What is Sales Funnel?
The definition of sales funnel refers to a buying process that companies lead customers through when purchasing products. As the funnel narrows at each stage, prospects drop off so that fewer and few potential customers left. The objective of an efficient sales and marketing process is to improve the conversion rate at the funnel so that more customers make it through the full funnel. This process consists of many steps and it is changeable depends on the sales model. The result of this process is to convert the potential customer to a loyal one. Sales Funnel will guide us to convince the potential customers to purchase through passing certain levels and at the appropriate time. One of the advantages of Sales Funnel is to help customers to know more about our business without being lost among a huge amount of information.
Furthermore, the phases of sales funnel should perform correctly otherwise, we may lose our customers and thus, failed to convince buyers. In this process, all levels from the first step (Top of the funnel) the level which, we start to deal with the customer, to the last one which is a conversion from potential customer to a loyal customer (Bottom of the funnel) are continuous because available synergy in each step will increase the efficiency in the whole system.
A sales funnel is shaped like an inverted pyramid, similar to real-world funnels which contains 3 main parts and 3 groups of customers:
Top of the Funnel-Potential Customer
Using social media will help us to attract customers by content creation, and because at the first sight, no one knows about our brand`s identity, this is our responsibility to describe our business for people. In the content creation part, the first priority is the customer`s needs. As a result, we should make effective communication, recognizing their needs and based on their demands intent to create content.
Middle of the Sales Funnel-Prospective Customer
This is where real work begins. We`ve got their attention and now we have to keep it. In this step, there is relation between the company and the customer, however, there is no guarantee that the customers would spend their time for us. In other words, they may convince themselves that the item is too expensive or not worth the money. In order to simplify the decision making for the customer, we can provide the customer with free services or an opportunity to experience the product. Moreover, In order to lead the customer to the bottom of the funnel, we should pay attention to the communication, responsiveness and customer`s feedback. The main difference between potential customers and prospective customers is their engagement with our brand.
Bottom of the Sales Funnel-Loyal Customers
In this step, a customer has trusted and knows us officially. We should present valuable content so as to simplify decision making for customers. In this level, we want to explain why our product is the best solution.
Vital Components of Sales Funnel
Lead Conversion
The content which we want to generate must be valuable in order to attract the potential customer to the funnel. Attractive content will inspire the potential customer to share it on social media with others.
Lead Nurturing
Lead nurturing is a process of developing the relationship with buyers at every stage of the sales funnel. Listening to the needs of prospective customers and providing the information they need, will increase the buying possibility up to 47%.
In fact, customers will not purchase the product until they become sure that the product is valuable for them. Before working or buying from any company, they need assurance that our company is reliable and that we can continually provide value. One of the ways that we can persuade a customer to buy, is to engage them with our business. A good relationship can convert a potential customer to a loyal one. In addition, a loyal customer can be an advocate of our business and they have the ability to advertise our brand.
Sales
The entrance of potential customer to this level is a depiction of trusty. However, there are some customers who will not buy anything and one of our responsibilities is to detect their unwillingness reasons. They should have acceptable reasons for their unwillingness.
Sales Funnel includes:
Generally, the sales funnel process is common among all businesses and consist of 5 steps:
- Awareness
- Interest
- Evaluation
- Decision
- Action
1. Awareness
At first sight, the customer has no idea about our business and services, so we can use accessible methods such as Social Media, Search Engine Optimization and even traditional advertising methods in order to increase public awareness. Furthermore, the desirability of a product will arouse the customer`s curiosity to get more information and hence, the best way to attract the customer into sales funnel is creating attraction. In case of creating attractions for customers, they enter the first stage, i.e. brand awareness.
2. Interest
At this stage, customers will have an interest in our business through searching and thus, there is a probability that potential customers will become buyers. This happens when a customer has engaged with our business and start to search for getting more information in order to make a decision.
3. Evaluation
At this stage, the customer will compare us with other competitors in order to make the right decision. One of the efficacious ways for simplifying decision making is presenting free services and products and that customer can opt for the right product with a broad view.
4. Decision
Once the customer has become aware of the organization, reached out and sought answers to questions, it’s time for the decision. However, at this stage customers may not do any action and thus, sending a text message or an email would be a good reminder.
5. Action
All of the previously mentioned stages funnel down into the final step: action. At this point, the customer has decided to purchase the product and that’s all we need.
Creating and optimizing a sales funnel takes time. It is hard work but it`s the only way to survive in a competitive marketplace. Macan digital marketing agency in Dubai spends the time to build out a sales funnel that represents what you want and what your audience wants. Macan digital marketing agency in Dubai helps you increase revenue right away.
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