A sales funnel represents a customer’s journey from first contact until purchase. It establishes phases that a customer crosses as they continue to interact with a brand on their journey to purchasing a product. Milestones of sales funnel could look like:
A sales funnel is called such because it looks exactly like a funnel as it progresses, with a high volume of potential leads at the start and a lower volume of converted customers at the end.
Strong sales funnels are vital for two reasons. First, they give the sales team a blueprint to follow for effective lead generation. Second, knowing which stage of the funnel a lead is in gives the sales team information about customers’ intent and interests at that moment. Sales funnels help businesses develop targeted marketing strategies that lead to better insights and higher sales conversions.
The sales funnel usually divided into three stages, and each stage can have one or more processes/activities:
Customers at the top of the funnel have just discovered your website or some other company channel like a social media page through digital marketing or offline marketing tactics like custom banners, banner stands, and shelf signs. Maybe they have received some information about your company from a cold call made by a sales rep.
However, they are not entirely sure about what they need, what to look for, and what solutions are out there. Activities performed here are part of the marketing and awareness phase. A strong initial touchpoint will captivate curious leads and propel them to learn more. Start a strong sales funnel with the following steps:
Once leads are qualified as potential prospects, they move to the middle of the funnel. Either they show interest in your product or service, or they have a problem that you know your product or service can solve. Once these leads are identified, the sales team needs to deliver highly relevant content through pitches, displays, videos and presentations. The intention is to give the prospect all the information they need to be convinced that your product or service is right for them.
In this section, prospects are converted to paying customers. Once a lead is convinced your product or service is right for them, they will close the deal with a purchase.
The sales funnel differs from business to business, so use this guide as a structure that can be tailored to your brand. You can add more steps to each stage or remove them based on what suits your sales team and brand. Ultimately, the sales funnel should move the customer from interest to purchase. Keep these insights in mind as you design high-conversion sales funnels and you will grow your customer base and increase customer retention.
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