Wait, You Don’t Have A Sales Funnel? Are You Even Serious About Marketing In 2020?
The marketing sales funnel describes how a prospective buyer will move from the awareness stage to the purchase stage and further to become a repeat loyal customer of a particular product/service. The sales funnel is also known as a revenue funnel or sales process. It is a buying process or consumer-focused marketing model that is typically divided into multiple steps, which can differ depending on the company sales model/ product/service.
Why do we need a sales funnel?
A goal without a proper plan is but only a wish. So, it is imperative that your online business has a plan outlined termed ‘sales funnel’ to be able to convert your website visitors, to your final customers. Th
The sales funnel is a step-by-step marketing plan that aims to take a prospective customer from one stage to another until the purchase is made and further for repeat business.
Wait, you don’t have a sales funnel? Then this is what may happen,
– No consistent, long-term success
– Even if a product sells itself, you cannot be assured the same quantum will continue.
– If you let potential customers at the top of the funnel slide away, you will miss opportunities that take a bit more nurturing.
– Without sales funnel how will you analyze the performance? How will you build a sales team? How will you ascertain the length of a sales cycle? How will you continue to successfully sell in adverse market conditions? Are you selling with integrity?
– 80% of sales are made on the follow-up, and not the first time someone sees your offer or visits your website. How will you track them?
YES, every business can benefit from a well-thought sales funnel that is structured and strategized. So, if you are serious about marketing in 2020, you will need on!
Identifying the stages in the Sales Funnel
Our outlined four basic steps provide an understanding of what happens in a sales funnel and serves as a framework for the customer’s journey. It is important that you analyze your business, identify the areas for improvement at every stage, and chalk out a sales funnel to best suit the product/service.
Step 1: Awareness
In the very first stage, marketing and branding are aimed at generating interest and building an audience through targeted marketing campaigns. This is done by creating content (video, blogging, podcasts) that addresses a customer’s pain point, or a need or a search. Facebook, YouTube, or Instagram ads are the fastest way to create awareness and reach your target audience to market your product/service. 78% of salespeople who use social media selling as a tool outsell their peers. Don’t just be seen, be visible, be heard on a mix of social media platforms!
Step 2: Lead Generation
Firstly, create a powerful landing page called the ‘squeeze page’ to solicit opt-in email addresses from prospective subscribers. Once the traffic (potential customer) begins to flow to your website, it is time to turn it into a lead magnet. A lead magnet is any type of incentive that a company offers to the potential buyer in exchange for his/her email address or any other contact information. At this stage, you want to be sure you have captured the details of the visitor who has come to your website in order to be able to communicate with him/her further. Lead magnets constitute digital, downloadable content, such as free reports, eBooks, whitepapers, how-to videos, and video courses. Giving away interesting valuable content free of cost attracts prospective customers and helps the company to build a larger customer base.
The lead magnet needs to be powerful since it is the first and lasting impression, that will influence and determine whether the lead will convert during the later stages of the funnel. Also, at this stage, the company can increase the generation of leads through blog posts, chatbots, and social media.
Generating organic SEO traffic is neither easy nor fast. If done correctly, in the long run, it will yield high quality and most targeted traffic. After all, people have come to your website for a reason. Target the reason, target the customer. Once you have tested this funnel, you can also use Google paid ads.
Step 3: Prospects
Once you are able to generate a significant number of leads, it’s time to work on converting them into customers. Studies suggest that only 2% of sales are actually closed after the first interaction, whether that is an advertisement, phone call, or webinar. Also, 20% who those who click the ‘Buy Now’ button do not complete the purchase. This means those leads are interested in your product but not totally convinced as yet to spend their money. It is the decision stage where customers may be ready to buy but considering two-three options. The key is to have active follow with such leads. Whether enticing them with a first-time offer or discount code or free shipping, special price incentive, there needs to be active and not obtrusive communication beginning with your customer at this stage. A follow-up email with a CTA (Call-To-Action) button is the most logical progression and an unobtrusive form of communication here. Testimonials, customer reviews, live demos, webinars, product comparisons, pricing pages, all add to convincing the customer who is already interested in what you are selling.
Step 4: Sales
Once you have qualified your lead, now it is time to take action and seal the deal. At this stage in the sales funnel, the customer acts. He/she purchases your product/service and becomes your final consumer and an esteemed client. The few kinds of content to include at the action stage of the sales funnel include – Insider or customer success tips, training webinars, and follow-up email campaigns. Retargeting can also be used at this stage.
Once we have the above stages completed and a sale done, it is not the end. Loyal customer building is a continuous process. The art of upselling with a subscription service that provides clients with an improved product or service, follow up email campaigns, customer success tips, will help you to generate continual income. Additionally, after the customer has had a positive experience with your brand, they become a brand advocate by sharing those experiences through word-of-mouth marketing. Customer advocacy is your company’s customer service at its best.
Creating and optimizing a sales funnel is the work of digital marketing experts. Every little detail at every step in the funnel can impact conversions. So, start building on a sales funnel today. In a competitive marketplace, if you are serious about marketing, you need to start building on a Sales Funnel now!