Do you want a salesperson for your business that can work round the clock, and can efficiently close any business deals with consistent performance? If you are excited at this prospect, a sales funnel might be the thing you need for your business. Sales funnel is the marketing tactic that has taken the digital marketing world by storm. When you need consistency in your sale number, and earn steady revenue, the sales funnel is your go-to solution. It is believed to be so effective that your company can turn overnight to a big shot from a run of the mill business.
If this has spiked your interest, let’s dive deeper to know what the sales funnel is and how it can help your business.
What Is a Sales Funnel?
When you pour unfiltered, murky water down a filtered funnel, you get clean filtered water. To understand what a sales funnel is, this similar concept of distillation of water can be applied. A sales funnel defines the different stages of digital marketing, from contacting potential clients, to closing a successful deal or making a sale. The stages of the sales funnel can consist of different marketing tactics, such as automated emails, webinars, video contents, articles, and landing pages.
All these stages bring your customer closer to a buying decision. The only difference between a sales funnel and a real-life funnel is that, at the end of your sales funnel, not all clients end up making a purchase. If you are wondering how you can create a sales funnel, the article on Payton Welch program can shed some light for you.
How Sales Funnel Works?
Suppose you want to host a webinar for your product. The first thing you need to do is to invite your leads for the webinar. Chances are, 10-15% of those leads will open the mail and 20% of those mail openers will click the link. 5-10% of the people that click the link might sign up for the webinar.
The process continues to the last stage where some people buy the product. This process is called a sales funnel because the more you proceed with it, the fewer people you get ready for the next step; where the process becomes an inverted pyramid. Only the final purchasers or converters remain at the bottom. All these steps of a sales funnel can be simplified into four categories- awareness, interest, decision, and action.
At this first stage, visitors arrive on your website with no specific intention. They can browse through different pages or products. Visitors might become ‘aware’ of your business and website through your promotional posts on social media or Google search.
At this stage, some offer or product might intrigue the casual browser. As the product piqued their ‘interest’ they might want to dig in for more information about this. At this stage of the sales funnel, you might want to hold their attention with some engaging and informative content about the product they are interested in.
When a client is happy with your product description, he might decide to buy the product. In this decision-making stage, you can make some offer for discounts, or free shipping so that the client is coaxed into buying that product.
At this last stage, clients take action and buy the product. As a business owner, you might want the client to purchase it again from your site in the future. So this stage can be the start of a good buyer-seller relationship where you keep the client notified about new offers or products through email correspondence.
Perks Of Having Sales Funnel for Your Business
As you might have guessed, the sales funnel is the ultimate way to track and convert your leads. When a lead allows you to take him to the next stage, it is a successful conversion. It also provides you a wholesome guideline for your marketing. Here are some benefits of having sales funnel in your business.
A Simple and Effective Way of Marketing
Sales funnel breaks down the whole marketing system into the simplest actions. In business, you need to decide on the number of targets you want to reach, and how many campaigns you need for it. When you know how many leads it took to get a certain amount of conversion, you can easily calculate the number of leads needed to achieve a conversion target. This tactic will be way more effective than to set out for a wild good chase to generate leads.
Significantly Improvement in Conversion Rate
In the sales funnel pyramid, there are three tiers, the top, middle, and bottom. Sales funnel allows you to designate and prioritize your leads into these three categories. When you get a chance to nurture the leads that are more likely to convert or buy, you get more conversion of your leads. The sales funnel displays what action is required for conversion and how to proceed with it.
Targeted Marketing Approach
Sales funnel is an effective tool to track your client’s behavior; what makes them tick, and what approach attracts them to make a purchase. The path that a lead takes to make a purchase is all mapped out in the sales funnel. When you analyze their tendency, you find the flaws in your marketing approach and can tailor it for improvement.
More Conversion Leads to More Revenue
Conversion ultimately leads to sales and revenue. With the sales funnel you apply a customized approach for each tier of the funnel, which increases your conversion rate. When you know what it takes to generate more revenue and how to do it, you can follow that process again and again to achieve the same result. This ascertains consistency in your revenue generation providing growth opportunities for your business.
More Accurate Forecast for Your Business
Accurate forecasting is vital for business growth. Sales funnel presents you with concrete data of leads and conversion. You can utilize this data to forecast the lead’s behavior or action, even the sale number. This allows you to tailor your marketing campaign to your needs and prepare sales plans for the future.
On a final note, the sales funnel is a must-have tool in digital marketing. Even if your business is small, having an effective sales funnel is bound to improve your sales. However, structuring a sales funnel for your business is not an easy feat. It requires time and effort to build one that will represent you as well as your clients. To survive in the ever-competitive digital marketing landscape you need to build an effective sales funnel for your business. So if you haven’t done it already, it is time to create a sales funnel for your business.