A sales/lead funnel is a number of different marketing processes completed by a company. It is a process used to generate more leads from your ideal audience. Potential customers are pushed through a sort of ‘funnel’ into different stages. Each phase gets them closer to (hopefully) making a purchase and becoming a customer – not a prospect.
There are a number of different approaches businesses use as sales and lead funnels. Each one is personalised to their business and what they do.
We will be discussing sales and lead funnels in this blog.
- Why are Sales Funnels Important
- Stages of a Sales/Lead Funnel
- Best practices for optimizing your lead funnel
Why are Sales Funnels Important
Often, businesses build a sales funnel, but don’t reach the ‘sales’ part. This means that there has been a lot of wasted effort and time. When you completely understand the process and who you are trying to target, prospects won’t slip though your fingers as often.
The sales funnel model helps businesses understand what their customers are going through at each stage of the buying process. Putting yourselves into the shoes of the client allow you to invest your efforts into the most important marketing stages. It also allows you to see what channels are working the best, so you can focus more of your attention on this. Remember, converting prospects into clients is what grows your business, so you should spend a lot of time on this stage.
Stages of a Sales/Lead Funnel
As soon as a prospect hears about your product or service, the sales funnel begins. Your funnel may change with the type of prospect you are dealing with, but overall, the end product for everyone is a purchase being made.
Every potential customer will do their research on the best business to offer the solution they need, so make sure what your offering is focused on this main goal. There are 4 main stages.
The name of this phase tells it all. This is when a prospect first becomes aware of your brand. They may have heard of you from multiple different places; social media, word of mouth, advertising etc.
Once a prospect has heard about your company, the hard work starts. You need to know exactly how to push them down the funnel even further. This all depends on your marketing efforts. Once they are interested, the middle and lower parts of your funnel are where your focus needs to be.
Some examples of how people may become aware of your company could be that they found you in a Google search, or they clicked on one of your ads.
The next stage in the sales funnel is interest. Based on how interested your prospects are in your proposal, they will evaluate it. Prospects will consider everything they need done and solved. From here, research will be done to see what company could offer them the best and cheapest solution.
Once your prospects have done in depth research into your company, they will look into the specific bundles, packages, prices or services that you offer which may be beneficial to them. As a business, you should do everything you can in this stage to lure them in further. Let them know exactly why you would be the best company to choose and how you are willing to negotiate with them. Providing your (soon to be) customers with webinars and calls at this stage can help them make their mind up.
This is when all your work really matters. You’ve been building your business up for this. As a company, you need to make an irresistible offer to convert your prospects into paying clients. Making sure that your business provides quality content throughout every stage of the funnel could make the difference between a lead and an actual customer.
Best Practices for Optimizing your Lead Funnel
There are a number of simple steps you should follow to ensure that your sales funnel is the best it could be. It should always be edited slightly and changed for different prospects.
You can use automation to help your funnel. This way, you can have automated responses to customers to make them aware that your business is always around to communicate. Also, it saves you physical time of talking with every new prospect, which can be time-consuming if you are a large business.
You should always work on building and maintaining customer relationships. Throughout the whole process, this is the most important part if you want customers to come back to you. Working with repeat customers is also cheaper than trying to acquire new ones.
Personalising your messages within each stage of the funnel can help tremendously in keeping prospects engaged. It creates a more emotional connection between client and company. Sometimes, it even speeds up conversions.
You should always monitor customer retention at every stage of your sales funnel. This will improve the efficiency of your lead funnel and help you spot places where things might not be working.
Overall, there are a number of steps you should take and follow to ensure that your sales and lead funnel works perfectly. It may take some time and regular adjustments, but if you master this skill you will bring in many prospects and convert them into paying customers. Good luck!