The Marketing Funnel Has Collapsed
During the pandemic, eCommerce saw tremendous growth, including a surge of 37.9% for the social commerce market. The rapid pace of this progression left brands feeling the pressure to transition and adapt. Now, there are countless media platforms and online marketplaces to leverage. And, when approached strategically, most of them offer a promising opportunity. With this, one question we're regularly asked, is which channels are the most important? The short answer is, it depends on each brand's unique goals and situation. Yet, in a digital-first world, brands need to be everywhere all the time. Here we explain what you need to know about the sudden evolution of eCommerce and how to succeed despite the disruption.
The Traditional Marketing Funnel and Customer Journey
First, it's important to reflect on the trajectory of eCommerce to understand how we've arrived at the current state of the industry. To start, media, creative, and commerce have long been three core disciplines fundamental to success. However, before eCommerce experienced monumental growth, each of these tactics functioned differently.
From the perspective of the traditional marketing funnel, we've outlined their original purposes:
- Media = identifying, reaching audiences
- Commerce = converting
- Creative = engaging
Outlined above is what marketers are used to following. But it guides customers through a linear buying journey that no longer exists.
Today’s Marketing Funnel, Customer Journey, and What has Changed
As shopping shifted online, and platforms matured, the standard customer journey and touchpoints changed. This inevitably caused the marketing funnel to transform into a loop or web of purchase behaviors. Regardless, media, creative, and commerce remain at the forefront of digital marketing. However, their functions have developed into what we've outlined below.
- Media = identify, reach, engage, convert
- Commerce = identify, reach, engage, convert
- Creative = identify, reach, engage, convert
Now, digital marketers need to consider the entirety of a buyer's experience. Instead of using a specific tactic or medium for each phase of the buying journey, all should be an ongoing priority. This approach makes it possible to encourage shoppers to consider, purchase, and repurchase a product at any given moment. Taking it a step further, while it's still necessary to attract, engage, and convert customers, it doesn't have to be done in that sequence.
Modern Media and Buying Platforms
At one time, brands could silo their efforts and focus on social media, marketplaces, and their D2C strategies separately. But, as a result of the eCommerce boom, media platforms have become buying platforms and vice versa. So, this way of thinking, alongside the traditional marketing funnel, is no longer effective. Because of this, an omnichannel strategy is essential rather than something nice to have.
Today, someone can learn about a product and buy it almost immediately when the brand has a strong presence on the platform it's discovered on. For example, a consumer could scroll past a sponsored ad on Instagram or Facebook and buy the product within the platform.
Where Does Code3 Come Into Play?
The number of platforms brands have to choose from can be overwhelming. And their capabilities continue to grow making it a massive undertaking to keep up and stay ahead of what's coming next. To be successful with your omnichannel marketing efforts, all departments need to be strong and work well together.
At Code3, we have in-house experts that are native to and specialize in every platform. We help brands reach, engage with, and convert their audiences on social media, in search engines, and on marketplaces. This way, our clients are reaching their customers everywhere and at all times, making the most of their digital footprint.
Please reach out and connect with someone at Code3 to discuss how we can support your brand’s efforts and ensure you're not missing a beat.
Get In Touch
SIMILAR POSTS YOU MIGHT BE INTERESTED IN:
SIGN UP FOR OUR WEEKLY NEWSLETTER
News, Views, and Valuable Resources
Delivered to Your Inbox Each Week