What is a sales funnel?
A sales funnel is used as a reference by many business owners for lead generation and sales closure of their websites. The term sales funnel illustrates the path that prospects go through. This involves a multi-step process, which includes the time when they first interact with the brand until such time they become customers and make the actual purchase.
As the name indicates, it can be visualized as an upside-down triangle wherein would-be customers are funneled down and convert them into buying customers. Each company may have its way of managing the sales process, but they share the same purpose – to track down the transformation of leads into buyers.
Why is it important?
A sales funnel helps business owners understand the needs and wants of their audiences. This makes it easier for them to come up with the best marketing strategy to drive more leads and convert them into paying customers.
A sales funnel also helps in organizing the process of sorting, evaluating, and ranking sales lead. Since leads vary in their needs, sales funnel will help determine which points should be prioritized and would require immediate attention, which leads are likely to convert into paying customers, and which leads would require long-term nurturing.
A sales funnel provides business starters with a better understanding of their business and their customers, which helps them gain a competitive advantage over other businesses.
Also, a high-performance sales funnel can help attract the perfect leads, thus, providing more opportunities for businesses to build their credibility and outshine their competitors.
Stages of a sales funnel
A typical sales funnel can be broken down into the following stages:
- Awareness and discovery – This can be found on top of the sales funnel. This is the time wherein leads have become aware of the existence of a business but are not particularly interested. At this stage, businesses must create compelling, optimized, and informative content to improve brand visibility and increase the chances of getting discovered by potential leads.
- Interest – After attracting the leads’ attention, they will now enter into the interest stage. At this stage, leads aim to know more about the services, products, or solutions that a business can offer, yet, purchasing is still not considered. The goal is to create a strong magnet lead by establishing rapport with the new leads, address their needs, and nurture their interests. This can be done by creating a consistent brand message that the leads can relate to and share it with various content channels.
- Decision – This is the stage wherein leads become full-blown prospects and are already making an informed decision on whether they would go for the brand over other competitors. It is vital to create convincing reasons for them to make a purchase.
- Action – At this stage, would-be customers are now ready to finalize their decision and make a purchase. However, this doesn’t end here. It is crucial to keep in touch with the customers and provide an after-sales action to make them feel valued. The goal is to make them stay engaged with the business. This increases the likelihood of customer retention and loyalty.
- Re-engagement – Re-engaging with previous customers provides a positive outlook on the business and would encourage them to make another purchase or, better yet, provide referrals that can lead to new prospects and customers.
Having a high-performance sales funnel is vital to the success of any marketing campaigns and achieve outstanding results. For those who are only starting a business, a sales funnel can be a challenging task. It helps to have a company as reliable as Website Success Tools in building the right sales funnel and to pull it off towards the desired outcome.
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