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Marketing Funnel = Buyers Awareness Cycle
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Mar 10, 2009 by Mark Maier"Microsoft Confirms Marketing Funnel Remains Relevant" reads the headline from MediaPost. At LPG we have known all along that the "Marketing Funnel " or The 4 Stages Of The Buyers Awareness Cycle is real and relevant, has 4 stages, and every sector has an average time frame that differs from every other sector. Here is what the cycle looks like in chart form which varies tremendously from the generalizations that Microsoft has made in their study....
| The 4 Stages of The BAC / Pre-Purchase Experience | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Degree of Impact  High  Medium  Low | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Source: LPG / Prophet 2002 / 2003 Research | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Note: Graph reflects the 2/3rd shoppers who purchase based on brand versus price and item shoppers only (1/3). |
The article from MediaPost has an Interactive focus, but we know the Buyers Awareness Cycle has no bounds as far as media is concerned, it is interesting to see what the study reported as far as exposures leading up to the last click or the conversion online....
"The study shows that most ads influence consumers as early as 60 days prior, but about half of the ads get conversion credit under the last ad and last click model within the final five days. But this method favors the bottom of the funnel, not giving credit to those at the top that might have built awareness for the product or service. "It's a myopic view that disregards the points at the top of the funnel that brought the consumers down to the bottom," said Strong, who called the study "the scientific part that complements the art of planning a campaign."
Strong believes it's important to understand where different publishers live in the marketing funnel to better optimize campaigns and buy on sites that live in all. For instance, the data reveals that travel site Orbitz tends to reach consumers 22 days prior to taking the last step, compared with Expedia and Travelocity at 17 days. "You make someone aware at the top of the funnel, target them with specific information in the middle, and drive them to buy with search at the end," he said."
For all the money for research that Microsoft has, they still haven't figured out that only 1% of any audience is in the Buyers Awareness Cycle at any time with consumers exiting and entering the cycle daily, that 62% of consumers still shop Top of Mind and 38% shop Price & Item, and that each retail sector has a different time value involved in how long the average consumer is working through the cycle. The article talks about a 90 day period and consumers buying cycles are not "one-size-fits-all", in fact, here is the Buyers Awareness Top 40 from LPG/Prophet Research....
Product/Service
Time/Months
All Terrain Vehicles (ATV's)
3.0
Appliances (Over $500)
4.0
Auto New Domestic
3.2
Auto New Foreign
3.8
Auto Used Domestic
2.6
Auto Used Foreign
3.5
Bedding (New Mattresses)
2.0
Bicycles
4.4
Billiard Tables
6.5
Boats (14' +)
8.5
Camera/Video Equipment (Major Purchases)
2.6
Car Accessories (Over $300)
4.6
Cell Phones/Service
2.2
Computers
2.1
Exercise Equipment (Over $500)
9.6
Floor Covering (Not Remnants)
6.2
Furniture (Over $500)
3.9
Homes - Existing
20.0
Homes - New
21.0
Jewelry (Over $500)
5.6
Joining Health Club
4.4*
Landscaping (Over $500)
3.4
Luggage/Baggage (Over $350)
6.7
Martial Arts/Yoga Classes
3.6*
Men's Clothing & Accessories (Over $500)
1.6
Motorcycles - Harley Davidson
8.8
Motorcycles - Other than Harley Davidson
6.4
Musical Instruments (Over $500)
3.2
Pets (Cats/Dogs/Exotic)
3.9
RV's & Campers
17.7
Snowmobiles
3.9
Spa/Jacuzzis
5.1
Stereo Equipment (Over $350)
3.3
Swimming Pools
9.6
Teeth Whitening
4.6*
Water Bikes (Wave Runners, Etc.)
2.7
Waterbeds
4.1
Women's Clothing & Accessories (Over $350)
.8
