46. Marketing Acronyms to Actionable Terms Explained

So first word that I want to discuss is funnel itself, because people kind of use this word often and don't really know what it is.

But I would argue that if you have business, you have a funnel.

Full stop.

A funnel is simply a path that takes someone from finding out about you to buying from you.

It can be so simple.

For example, if you're hanging out locally and you are looking for somebody to clean your house, you could type in your hometown and house cleaning and people are going to come onto your awareness.

You're going to click onto the website and you're going to make a booking for somebody to come out and clean your house.

That is their funnel.

Now, that would be an SEO focused funnel, or maybe they have Google ads running so that you showed up at the top of their search.

But that is a very simple funnel that just takes people from problem aware, which would be the top of the funnel, abbreviated as TOFU.

So top of funnel means that they have a problem.

Middle means that they are solution aware that you can offer them a solution and then takes them to the bottom of funnel where they purchase from you.

So that is a funnel.

It can be super simple.

In online business, we often like to have things like freebies and welcome sequences, which I'll get into here in a minute, that then take us to landing and opt-in pages that then take us through a more elaborate purchase sequence.

But they can be super simple.

Even in online business, they can be super simple.

So that is a funnel.

It takes people from being a bunch of people floating out in the universe and then gives them a distinct path to follow to become a customer.

Now, inside that funnel, I mentioned that you might have ads.

which are simply Google or meta ads typically.

Again, I speak to online business owners.

So if you are a physical business owner, one, probably not the podcast for you, but two, you may have something like a billboard, a business card.

Regardless of if you're an online or in-person business, you might be attending network events, whether that's a virtual or in-person.

So you're going to have that top of funnel experience.