Mastering the Sales Funnel: Elevating Your Business to New Heights
A sales funnel, also referred to as a marketing funnel or revenue funnel, is an important business tool that is designed to take prospects from initial exposure to your brand to becoming a customer.
It can be comprised of several levels or stages, and may include different types of content that are used to nurture customers toward the top of your sales ladder.
Generally, there are six levels of a sales funnel, although these will differ from business to business depending on your company and industry. A few key metrics to focus on during each of these phases include the number of leads, the conversion rate, the average deal size and total sales.
1. Awareness
In the awareness phase, consumers are first introduced to your brand and are looking for a basic understanding of what you do. This is typically achieved through blog posts, infographics and landing pages.
2. Desire
In the desire stage, individuals are interested in your product or service and want more information on how it can help them fulfill a specific need they have. This is ideally accomplished through webinars, videos and case studies.
3. Action
Once a prospect makes a purchase, they enter the action stage of your sales funnel and become a new customer. During this phase, it’s crucial that you focus on building customer loyalty by offering post-purchase support, inviting customers to sign up for a newsletter and enrolling them in a customer loyalty program to earn rewards.
4. Retention
The final stage of your sales funnel is retention, and it’s where you work to keep your existing customers happy so that they continue to make future purchases. This can be done through a variety of ways, such as by encouraging customer feedback, running promotions and sending out coupons.
You can also use your CRM system to personalize emails to each individual customer, which will increase the likelihood that they will open and read the email.
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