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eliminating Benchmark Report FRICTION IN THE FUNNELIntroduction Executive Summary Todays Marketing Funnel Marketing Tactics Usage they just relo- cate to a different part of the funnel. Introduction 5 ELIMINATING FRICTION IN THE FUNNEL Executive Summary eliminating FRICTION IN THE FUNNEL 6 ELIMINATING FRICTION IN THE FUNNEL EXECUTIVE SUMMARY To understand the current state of the marketing funnel, GetResponse and Demand Metric partnered to research how much friction is in todays marketing funnel, and where it most commonly appears. Using a survey, the study measured, by funnel section, the tactics marketers are using, how well they are working, where friction exists and why, and the degree to which automation reduces or eliminates this friction. This report shares the research results and insights to help marketers achieve better performing funnels. Some of the key findings from this study include: This report details the results and insights from the analysis of the study data. For more detail on the survey participants, please refer to the Appendix. Less than 20 percent of study participants report having strong or complete integration of funnel sections. Study participants rated the top funnel section as best performing, and the middle section as worst performing. When funnel sections are automated, performance almost doubles as a result, with the biggest performance gains coming in the middle section. Integrating sections of the funnel has a powerful impact on performance: The top and middle sections saw a 3X improvement compared to funnels that lack integration. The bottom section saw a 2X improvement. A minority of participants less than 30 percent have a precise understanding of funnel return on investment (ROI). The top of the funnel is the most automated section, but less than 20 percent of study participants report most to full automation for any funnel section.Todays Marketing Funnel eliminating FRICTION IN THE FUNNEL 8 ELIMINATING FRICTION IN THE FUNNEL The marketing funnel was the central focus of this study, so to create some context around the findings, well begin by sharing some data about the state of todays marketing funnel. We asked study participants to share how well the sections of their funnels perform relative to each other. The top section had the highest rating, followed closely by the bottom, with the mid-funnel ranking a distant third. The mid-section of the funnel is the most problematic for most participants in this study. Most marketers divide their funnel into three sections: Todays Marketing Funnel Middle: where lead qualification occurs. Bottom: where qualified leads convert to sales. Top: where lead capture occurs. 9 ELIMINATING FRICTION IN THE FUNNEL Complete integration Low integration No integration Strong integration Moderate integration 2% 30% 11% 16% 41% Funnel integration status skews toward the “no” to “low” end of the spectrum. Funnel Section Integration Status Todays marketing funnel is a collection of inter-related processes, often supported or driven by technology. Friction in the funnel defined as forces or barriers that impede the smooth flow of leads through the funnel is a function of how inte- grated funnel processes are. For example, a poor lead scoring or qualification process would create friction in the movement of leads from the top to middle section of the funnel. Lack of automation can allow leads to languish in part of the funnel. Figure 1 shows study participants rating for how well their funnel sections were integrated to allow leads to flow smoothly. TODAYS MARKETING FUNNEL FIGURE 1 10 ELIMINATING FRICTION IN THE FUNNEL FIGURE 2 Very precise Very imprecise Dont know Mostly precise Mostly imprecise 4% 33% 11% 25% 27% Almost three-fourths of study participants have no or an imprecise understanding of funnel ROI. Understanding of Funnel ROI TODAYS MARKETING FUNNEL With less than one in five participants reporting “strong” to “complete” integration of their funnel sections, some degree of friction in the funnel is clearly present. Marketers are historically challenged to report a return on their efforts. The funnel is central to generating ROI, and Figure 2 shows how well study participants understand the ROI of their funnels. This funnel overview reveals that the mid-section is the lowest performer, and that most study participants dont have strong integration of funnel sections, nor do they understand ROI. A premise of this study is that automation can do much to reduce the friction in the funnel. the following sections of this report examine that premise by exploring the tactics in use, the difficulty of executing them, how they perform, the accuracy of attributing results to them, and how automation impacts all these things. 