What on earth is a sales funnel?

A sales funnel is a tool for businesses to visualise where prospects are in the process of converting from potential to paying customers. By understanding the process, you can better optimize the sales experience for your customers and your sales team.

There are 4 main steps in the funnel:

  1. Your potential customer becomes aware of you and your product.

  2. You build interest in your product or service.

  3. Your potential customer searches for similar products or services in the market.

  4. Your potential customer buys.

Only a small percentage of the original potential customers will eventually get to the bottom of the funnel. Truth is, your funnel has holes at each stage, filtering out potential customers who don’t qualify for the next step. They drop out along the way due to lack of interest or motivation to activate.

So What Do I Do?

Lazy salespeople would probably just let these potential customers go without a word. However, you have likely worked hard or even paid for those leads. The quick solution would be to put them into a different funnel, with a different offer they may have more interest in, cross-selling them quickly. All's not lost if your prospects don't take action the first time. Find another approach that appeals to them, tempting them back in with a different offer.

As you can see, with your funnel tapering and prospects leaving, you need to figure out a way to improve your funnel metrics. You have to be able to optimise your sales funnel and improve your conversion rates. Imagine all the money and effort going to waste otherwise!

Let RevGen help you fill your sales funnel, so that you can focus on improving your pitch, meeting prospects, and closing deals.


 

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Charmain TanComment