Sales Funnel, Let us begin by painting a visual image of two companies that offer the same services. Company A is average when it comes to offering quality goods and/or services. On the other hand, Company B is outstanding when it comes to offering quality goods and/or services.
Ironically, despite Company B’s superior product and service quality, it doesn’t generate as much revenue as Company A. Frankly speaking, there could be several reasons for this, including poor location and pricing structure. For other reasons why this could happen, you can visit: https://hbr.org/.
While there are several reasons, some reasons are more common than others. The lack of, or poor implementation of effective marketing strategy is high on the list.
It is not enough to offer top-quality goods and/or services. You have to make a great deal of noise about how good your goods and/or services are. This is where sales funnel efficiency comes in. More about sales funnel and how it boosts the selling process will be covered here. So, read on to stay informed.
A sales funnel refers to the various processes involved in attracting prospective customers and having them become established customers. The implementation of the various processes involved suggests that you do not leave room to chance when it comes to brand and sales marketing for your business.
Rather, you are proactive by implementing result-yielding strategies that get you many, yet quality leads, and deliver you just the right customers needed to boost your company’s revenue. For a better perspective, the sequential processes that make a sales funnel are outlined below:
Some people need the goods that you sell or the services that you render. These people need to understand that your business can come through for them in this regard. That is what this phase in the sales funnel is all about.
There are several ways that marketers go about efficiently getting the right people to be aware. Examples include the use of content marketing, SEO (Search Engine Optimization), and Social Media Advertising.
As a result of the aforementioned marketing phase, some of the people made aware of your business’s operations will begin to show some level of interest. An efficient sales funnel is also about making it easier to determine how many people have shown varying levels of interest.
Actions such as content engagement, visits to your business’s website, or even signing up for an email list are indications of interest. This paves the way for other sales funnel processes starting with…
For the record, the prospective customers are still showing interest in this phase. However, the amount of interest shown is what distinguishes this phase from the aforementioned.
For example, the generated leads can start requesting detailed information. In all fairness, this is one of the phases that is hard to keep track of.
As a result, it is better to ensure that prospective customers at this level have enough information to drive them to become your customers. This could be making provisions for convincing testimonials, case studies, and more.
The prospective customers must have initiated an action that strongly confirms that they are on the verge of patronizing you. Examples of actions initiated by customers that strongly suggest they have entered this phase include:
- Opening an online buyer’s account and providing the necessary information
- Selecting goods or services on display and adding them to their online shopping cart
- Reaching out to your sales team for information that suggests they are very interested in getting the product or service
- Requesting for a quote
For the record, they can back down even at this phase. As a result, this is not the time to relent in your effort to win them over.
This was the major goal all along. It is that phase where the prospective customer finally becomes an established customer by purchasing what you sell. However, this is not supposed to be the end of the journey.
The next phase should be ensuring that the established customer does not make the transaction a one-time event. In other words, this is about client/customer retention.
Furthermore, it is also about having a good customer relations approach; one that drives established customers to recommend your goods or services to people that need such around them.
Businesses need to strategize and implement a result-yielding sales funnel. In light of this, people who are asking the question “How can I come up with my first funnel for optimal marketing?” have a lot at their disposal. For example, there are boot camps that can do a good job of guiding them through.
How Sales Funnel Efficiency Can Boost Your Selling Process
Your business’s revenue can be significantly increased when a sales funnel is strategically implemented. Some of the several ways that an efficiently deployed sales funnel is capable of boosting your business’s selling process are explained below:
Getting Quality Leads
For the record, strategizing and implementing a sales funnel requires resources. This is both financial and human resources. As a result, it is only reasonable that these resources are channeled towards attracting the right people.
This is what an efficiently run sales funnel guarantees. As a result, you would be putting committed resources to great use.
Effective Communication with Leads
Quality leads can ultimately become established and even returning-clients. However, the truth is that there is a lengthy process and these leads can lose interest along the way.
A strategically implemented sales funnel helps you avoid this or reduces it to the barest minimum. This is by ensuring that there is timely and result-yielding communication with leads at various points in time.
Analytics is important in all this. This means that accurate data would be made available to positively influence decisions at various points in time. For example, this can help determine how much or less resources should be committed to this online marketing campaign, and at what point.
Impressive Conversion Rate
As a result of making decisions that are positively influenced by accurate data and effectively communicating with leads, the conversion rate is very likely to be significantly boosted. This also implies that the most is made of every phase on the long list of processes.
Keeping Prospects Properly Informed
Under usual circumstances, prospective customers only know as much as you make them know about your brand and goods or services. Lack of communication is one of the reasons why certain sales funnel campaigns are not as successful as desired.
A strategically implemented one ensures that prospects are well-informed. Sometimes, this is not even for the sake of communication but setting the record straight.
Good or service purchase is a major goal of a sales funnel as pointed out early on. However, this is not the end of it all as it is important to retain customers and completely win them over. They should be won over to the point of being willing to recommend your goods or services to others.
A strategically implemented sales funnel makes sure of this as well. By the way, customer retention is beneficial to customers in some ways. For more information on this subject, you can visit: https://www.techtarget.com/.
An efficient sales funnel is supposed to be scalable. This means that it can serve the same goal even as your business experiences growth. However, it is worth mentioning that there would be the need for slight adjustments to cope with current demands at various points in time.
Businesses need to implement efficient sales funnel campaigns for several reasons including increased brand publicity and revenue. This article has touched on this subject and a few others. So, ensure that you strategically implement a sales funnel campaign for your business.