The sales funnel, commonly known as the purchase funnel or marketing a funnel is a client’s journey from the time a signature, brand or product attracts his/ her attention to the moment of taking action or purchase. While the sales funnel has evolved and become more complex over time, the most basic path is described as:
Each business has its own idea and definition of its sales funnel and has identified a different way that works best for objectives and audience behavior. If you know what your sales funnel looks like, ask yourself following questions:
What steps do customers go through before purchasing product or services?
How can I attract leads to become aware of my business?
What steps do we get to move a client through, to make a purchase?
How can I make this steps better for my clients?
One of the biggest obstacles between the sales and marketing teams is lack of understanding or agreement on an organization’s sales funnel. And this obstacle can cost your startup valuable revenue. According to studies, organizations with good alignment between sales and marketing teams achieved 20% annual revenue growth in general; companies with poor alignment saw a 4% decline in revenues. These are astonishing stats, and ones that can make or break your startup.
A sales and marketing team recently went through the activity of defining their own sales funnel, which we can define it as:
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Each step has its own set of marketing and sales activities to move the audience through their journey.
Ever since we established our funnel and all got on the same page, we’ve been able to more closely analyze our sales and marketing process. Now we know where our leads come from, the best type of leads to approach to make a successful sale, and what types of communication they need to move through to the next level.
The sales funnel is an excellent tool to better understand your business processes and your client’s needs. Identify your own sales funnel and define the activities your team will do at each stage, and make sure you measure results along the way to best optimize your strategies to see continued growth.
December 15, 2017