A funnel is a tube which is wide at the top and narrow at the bottom. It purifies substance at each level and provides us with the pure substance.
By understanding how does funnel works, You can know that what importance of sales funnel in Marketing.
Before establishing business you need to design sales funnel to earn money, But if you fail to do so, you will hardly earn any money.
How efficient the sales funnel is ? You can find it through number of prospects in each stage, Conversions and money you earned.
In this post you will learn about:
what is Sales Funnel?Definition of Sales Funnel.
and Its different stages
Lets start with What is sales funnel?
A sales funnel is a concept that helps us to drag customer to make a purchase.This model uses the Funnel strategy because many customers may come and follow the sales process but few of them actually purchase anything from you.
Each of the customer goes through each stage of Funnel, Various businesses use this model to gain customer and struggles for gaining the customer.
Definition of Sales Funnel:
The Sales Funnel Is the Graphical representation of the different stages where the prospects starts engaging in the sales process and ends by purchasing a product.Importance of Sales Funnel in your business:
The Funnel will help you to determine how close your prospect is to become your customer. You can use the following information to understand the buying pattern of the customers.with the help of this you can understand which offer you are providing is attracting more customers, you can understand which technique is helpful to turn more prospects into customers.
You can understand the prospects behaviour, attitude towards your products.
If you fail to understand potential customers through the sales process they could loose interest and shift towards another seller.
sales funnel will help you to collect large amount of data from which you can predict your future opportunities.
The sales funnel provides you the path to sale products to your prospects and guide them to different stages of funnel until they become your final customer.
Stages in Sales Funnel:
1) Awareness2) Interest
3) Decision
4) Action
Awareness:
At this stage, prospects don't have clear vision about the product which can solve their problems.
For example: A person's mobile phone stopped working and he/she is interested in buying new one. He/She is not sure what type of operating system and processor they should purchase. Therefore they started looking for latest best model phones.
In this stage it is necessary to work on visibility of your company.You should ensure that your company is visible to your prospects.
Work actively to meet your potential customers desires.
Don't be happy by looking customers. Remember that they are not convinced to purchase product yet. So, try to convince them by creating unique content and educate people about your brand and products.
Interest:
At this stage, people know about your brand. They know about your company, who you are and what you are serving. People are following you on Facebook, Instagram etc and engaging with you.
They are viewing your content and subscribed to your weekly or monthly newsletter.
Now, you have a customer base and it's time to interact with them and create meaningful relationship.
Your potential buyers know that what they want to buy and you can take advantage of it by making yourself differ from your competitors.
Help your prospects to make a purchasing decision by providing detailed information about your products, benefits of it and discount offers or gift coupon associated with the product.
Decision:
At this stage, the potential customer is having knowledge about problem. They have thoroughly researched about the problem and which type of product will solve their problem or issue.
They have preferred few selections or brands and they are ready to take a final purchase decision.
You have to work for convincing people to pick your product. You have the last chance to convert the prospects into customers.
Here, you have to show your products superior to your competitors products. Provide them with such offers so that they will focus on buying your product other than your competitors product.
Provide your prospects with the Reviews given by your happy customers.
Action:
At this point actual sales takes place. The customer buys the product and pays the money, If the product is purchased online you have to ship the product and send it to the customers address.
It is the last and final stage of sales funnel. It doesn't mean that you work is over. You have to maintain a proper relationship with them to convert customer into loyal customer.
Providing after sales services to customer will help you in turning customer into loyal customer.
Testing sales funnel is very important, You should verify it from time to time. As the time changes it becomes necessary to change the design of the sales funnel.
Difference between Sales funnel and Marketing funnel:
Now a days term sales funnel and Marketing funnel is used world wide.
It has a very slight difference which is very essential to know.
The last point of sale funnel is sales and conversions, whereas the marketing funnel is the place where total interest is shown towards particular product by a prospect customer.
I hope so, The concept of Sales funnel is clear to you now. In the upcoming blog we will talk about how to design a sales funnel.
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