The sales funnel is one of the core concepts in modern (digital) marketing. Every business owner out there knows what it means to miss a sale. After weeks of interaction, demos, pitches, charm, and chatter – the prospect drops out of the funnel without making a purchase. There’s always a risk of that, but with the right sales funnel system, it will happen less often.
What is a Sales Funnel?
For those who haven’t met with the term before, imagine an ordinary funnel. Some substances are poured at the top of it, and they get filtered down towards one destination. A similar thing happens in sales, as well. At the top of the sales funnel, you have your website visitors that could potentially enter your sales funnel. However, not all who enter it will reach the end destination (like in the case with a real-life funnel).
The ideal journey that a prospect goes through, from the initial contact to becoming your customer, is called a sales funnel. You may market your business or products to thousands of people. However, only a small number of them will become qualified leads, while just a fraction of those leads will become returning clients.
Advantages and Benefits of a Sales Funnel System?
- Marketing becomes simpler
With a sales funnel system in place, you would have accurate information on how many leads entered your sales funnel and how many of them converted. If you have targets to achieve, you can use the information to calculate how many more leads you need to achieve them. You’ll be able to bring more calculated and data-driven investments on the platforms or sources that offer a better ROI.
- Improved conversion rate
The number of people moving through a sales funnel gradually reduces, and those who stay are more likely to pay for your products or services. Thereby, the ones who remain will boost your conversion rate as the non-targeted prospects will get filtered out of the funnel.
- Identify problem areas
When a noticeable number of your prospects are leaving the sales funnel at a specific stage, trace the problem to where they are leaving and identify a solution.
- More consistent sales
When it comes to revenues, nobody wants to see fluctuations. A sales funnel system will allow you to put your digital marketing efforts on autopilot and bring in new customers and clients consistently. More consistent revenue will offer extra security for your business.
- Give your content a purpose
Establishing a sales funnel system will make your content marketing endeavors more strategic. Your primary content must have a sales funnel in place, or you will be leaving subscribers and money on the table. Also, by offering your readers additional resources that will address their problem, you will expand on your services, boost engagement, and build your reputation.
The first step towards creating a sales funnel is to write down all your current marketing efforts. Next, categorize them into the four main sales funnel categories (attract, convert, close, and delight), and you will be able to identify the gaps. Once you know what works well and what needs improvement, you will be able to replicate your success, make it more consistent, and even double it.