What is a Sales Funnel?
Essentially, a sales funnel represents the journey your leads go through to become one of your customers. Think of it as an upside down triangle (funnel) that is widest at the top of your pipeline and narrows down through each step as prospects get closer to the sale. The technical definition of a sales funnel is the buying process that companies will lead customers through when purchasing products and services. It as also referred to as a marketing funnel, revenue funnel or sales process.
There are many different types of sales funnels and they typically have several phases, which vary depending on the business model. One common sales process is divided into six (6) phases including:
Sales Funnel Phases:
Awareness – This is the first step, making prospects know that you exist. This is where your leads become aware of your products and services – or solution to their problem.
Education – This is where prospects demonstrate interest and you have the opportunity to educate prospects on why they need your products and services.
Evaluation – In this phase, the prospect examine your competitors’ solution and take the time to figure out what purchase option is best for them.
Decision – This is a crucial part of the funnel, where the final decision is reached and negotiation begins. This might be the time for limited time discount or a bonus to push them over the top to make the sale.
Purchase – Yay! You made the sale, this is where the lead turns into a customer and goods or services are purchased.
Loyal Customer – This is where you want all your customers to reach if possible, this is where customer become loyal customers and purchase your products or service again and again.
Based on your company objectives, we can develop a custom sales funnel for your business. What this encompasses is an initial “lead magnet” – which is something of value offered to your leads used to capture their information, from there they enter into your marketing funnel process and includes educating prospects and following up with, email marketing and automated marketing processes at key phases of the funnel phases.
Contact us now to learn more about our sales funnel marketing process:
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