Creating a sales funnel is one of the most significant things entrepreneur has to do but sadly one of the things that many business owners neglect.
As an entrepreneur, you are aware of the importance of marketing. Without it, your business would eventually fail due to the absence of new customers.
Hence, if you are not giving enough time and effort into this mission, now is the time to start; and one easy way to start is the utilization of a sale funnel.
In the sales process, the first step is to identify prospects. The ultimate focus is to drive potential people into the wide end of your sales funnel; it will make it easier for you to qualify them as good prospects or identify them as unwanted residues.
First, start by defining your ideal customers. Now, create a questionnaire for yourself that finds the problems your ideal customers have. Make sure that you will have to come up with your list of qualifying questions. You will not be sharing this with anyone.
For different types of businesses, the buyer needs the problem recognition stage, and in this state, you will do that.
When you find a problem, your next step will be to trigger a search for more information.
The strategies used to gather information depend on the size and scope of purchase. People search on Google or take help from applications to get their needs filled.
Many people approach social media for recommendations. At this stage, they don't want any promotional content but want potential solutions for their needs.
So, here you need to focus on online marketing and social engagement. Also, do some keyword research to figure out what kinds of content you need to create for the middle of the funnel.
You will be able to get which search terms in your niche that are gaining high volumes of traffic and create content that matches those queries.
Customers always compare the alternatives that your article discussed. Again, the time spent in this state will depend according to the kind of purchase being contemplated. Here, evaluation marketing can be great for you.
Suppose, you are dealing with earphones, in this state your customers would be evaluating different potential suppliers. They might need resources like price guides, types of earphones available in the market, or the latest features of earphones.
The buying decision is the natural conclusion of the above stages. The potential customers determined that they have a need, searched their options, and decide which one is the best for them. Now, they are ready to spend their money on a particular product.
The bottom line in the sales funnel is to keep your momentum running. Follow up with all the new customers you have got and make sure they are satisfied with their product or service.
You can offer a membership-based rewards program. It will help you to remain in contact with customers, giving you the perfect means for telling them about the latest deals.
There are 4 important metrics you should have:
LeadsEntered
ConversionRate
CustomerValue & Conversion Cost
Cycle Time
LeadsEntered- The total number of leads measured when you enter them into your funnel- as per the category.
Conversion Rate- The conversion rates plus the leads entered the sales. It is very easy to measure.
CustomerValue and Conversion Cost- Customer value is simple for a once-off purchase. Simply attach the value of the product to the customer.
ConversionCost- Conversion cost is used to measure the profits or losses we are making.
Cycle Time- This metric is vital for forecasting. How long does it take from the time a lead enters your funnel until the time they buy your service?
