Without a doubt, marketing is an industry that is constantly evolving and developing new concepts to work with. There are many factors that can influence the success of your brand.
For example, it takes a lot more than positive search engine rankings to bring your brand to the point of success that you’re looking for. Today’s main topic is what is known as the “Sales Funnel.”
Your brand’s sales funnel is what is going to maneuver those website hits and interested individuals into long-time customers who stay loyal to your brand and who have the repeat value that you are looking for. Look no further – because here is what you need to know.
Overview: What is a Sales Funnel?
Before even delving into how to develop a sales funnel, it is imperative to understand what a sales funnel is. Essentially, a sales funnel identifies the “ideal” process for transitioning your brand’s prospective leads into repeat buyers.
With a sales funnel, you’ll gain the knowledge and tools that you need to take your customer from interest in your brand to the final sale phase. For most brands, the sales funnel represents the most effective strategy for meeting end sales goals and once you are able to master how to create a sales funnel, you’ll be able to reap in the benefits of sales.
The Three Factors of a Sales Funnel
There are three elements to a sales funnel:
A lead is an individual who somehow who is highly likely to buy into your brand and lead to a final sale. A lead isn’t someone who needs to have expressed interest in your brand of even know about your brand.
Simply put, it is someone who you can nearly guarantee will be able to be turned into a customer. For example, if your brand is selling luxury automobiles, one of your leads will be individuals who have luxury car collections and are highly interested in your brand’s style of automobiles. By identifying your leads, you can improve your chances of making sales.
Prospects are a step up from a lead in that prospects have expressed some sort of interest in your brand. This interest can be through subscribing to your brand’s newsletters, calling to request more information about your product of service, or simply by leaving contact information at a tradeshow that your brand appeared at.
Finally, the term that you’ve been waiting for – customers. Everyone knows what a customer is. Customers are those who have made purchases. You can even go a step further and break down customer into two categories: repeat and regular customers.
With that – these are the three groups that you need to identify when creating your sales funnel.
The Shape and Designation of a Sales Funnel
The best way to imagine a sales funnel is to imagine an upside down pyramid. The largest category are the leads, followed by the prospects, and eventually the tip area would be the customers. When creating your sales funnel, you should have two goals in mid:
- Increasing your leads – the more leads you have, the higher of a chance you’ll get more customers
- Improve conversion – you want to be able to turn leads into prospects and prospects into customers.
By achieving the above two goals, you’ll be able to see the positive impact that your sales funnel has upon your brand, especially when it comes to the level of sales and interest in your brand.
Keep in mind that not only will you increase sales, but the awareness and brand recognition will also improve. The more sales you make, the more people will be discussing your brand on social media or with their friends and family.
How to Improve Leads, Prospects, and Sales
While many brands are able to easily create a sales funnel, one of the most challenging aspects is improving each area. It really does go without saying that creating a sales funnel is the easy part.
The challenge is making the sales funnel work for you. Fortunately, there are a few ways that you can improve how many leads you have, the number of prospects, and those final sales.
To begin with, if you are looking to improve leads, then you need to realize that leads and awareness go hand-in-hand. The more awareness your brand tries to implement, the more leads you’ll attract.
Therefore, to increase awareness, you should consider activity through marketing campaigns that utilize Facebook ads, YouTube ads, Twitter Ads, and even Reddit Ads. By casting your net wide on social media, you’ll be able to get more interest in your brand.
The next level to you need to improve is the prospect level. At the prospect level, you want to create a level of continuous visibility for your brand and engage those who have an interest. You can do this by cultivating fans on Facebook and Pinterest and followers on Twitter.
You can also improve your email subscription list and your LinkedIn group members. With these moves, you can easily transform your prospects into sales.
Lastly, there is the sales area. Sales are best generated through creating email campaigns, ads that pop up on search results, and you also may want to consider optimizing your brand’s landing pages with the relevant keywords and information so those who are looking to buy will turn to your brand for their purchase.
Keep Track of Data
The work unfortunately doesn’t end with creating and working on your sales funnel. When creating a sales funnel, you also need to keep track of the data. You can keep track of your sale’s funnel data by using tools like Google Analytics, Kissmetrics, and MixPixel.
These are some of the most effective tools and by using them, you’ll also be able to determine where your funnel is falling short. Sales funnels may seem like a challenging concept, but with practice and effort, you’ll be able to implement an effective sales funnel strategy for your brand.