment funnels, sales funnels, and onboarding sequences for suppliers and contractors.
The Phases of a Business Funnel:
Top of the Funnel – Look at Us:
- The widest part of the funnel is where stakeholders first become aware of the company.
- For employment funnels, it’s when potential candidates discover job opportunities.
- For external stakeholders, it could be finding the company through content and marketing materials.
Get Started – Making Things Move:
- The phase where stakeholders show interest and start engaging with the organization.
- For employment funnels, it involves responding to job postings and beginning the interview process.
- For external stakeholders, this might mean signing up for an email list or scheduling a product demo.
Getting Interaction – Moving Forward:
- Stakeholders actively interact with the company and take further steps toward the desired outcome.
- For employment funnels, it could be participating in interviews or going through a product demo for external stakeholders.
Making Moves – Accomplishing the Task:
- Stakeholders make significant decisions, such as accepting a job offer or purchasing.
- This can be accepting a job offer for internal stakeholders, leading to career growth.
- For external stakeholders, it’s completing a purchase and becoming a customer.
Winning Stage – Funnel Completion:
- The final stage is where the funnel’s objective is achieved.
- For internal stakeholders, this is achieving career growth and excelling in their roles.
- It’s successfully purchasing and utilizing the product or service for external stakeholders.
Variability of Business Funnels:
- Not all funnels follow the same five steps. Some may be shorter or longer, depending on the complexity of the relationship and the specific goals.
- Business funnels can be adapted and tailored to suit the unique needs of each stakeholder.
Impact on Digital Experience:
- Understanding business funnels is essential for optimizing the digital experience for both internal and external stakeholders.
- Businesses can enhance stakeholder engagement and satisfaction by aligning digital touchpoints with the funnel stages.
Differentiating Internal and External Stakeholders:
- The objectives for internal and external stakeholders differ within the same funnel.
- For internal stakeholders, the focus is on skill development, career growth, and becoming valuable assets to the company.
- For external stakeholders, the emphasis is on maximizing revenue and building lasting relationships.
Outgoing Layer – Farewell Process:
- The outgoing layer deals with stakeholders leaving the organization or ending their relationship with the company.
- For internal stakeholders, this involves exit interviews and ensuring a smooth transition.
- For external stakeholders, it includes retaining their valuable feedback and understanding their reasons for leaving.
Understanding business funnels and their impact on the digital experience is crucial for creating effective strategies to engage internal and external stakeholders. By aligning digital touchpoints with each funnel stage, businesses can enhance relationships, drive conversions, and ultimately create a positive digital experience for all stakeholders.