The sales funnel or purchasing funnel identifies which stage leads are at and how likely they are to make a purchase
A business will typically have many potential leads and with sales funnel marketing, the business owner Is encouraged to highlight the different sales funnel stages that each lead is at so that they can be persuaded to move to the next stage of the funnel. There are different funnels according to whether you are relying on a short or long sales process and the modern sales funnel is more complex than a traditional one.
There are many factors to consider when marketing to your leads. By calculating how involved in the purchasing process they are and whether they are just starting out with research or are ready to make a purchase you can improve your chances of making a sale and increasing the number of sales you make regularly.
What Is The Sales Funnel
The sales funnel is a marketing tool that has, in fact, been used for many years. It was a consideration long before the Internet was a primary business channel and while it has advanced and evolved according to the changing requirements of leads, it still exists and is still highly beneficial.
At the top of the funnel are those that are aware of the solution and this is where the most leads exist. At the bottom of the funnel are people that have made a purchase from you and this is where the fewest leads will be found within the funnel. There are various stages between the top and the bottom of the funnel.
- Awareness – To be considered a part of the funnel, a lead must be aware of the solution that you offer. However, they should not have done any research and should not have decided that they want to purchase your solution. Typically, these leads will be approached away from the pages of your site and provided with additional information on the problem and the prospective solution.
- Consideration – Once leads have read or viewed this additional information and have decided that they need the solution they have progressed down to the next stage of the funnel. They have progressed and this will typically mean that they are ready to start doing more thorough research.
- Intention – At this stage, leads have the intention of making a purchase. They have yet to decide who they will purchase from and, as such, they will begin to look around for the best prices and the best deals on the item or product that they require.
- Purchase – Once they have found the ideal solution they will then need to be persuaded to buy the solution from you directly. This is when details like your price and the benefits of using your service will become evident.
- Loyalty – This is the shortest end of the funnel and consists of those that buy your solution. While this may be considered the end of the buying funnel, you should consider ways of convincing these leads that they need to purchase again or that they need to purchase addition items from your catalogue and your business.
The Long Sales Process And Additional Steps
Above, we have provided details of what may be considered a short sales process. The longer the sales process, the more involved it will be, and the more stages and entry points that can be added to the funnel. This may prove especially true for solicitors and financial managers because clients may require meetings and additional evidential support as well as the information provided on your site and in your marketing content.
The Importance Of Pandering To All Entry Points
It is important that you identify exactly which stage of the funnel a lead is at when you are attempting to communicate with them. Whether this communication occurs on your website or away from the pages of your site by identifying where they are within the sales process you can also identify what you need to do next to convert them to the next stage.
Difficulties arise because the Internet has changed the way in which we converse with clients and the ways in which they are able to research products and services. You need to ensure that your offline marketing is up to date and effective, your website design and content are up to date, and that you take action to increase trustworthiness. Identifying the different sales funnel stages that your website visitors are at will help you to encourage more sales and develop greater profits.