11 ELIMINATING FRICTION IN THE FUNNEL Marketing Tactics Usage & Performance eliminating FRICTION IN THE FUNNEL 12 ELIMINATING FRICTION IN THE FUNNEL To dive more deeply into the funnel, the study took an inventory of the marketing tactics participants are using in each section. While these tactics are familiar to most marketers, we describe them in the following way: Marketing Tactics Usage & Performance Content marketing: e-books, reports, white papers, and similar content forms Earned media: press coverage and news announcements Email marketing: sending email messages en masse to lists of prospects or customers Events marketing: conferences, webinars, tradeshows, and other events Owned media: websites, blogs, landing pages, etc. Paid media: online, print, and outdoor ads Referral marketing: case studies, testimonials, peer review sites, and word-of-mouth Search marketing: Google and Bing Social media marketing: sharing content or adver- tising on social media, including leveraging influencer marketing Video marketing: using video to promote your products or brand 13 ELIMINATING FRICTION IN THE FUNNEL Email marketing Content marketing Events marketing Earned media Video marketing Owned media Search marketing Referral marketing Social media marketing Paid media Other tactic 66% 64% 64% 61% 56% 53% 42% 43% 46% 42% 40% 34% 34% 39% 38% 33% 22% 20% 20% 19% 18% 17% 23% 17% 15% 14% 10% 30% 30% 30% 28% 2% 7% Middle Bottom Top FIGURE 3 Most of these marketing tactics see the heaviest use at the top of the funnel. Inventory of Marketing Tactics in Use Figure 3 shares this inventory of tactics usage for the top, middle, and bottom sections of the funnel. MARKETING TACTICS USAGE & PERFORMANCE The mix of marketing tactics doesnt change much based on the section of the funnel: all tactics see use throughout the funnel. However, the frequency of their use does, and depending on the funnel section, some- times the change is significant. The usage for all tactics decreases from the top to the bottom of the funnel, with exceptions: Email sees the most consistent and heaviest use across all funnel sections. Referral marketing usage remains relatively steady in all funnel sections. Personal, 1-to-1 selling, as reflected in write-in comments, becomes important in the bottom funnel section. 1 2 3 14 ELIMINATING FRICTION IN THE FUNNEL Referral marketing Content marketing Video marketing Paid media Events marketing Owned media Social media marketing Email marketing Search marketing 76% 73% 59% 65% 51% 53% 61% 63% 69% 64% 59% 54% 47% 57% 59% 57% 48% 46% 40% 41% 43% 40% 35% 48% 47% 54% 53% 56% 80% 69% Earned media MARKETING TACTICS USAGE & PERFORMANCE Tactics usage tells just part of the story. Figure 4 shows how study partic- ipants rated the tactics from Figure 3 in terms of performance. Middle Bottom Top FIGURE 4 Tactics shift in effectiveness depending on the funnel section in which they are used. Tactics Rated “Better” and “Best” by Funnel Section 15 ELIMINATING FRICTION IN THE FUNNEL Best Performing Tactics Most Used Tactics 1. Referral marketing 2. Events marketing 3. Content marketing 1. Email marketing 2. Owned media 3. Events marketing 1. Referral marketing 1. Email marketing (tie) 3. Events marketing 1. Email marketing 2. Owned media 3. Content marketing 1. Referral marketing 2. Events marketing 3. Video marketing 1. Email marketing 2. Events marketing 2. Referral marketing (tie) TABLE 1 Comparing tactic performance and usage. Top Middle Bottom MARKETING TACTICS USAGE & PERFORMANCE What stands out when comparing the usage data from Figure 1 with the tactics performance data from Figure 4 is that the best performing tactic is not the most used tactic. Logic says that the best performing tactic should see the greatest use, but that is not the case in this study. The following table illustrates this. The top and mid-sections of the funnel have the least overlap between best performing and most used tactics. The bottom of the funnel has the best match. 