How should we use the marketing funnel in 2024?

It’s time to retire the marketing funnel. Or at least, that was our hypothesis going into episode one of our new video series, The Hypothesis. Over the course of the episode, we talked about how marketers use the funnel today, where they go wrong, how they can use it to their benefit, how we think of it for ads, and where we see this concept 5 years from now. Watch the full video below or listen to the episode here to get this conversation in its entirety. More of a skimmer? Keep reading for our top takeaways.

Top takeaways from this episode 

How is the advertising industry currently using the marketing funnel? 

• The marketing funnel is used in various ways in the industry such as for ad audience targeting, creative ad concepts (top of funnel ads vs. lower funnel), and overall marketing planning but its application is often too rigid.
• Eric (VP Strategy) suggests the industry thinks of the funnel as a practical tool rather than what he believes it really is: a heuristic (a mental shortcut or rule of thumb used to simplify decision-making or problem-solving).

Where does the purchasing funnel go wrong?

• Consumer behavior is non-linear, and users move through the funnel in a messy and unpredictable manner.
• Proper segmentation and allocation of budget can be challenging within the confines of the funnel.
• Funnel-based creative strategies may limit experimentation and fail to account for the complexity of consumer decision-making.
• The abundance of information and analysis paralysis in the middle of the funnel can impact purchase decisions.

How should marketers think of the buying funnel instead?

• While the marketing funnel can still provide a starting point, it should be adapted and modified to fit the specific needs and behaviors of customers. The marketing funnel is no longer as accurate and should be replaced with a trigger and reaction approach.
• Deep audience knowledge is crucial for delivering the right message, in the right place, at the right time.
• Creative will play a crucial role in targeting and intercepting users as targeting becomes more complex.
• The marketing funnel may become the messy whole journey in the future, with less control over targeting.

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