The Sales Funnel represents the consumer’s complete journey from becoming aware of your product/service to making a purchase. Interestingly, it is also referred to as the Revenue Funnel. If you want to increase sales and revenue, then the crucial processes and strategies to follow are explained by the Sales Funnel.
“Sales generate revenues for a company, and marketing helps funnel prospective customers into the sales platforms. Although it is possible to generate sales without clear marketing efforts, businesses won’t see the same results as they do with targeted marketing. Business owners need to understand that different components of marketing affect the sales funnel that they then need so that they can make adjustments to increase sales revenues”-HubSpot.
The sales funnel typically depicts the processes involved in three stages viz, top, middle and bottom. The first stage is at the top and is referred to as “Awareness” or lead generation and occurs when people first become aware of your product or service through word of mouth or any of your marketing endeavors. Since the main goal of this stage is to create content that attracts leads and potential customers, provide your target audience with the relevant brand and product information while allowing your business values to shine through. The largest volume of prospects are found at this stage. Marketing strategies at this stage could be insightful blog posts, webinars, SEO, podcasts, videos, electronic books, infographics, checklists and quizzes. Marketing attracts the customers’ attention to the product. The customer becomes aware it is available, so highlight the benefits of your product or service.
To move to the next stage implies that the prospect has taken another step and has progressed to the middle stage of the funnel . At this point we call them leads and they are aware of their problems and are researching and learning about the possible solutions. The lead shows interest and performs evaluations by doing product comparisons and research. To get the interest of the leads and to nurture your leads, you could offer free trials, pros and cons lists, informative guides, demos or discounts. Your marketing should aim to improve engagement with the lead and you could try retargeting with the lead via social media campaigns and drip campaigns. Remember your prospect is weighing your product/service against that of your competitors based on the information that you provide. For them to take you into consideration depends on the content you provide and how you engage with them. In the first two stages content should be geared towards building trust.
The bottom stage is the action stage and is known as the customer acquisition and expansion stage. Your lead is well-informed, knows the possible solutions available and is ready to make a purchase. Your goal at this point would be to show the lead that your product/service is superior to the competitors. What marketing activities could sway the sale your way? Videos showcasing product features, live demos, insightful FAQ page, CRM, interesting case studies and customer stories, blog posts, special offers and testimonials. Remember once you have the sale, you must continue engaging the customer by running upsell campaigns, re-engagement email campaigns, loyalty programs, referral programs and offer training and excellent after sales service.
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