We held a live training in our Free FB Group yesterday that went over the Minimum Viable Funnel (MVF) and how to implement and analyze it in your FB Ads Account. Here is the re-cap in case you missed it:
The minimum viable funnel for ecommerce is something that you have to understand to excel in ecommerce. It’s crucial for optimizing your conversion rate and for understanding your customer’s journey. Here’s why:
Running facebook ads with no funnel built and expecting to convert customers is like throwing seeds on the ground and expecting them all to grow into healthy, flourishing plants. Yeah, some of those seeds will sprout, but probably not many.
Your funnel guides your customer through your brand experience. It introduces them to your brand, it shows them the value that your brand provides, and it makes them want to be a part of it. “Minimum Viable Funnel” may sound complicated, but I assure you it is not. It is, however, absolutely necessary.
What is a Minimum Viable Funnel?
A MVF is defined as what is necessary to optimize conversions (purchases). Some people will tell you that all you really need is a Top Of Funnel (TOF) and a Bottom Of Funnel (BOF) but in all the testing I’ve done, I know for a fact that leaving out the Middle Of Funnel (MOF) means losing sales, losing customers, and ultimately making less money. Think of your customer as a new acquaintance that you’d like to eventually form a relationship with. You probably wouldn’t just dive right in and ask them for an exclusive relationship right after meeting them. Instead, you would talk with them, meet with them a few times for a bite to eat, and get to know each other better. Customers operate the same way, with the same emotions. Yes, many customers will purchase your product right away, especially with added scarcity and FOMO, but many more will require some proper getting to know each other before making their first purchase. That’s the whole purpose of your MOF.
To put it simply: Your MVF is where you introduce your brand to new prospects, allow them to get to know you, and convert them into customers.
Building Your MVF:
When building your funnel, it is important to note that you will be sending different ads to each part of your funnel. You may even send different ads to different audiences in each part of your funnel. The goal is to build a relationship and create customers, so catering to your different audiences with your content is crucial.
Your TOF will focus on promoting your products to new prospects in a way that captures their attention. You do this with captivating images and copy.
Your MOF will focus on providing social proof and value to your potential purchasers to build their confidence. You can do this a number of ways, including: using reviews from past customers, telling your brand’s story, declaring your mission, or using humor. Don’t limit yourself on the ways you can build relationships!
Your BOF will be where you really push people to complete their purchase. This is where you target people who have viewed your products, added them to their carts, or initiated a checkout. Something as simple as a reminder can work really well. You can also offer them a discount, free shipping, or create a limited time offer to draw them in. Your conversion rate for this level of your funnel should be around 4-6%, if not higher. You can also target customers who have already purchased by offering them a discount on their next purchase!
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