7 Keys to Marketing Genius: Fun with Funnels
The following is an excerpt from The 7 Keys to Marketing Genius by Michael Daehn
A funnel is a good way to think of the marketing process. The top is very broad and consists of using mass marketing techniques. Mass marketing includes items like mass mailings, national advertising, billboards, and airing commercials during the Superbowl. The marketing message is sent to a broad audience with little or no discretion. Mass marketing is very expensive, difficult to evaluate, and has a low return on investment. Mass marketing is a stab in the dark, like trying to find needles in a haystack. The next section of the funnel narrows the target audience into market segments. The communications still appeal to a large audience, but they are at least targeted to a specific market segment by means of the chosen media.
Cat Fancy magazine, ESPN, and the Oxygen website each target a specific segment of the market: cat lovers, sports enthusiasts, and women, respectively. Next, we narrow the target audience further into niche or specialty markets. Harley Davidson, Barbie, and Macintosh computers each appeal to a specialty area of the market. The bottom of the funnel is the customized or one-to-one area of the funnel. The consumer being on a first-name basis with the product or service provider often characterizes these markets. Mike the mechanic, Bill the barber, Doc Baker are all one-to-one relationships in which the customer and service provider know each other personally. Through the use of technology and mass customization, these relationships can be available on a wide scale such as in the case of the “My Yahoo!” page.