Full-Funnel Definition: What is a Full-Funnel Marketing Strategy?The marketing funnel consists of three main sections: awareness or attention, consideration, and conversion. The three sections of a full-funnel marketing strategy are:
- The Top: The widest part of the funnel, where customers enter from and which represents all the leads you generate. This is known as the “attention” phase because you’ve captured a potential customer’s attention, but nothing else.
- The Middle: The interest phase. Here, customers are interested, but may still be browsing or making up their minds. They haven’t bought anything yet, so they’re still in the funnel.
- The Bottom: The purchasing stage comes last. This is where attention and interest are converted into sales. Ideally, your customer exits the funnel and enters another one.
3 Reasons RMNs are The Future of Retail MediaRetail media networks are not new, but they are growing rapidly. According to the Merkle evolution of retail media networks report, this is evidenced by 81% of CPG brands who say they plan to spend more on RMNs in the next year. The COVID pandemic likely contributed to the surge in online shopping, which funneled many customers into these RMNs for the first time. There, they got a taste of the personalization and relevance, which makes shopping in RMNs an experience that customers aren’t soon to forget. Here are three significant ways that retail media networks represent an improvement in the retail media landscape:
Guaranteed Context & More Relevant Ads
No Need for Third-Party Data
The Best Types of Ads to Run on Retail Media NetworksThe main strength of retail media networks is their ability to facilitate highly relevant and targeted advertisements to customers in contextual situations. Think of the “customers also liked” widget or a series of sponsored items that appear at the front of search results. These kinds of native, unobtrusive advertisements are the bread and butter of RMNs. Here are seven ideas you can start designing your full-funnel digital marketing strategy around:
Sponsored Search Results
Targeted Email Ads
Sponsored Brand Ads
RMNs Make it Easier to Attribute Offline Sales to Online AdvertisingA retail media network’s biggest strength might be its ability to generate high-quality that brands need to truly understand their customers. Since 90% of grocery sales are completed in-store, keeping track of sales data for CPG brands was very difficult before the rise of RMNs. Despite this, it’s clear there’s a massive opening for technology to make the shopping experience better and more valuable for customers, brands, and retailers. According to a recent report by eMarketer, 82% of Walmart’s shoppers were using smartphones while shopping. 43% were using their phones to compare items in-store to those on Walmart.com. As one executive points out in the report: ecommerce isn’t just a channel anymore, but a shopping tool. A proper RMN will provide a closed loop of data attribution that makes it easier than ever to keep track of purchases:
- Data is sourced directly from first parties who voluntarily enter it as part of purchases or loyalty rewards programs.
- Brands can buy access to this data to design ads and promotions.
- Customers respond to these ads directly, whether they see them in their email inboxes or click on banner ads while on the website. Either way, their interest is tracked.
- Throughout the buying experience, customers are open to receiving more ads for relevant products or things they’ve bought before. They can also see content relevant to the item that started the journey, such as tutorials or other informational content.
- Purchases are handled by the retailer, providing yet another data point in the journey.
- Post-purchase data is easier to obtain since users have already given their information during checkout. Timely surveys or feedback requests can illuminate how customers feel after purchasing.
F.A.Q. about Full-Funnel Marketing with Retail Media NetworksSome of the most frequently searched questions about this topic include:
What Are Retail Media Networks?A retail media network is a network of media tools like content platforms, advertising products, customer data, digital shelves, and web pages owned by a retailer. These media, tools, platforms, and data are packaged as a premium access service sold to advertisers (brands) to help them design better products, advertisements, and promotions for the retailer’s customers.
What is the Future of Retail Media?Since 2020, e-commerce and RMNs, in particular, have seen a massive increase in revenue and customers. As customers worldwide are adjusting to more consumer-friendly, personalized, and targeted advertising, retail media marketers will need to adjust by involving themselves as soon as possible. Retail media networks in 2022 have proven to be the best solution for brands and retailers alike.
Why is Retail Media Important?The retail media industry, and the rise of RMNs, are important because they represent the future of retail marketing. The access to customer data, context, and personalization make RMNs a product too good to pass up for most brands. In other words, brands and advertisers are quickly adjusting to this increase in retail media opportunity not just because they have to—but because RMNs are succeeding and everyone in the ecosystem is taking note.
Why is Full-Funnel Marketing Important?Designing a full-funnel marketing strategy is important for a few reasons.
- You never know when the customer will encounter any given advertisement, meaning targeting ads only to a certain place in the funnel could be inefficient.
- The customer’s experience should be streamlined, but you can’t assume it will be linear. Customers should be able to pick up where they left off regardless of how they resume the buying process or why they paused it.
- Widening every step of the funnel can increase ROI, meaning an effective full-funnel strategy will outperform one focusing on a specific section.