16 ELIMINATING FRICTION IN THE FUNNEL 58% 60% 62% 49% 55% 54% 53% 58% 39% 55% 59% 45% 39% 25% 35% 39% 40% 48% 39% 25% 32% 16% 46% 40% 40% 46% 48% 68% 69% 69% Social media marketing Referral marketing Content marketing Video marketing Paid media Events marketing Owned media Email marketing Search marketing Earned media A factor that may influence tactics usage is the difficulty of executing a tactic. Figure 5 shows the relative difficulty of executing the tactics from Figure 3 in each section of the funnel. Social, email, referral marketing, and earned media become easier to execute as their usage moves down the funnel. Most other tactics become more difficult to use, particularly video marketing. Overall, these tactics are hardest to use at the top of the funnel, and easiest in the mid-section. Middle Bottom Top FIGURE 5 A majority of the tactics become harder to execute as you move down the funnel. Tactics Rated “Easy” or “Very easy” to Use by Funnel Section MARKETING TACTICS USAGE & PERFORMANCE 17 ELIMINATING FRICTION IN THE FUNNEL Best Performing Tactics Easiest to Execute Tactics 1. Referral marketing 2. Events marketing 3. Content marketing 1. Social media marketing 2. Email marketing 3. Paid media 1. Referral marketing 1. Email marketing (tie) 3. Events marketing 1. Social media marketing 2. Email marketing 3. Paid media 1. Referral marketing 2. Events marketing 3. Video marketing 1. Social media marketing 2. Email marketing 3. Search marketing TABLE 2 Comparing tactic performance and ease of execution. Top Middle Bottom When looking at the difficulty of executing tactics, it becomes clear why the best performing tactics arent always the most frequently employed. Table 2 compares tactic performance with the ease of executing them. The overall picture this section presents is that the tactics marketers use in the funnel change in their performance and ease of execution depending on which funnel section they see use in. Of greater interest is the finding that the most effective tactics are not the ones that see the greatest use. One reason, as Table 2 shows, is the ease of execution. MARKETING TACTICS USAGE & PERFORMANCE The next section of this report shares how funnel auto- mation impacts these tactics, and other funnel performance characteristics. 18 ELIMINATING FRICTION IN THE FUNNEL Impact of Funnel Automation eliminating FRICTION IN THE FUNNEL 19 ELIMINATING FRICTION IN THE FUNNEL Mostly to fully automated Moderate automation Little to no automation Middle Bottom Top FIGURE 6 The majority of study participants have little to no funnel automation. Funnel Automation Status 12% 14% 17% 35% 53% 58% 58% 28% 25% Much of marketings investment in technology is directed at the funnel. Figure 6 summarizes the automation status of participant funnels by section. By summing the “Moderate” and “Mostly to fully” automated responses, the the top-of-the-funnel, by a slight margin, is the most automated section. However, regardless of section, more than half report little to no funnel automation. Does it matter? The results of this study suggest there are some signifi- cant benefits to automating the funnel. Impact of Funnel Automation 20 ELIMINATING FRICTION IN THE FUNNEL Mostly to fully automated Little to no automation Middle Bottom Top FIGURE 7 Most or full automation more than doubles the incidence of performance that meets expectations in every section of the funnel. % Highest Funnel Performance Rating by Contrasting Automation Status 68% 22% 26% 36% 75% 73% Evaluating the impact of automation on funnel section performance is possible by contrasting funnel automation statuses. Figure 7 shows only those study participants that gave their respective funnel sections the highest performance rating, revealing the difference between little or no automation, and most or full automation. The correlation between automation and funnel section performance that meets expectations is strong. The results shown in Figure 7 make a compelling case for automating the funnel. IMPACT OF FUNNEL AUTOMATION 21 ELIMINATING FRICTION IN THE FUNNEL Referral marketing Earned media Search marketing Social media marketing Paid media Email marketing Content marketing Video marketing Events marketing Owned media 75% 73% 67% 67% 63% 63% 62% 60% 61% 55% 54% 54% 50% 46% 40% 39% 38% 33% 33% 29% Little/No Automation Mostly/Fully Automated FIGURE 8 All tactics performed better when the mid-section of the funnel was automated. Impact of Automation on Mid-Funnel Marketing Tactic Performance While all sections of the funnel received substantial benefit from automa- tion, the measured difference in performance of individual tactics listed in Figure 3 was greatest mid-funnel. Figure 8 summarizes this tactics performance comparison. The impact of most or full automation on tactics performance in this funnel section is dramatic, with all tactics showing performance improvements. This result is welcome news for the most problematic mid-section of the funnel. IMPACT OF FUNNEL AUTOMATION
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