As a sales team grows bigger, it would make more sense for them to have an advanced sales funnel which means defining more stages and consequently more key performance indicators which we will talk about later in this article. It also depends on the specific needs of a business that sometimes a stage of key performance indicator would come up that did not exist before.
If a website is a brochure or business card, then a sales funnel is like having your best salesperson guide each prospect to conversion… automatically 🙌— ClickFunnels (@clickfunnels) June 4, 2020
Traditionally, a new marketeer would enter into the game with the only focus on selling, without having to break down and optimize various stages of their sales like we now do in the sales funnel.
Is it important? 🔗︎
A successful funnel has divided all the different stages with a clear objective, and that objective is achieved by making it up to the numbers. How do you optimize something? The answer is that you will first need to allocate numbers or performance metrics to something. In the age of digital marketing, the numbers are easy to find, simply by looking at the analytics of a given platform, such as Google Analytics for the website and Facebook ads insights for its ads.
“Usually, a business moves to create an online presence in order to benefit from the unique set of tools available online. It won’t be wrong to say that online marketing analytics is the brain of its activities similar to how a human brain knows how to differentiate between right and wrong.”
There are multiple agencies who claim to grow your online business, without a powerful foundation, you are destined to fail sooner or later, those agencies, however, will be able to get some clicks to your website with a simple link sharing across social media channels. However, that is not enough in the long term. Sales funnel is a strategy for growth.
1. Awareness 🔗︎
It all starts with educating your customers,
- to let them understand the pain points you are solving,
- that your brand name is someone solving those issues,
- that you are accessible to them in the time of need,
- the fruits they will reap if they get the solution from you.
This stage can be measured with the simple key performance indicators like page views, impressions, reach, and cost-per-mille.
2. Acquisition 🔗︎
It is of no use to create a product without letting your customers learn deeply about its core functionalities, which is the job of awareness stage. After which, you must bring them to the table which in this case likes to your page, followers, leads, click-through-rate, and cost-per-click. The ratios tell the efficiency of a process.
It’s like inviting someone to the coffee, creating the moment of engagement where they will start understanding who you are, and it should be thought in the same manner. Your funnel should be designed with the content that engages people so much so that they are compelled to sit with you for that coffee to hear more about your offerings.
If you fail to acquire, you will fail to convert.
3. Conversion 🔗︎
Conversion rate and cost-per-acquisition will determine the efficiency of a conversion stage. This is where you will sell your product or services to your customers. It will be recognized by the closed deals that you sign with your prospects. It is followed by retention and referral stages.
In most of the cases, only acquisition and conversion stages need to be repeated because people are aware of the need of a product or service and their simple need is to compare different businesses to buy something. In that case, these two stages can overlap in terms of the content and advertisements strategy.
Within a simple and small business setup, what’s focused and that is a failure to convert most of the prospects, is to only invite people to buy more. A fine-tuning of sometimes inviting people to understand your unique value proposition and why your product can give them what they want can make a huge difference in sales. The first and foremost stage in a marketing campaign is, therefore, finding the needs of your customer base. The needs are not only what kind of product they are looking for, but how much value are they willing to pay in order to buy that product or service.