Your sales funnel drives sales. Can it get easier than that? Make sure you set it up properly so that it creates as many sales as possible for you.
In this webinar you’ll learn about:
- The importance of your sales funnel
- The purpose of a sales funnel
- The parts of a sales funnel
- How to optimize a sales funnel
Let’s get started!
The Importance of Your Sales Funnel
When you understand sales funnels, you’re best equipped to observe your sales process and see what areas need improvement. You can identify bottlenecks, or areas in the funnel through which customers are moving slowly compared to the rest of the funnel.
Once you know what’s wrong, you can fix it. You can examine the bottleneck areas, develop and implement strategies to move customers through them more smoothly and quickly. Optimizing your sales funnel in this way ensures that you can move more customers through, with a shorter sales cycle.
That’s good for business!
A sales funnel is a numbers game.
Every potential customer enters your sales funnel unaware that your business exists. Your job is to move them through the funnel, converting them from potential customers to people who have bought from you.
A large number or potential customers start a sales journey with you, and people fall away at each stage, for a variety of reasons. Usually it’s a small percentage that move through all the stages of the funnel to become customers. This is where the funnel shape comes from
A sales funnel has four basic parts:
- Gain their Awareness – Use marketing to let people know you exist
- Gain their Interest – Get people interested enough in your offering to want to find out more about you
- Make them Ready – Convince people of benefits and address doubts and concerns so that potential customers can become paying customers.
- Close – Close the sale
Some sales funnels break these basic parts into many more, but the funnel shape holds across all of them: A lot of potential customers start the first stage, some drop away at each stage, and a few finish as actual customers.
When you know at what part of your sales funnel bottlenecks are happening, you can start to optimize your sales funnel.
How to Optimize Your Sales Funnel
In order to identify bottlenecks in your sales funnel, you need to:
- Know the stages in your sales funnel
- Know the conversion rates between each stage – the goal is 10% or higher.
- Make note of whether each of those rates is 10% or higher.
- Know the lowest of the these conversion rates – even if the lowest rate is over 10%, this is a bottleneck.
- Figure out why this area is a bottleneck
- Develop and implement a plan to resolve the bottleneck.
Small Business Solver has a tool to help you figure out where your bottlenecks are and what you need to do to resolve them, but here are some general strategies, linked to Small Business Solver modules to help you learn more:
- Finding Prospects – Make sure that you understand your customer, that your customers are qualified, that you’re using a lead list, and that you’re making use of referrals and seeking channel partners.
- Improving Awareness – Integrate your marketing campaigns so that you’re presenting the same message everywhere. Prioritize this work – it’s important!
- Improving Interest – Control your message by representing your brand well – hone your presentation skills and always leave a great impression! Learn how to address common objections to doing business with you.
- Improving the Close – Learn how to gauge interest so you’re not misreading whether people are ready to close. Reduce risk so that people are more inclined to close. Make sure that your closing tactics actually work for you and not against you!
- Improving Follow-Up – Create a follow-up plan for customers, so that you can improve retention and create opportunities for upselling.
- Improving Delivery – Continue to get to know your customers and build relationships so that you consistently provide a positive experience for them. Set expectations wisely by underpromising and overdelivering.
Small Business Solver can help you do all these things. Sign up today for a pay-what-you-can account to view any of the modules in the above list.
We hope that the the webinar was useful for you! Visit our YouTube channel to view more of our webinars.