Sales Funnel Series Overview
Over the next several weeks, we’re shaking things up a bit and taking a deep dive into an important topic. One that has far-reaching impacts on your business. Get ready to explore and delve deeper into the exciting world of sales funnels! Each week we break down each component in detail for you to gain a profound understanding of the entire process. In An In-Depth Look at Sales Funnels: Part 1, we cover the following 3 topics:
1.What is a sales funnel?
2.What are the steps of a sales funnel?
3. What is the strategy involved with a sales funnel?
Let’s dive right in – it’s going to be an enlightening journey! First up is the definition of a sales funnel.
What is a Sales Funnel?
A sales funnel is a visual representation of your customer’s journey. It outlines the steps they take from first discovering you to becoming an engaged, lifelong fan of your brand. Your customer’s journey should come alive with your sales funnel. A successful one needs to capture the emotion of each step, from those first exciting interactions through subsequent loyalty. Capturing how each stage makes prospects feel creates a compelling story about why people choose you and stay with you throughout their lifetime.
Let’s take a broad look at those sales funnel steps next.
Sales Funnel Stages
We have broken down the sales funnel/customer journey into 5 stages. In order, these stages are: Awareness, Consideration, Preference, Purchase and Loyalty. At the top of our sales funnel, we start out with a wide pool of potential buyers. As they progress through the next stages (Consideration, Preference & Purchase), those opportunities narrow to become fewer prospects until only those customers that benefit from your product/service remain. Every step is an opportunity for both to share information. The customer not only learns about you, but you also gain an understanding of what their needs are.
Let’s take a deeper look at how and why that exchange of information is important to your bottom line.
Sales Funnel Strategy
This topic is one that I’m passionate about: the importance of having a well-thought-out strategy for your sales funnel/customer journey. When you think about it, your customer journey strategy is the blueprint for how customers experience your brand from start to finish. It sets the expectation of what they’re going to see and feel when they come into contact with your brand. Your brand should remain consistent throughout all your marketing efforts including digital channels like websites and social media, as well as print ads and in-person events. Understanding each touchpoint along the way gives you valuable insight into how to nurture each individual customer relationship, as well as create an overall positive perception of your business in their mind.
When it comes to crafting an effective customer journey strategy, there are a few key elements you need to consider. First off, map out all possible avenues for potential customers to interact with you. Think about where and when those interactions may occur, how to tailor content for those different channels and audiences, and which processes will be used for delivering that content effectively. Secondly, make sure that whatever process you use allows for feedback along the way so you can constantly measure performance and make adjustments if needed. Finally, focus on creating cohesive messaging across all channels; consistency is key here if you want customers to remember your brand positively and come back again in the future. Consider the completely made up story below:
Once upon a time, there was a small business that was determined to grow. Let’s call this business The Cozy Store. They believed the key to success was providing an amazing customer journey. And so they set out on a mission.
The Cozy Store had been open for three years and was doing alright, but they felt as if their customers were missing out on something special. So, in order to make sure the customer experience was top notch, the store employed strategic planning for their customers’ journeys. By understanding customers’ needs and wants, anticipating future events, and creating innovative solutions that allowed them to be more competitive and efficient they would surely meet their goal.
The Cozy Store started by analyzing competitors’ strategies and customer feedback surveys. From there, they identified potential areas of improvement and opportunities where they could excel. Based on these insights, they developed a detailed plan with specific goals related to customer service satisfaction, product quality control, marketing efforts, employee morale and much more.
The results were immediate: over one year The Cozy Store saw an increase in sales due to their new focus on customer experience. The store also earned recognition from local media outlets for its dedication to providing excellent service. Thanks to their strategic planning efforts, The Cozy Store now stands out as a prime example of how small businesses can use strategic planning to reach greater heights of success!
Crafting a comprehensive customer journey strategy can seem daunting at first but don’t let that stop you from getting started right away. Taking small, consistent steps each day goes a long way towards ensuring success down the line.
Next week in our sales funnel series, we take an in-depth look at how to create a sales funnel and the first 2 stages, Awareness and Consideration.
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Reply below with some topics you would like for us to cover in the future.