A sales funnel system helps you track the steps taken by prospects to buy your product . Increasing the conversion rate from prospects to buyers is not easy. In addition, when marketers mix the sales funnel with paid advertising, they lose money.
Different sales funnels have evolved over the years. However, a typical sales funnel should go through awareness, interest, consideration, intention, evaluation and purchase . When using the sales funnel, each marketing manager should keep the purchase in mind as the end goal. All of these strategies go hand in hand.
The essential stages of a sales funnel
It is the first in the hierarchy. This is branding and advertising . Prospects are interested in your product or service. This is the beginning of the movement in the sales funnel through marketing campaigns.
When the prospect becomes aware of the existence of a product or service through an appropriate awareness campaign, he is interested in what you sell. Only the most interested will go further in your sales funnel. Marketers can increase the number of prospects with industry and brand-focused content, classes, newsletters and more.
At this point, the prospect is researching your product or service . For example: online reviews, seek the advice of your previous buyers who have already purchased your product or service. Here, your prospect needs more information about the product he intends to purchase. This is why, in digital marketing, you need to run social media campaigns for your customers to increase awareness of your products or services. It will be easier for prospects to make their decision.
At the intention stage, prospects demonstrate that they are genuinely interested in buying. The potential customers develop the intention of buying a product in an investigation. This is an opportunity for marketers to show why their product is the best choice for the customer.
At the evaluation stage, prospects make their final decision. In this case, the company must work hard to positively influence the decision of the potential buyer.
This is the last step in the hierarchy. Here you have finally turned the prospect to a buyer. The targeted client is satisfied with the information provided and has decided to buy your product or service. After the purchase, it is advisable to establish a supplier-customer relationship in this case, you will not need to request a review. Your happy buyer will write a favorable review for you. If the customer forgets, just send them a reminder. They usually write reviews and recommendations for you. Thus, it makes you invest less in paid advertising because your customers refer you to other people who need your products or services. Positive feedback for your business is favored with sales.
Advantages of using the sales funnel
To increase the sales
The sales funnel helps with sales. It allows prospects to take an interest in your product or service. You can track your sales through the sales channel and predict how much profit you can make from a particular customer who buys a particular product.
Through the sales funnel , marketers and business owners can predict sales by tracking prospects who have shown interest in your product. It is the most delicate part of the sales funnel. Today, marketers use both organic (SEO and social media marketing) and paid (Google Adwords, Facebook advertising, etc.) marketing strategies.
Surpass your competitors
Proper knowledge by marketers allows you to stay one step ahead of your competitors. When your competitors are chasing you blindly, having a tool that will let you know if you get along with your client or not will be a significant advantage.
You can follow your potential customers or prospects to see if they are genuinely interested in the product or not. Sales funnels give brands insight into how potential customers act so they can seize these opportunities.
Obtain product statistics
You can predict whether a product or service sells or not. In case it does not sell in a local market, then you should find a marketing strategy that helps to develop sales.
Reduce advertising costs with the sales funnel
For low-budget businesses, advertising is expensive. Here are some suggestions for implementing your next marketing campaign to reduce costs:
- Content Marketing : A strategic content marketing campaign increases brand awareness.
- Lead generation : Offer a free ebook linked to your product by email and social media in order to capture leads (Contacts).
- Video Marketing : Create information videos related to your product or service. This helps in promoting the brand image.
- Social Media Marketing : Market your product / service on social media and promote similar products. In this way, prospects will be attracted to your business.
- Podcasts : Podcasts are a great way to promote.
- Gathering experts : By providing expert gatherings related to the target product, you will attract potential customers. Make a short list of up to 20 people in your gathering. Then promote it on social media.
- Create surveys : By creating surveys, you will understand the needs of potential buyers for products.
- In marketing communications, we use five strategies such as : external marketing, internal marketing, guerrilla marketing, community marketing and corporate marketing. You must discover the type of demand in the market and then create a marketing strategy around it, especially when you have big ambitions and want to enter a new market. The reduction of advertising costs is mainly done through content marketing.
In content marketing, your sales funnelwill be as follows:
- Top of the funnel: Creation of an article, an infographic and a blog post
- Middle of the funnel: creation of webinars and white papers.
- Bottom of the funnel: case studies, reviews, videos and testimonials.
Then you go to the marketing of the sales funnel. For example, out of 1000 prospects maybe 100 of them will be qualified to convert and out of 100, maybe 10 people will buy your product. You can certainly automate processes with artificial intelligence.