Number of leads/email list growth: As its name suggests, you can use this metric to keep track of how many new leads you capture over time. Like I mentioned before, the most common way to capture leads is by collecting email addresses, so you can track this metric by looking at the growth of your email list. You will be able to get this number directly from any tool that you use to capture leads.
Sales funnels are right for businesses that rely on a high degree of prospect interaction and engagement to make sales or close deals. Their sales process may be long and complex or they may be selling a high-ticket item that requires a lot of consideration by the customer. Both business-to-business (B2B) and business-to-consumer (B2C) businesses use sales funnels.
Intent: To get to the intent stage, prospects must demonstrate that they are interested in buying a brand’s product. This can happen in a survey, after a product demo, or when a product is placed in the shopping cart on an ecommerce website. This is an opportunity for marketers to make a strong case for why their product is the best choice for a buyer.
You can do this all by caring. Reach out and ask for reviews. Engage with them on social media. Offer them an insider-only discount. Give them something for free on their birthday. Give them advice for free. There are literally hundreds of customer retention tactics out there—find the ones that best suit your products and business. One simple—and cost-effective—way to care is with personalization.
However, there are even some who see the funnel as being split vertically, with both sales and marketing owning the full funnel. They argue that the sales people are increasingly becoming thought leaders to drive awareness by doing outbound outreach. In this scenario, both marketing and sales would work to nurture leads and prospects from awareness to purchase.
Content that introduces the company and intrigues potential customers enough to move to the next stage of the buying process. For example, a Facebook post called “Behind the Scenes at Molly Marketer’s Company. This works especially well if you have a company with a corporate citizenship mission, such as selling sustainable, environmentally friendly goods.
Let’s be clear—leads won’t automatically move down the funnel. Sales reps have to continue to do their part of selling and allow the sales funnel software to update the lead’s stage in the funnel by completing certain actions. You can setup workflow automations in the CRM to change lead stages. For example, after you’ve contacted a lead, the CRM will automatically update the lead’s stage based on the last activity.
As “State of Sales” finds, salespeople believe a combination of human skills and data-driven insights is needed to convert prospects into customers. In fact, the ability to listen is seen by 78% of those surveyed as an important attribute needed for landing deals. But sales reps also have to demonstrate industry knowledge (74%), trustworthiness (74%), and knowledge of prospects’ business needs (73%).
How to get started: Everything about SEO, including its name, acronym, and definition sounds way more complex than it really is. I recommend that you start with performing keyword research and optimizing your content. You can find all about how to do that in this blog post. After that’s done, you should look into link building, which is nothing else than getting other websites to link to your content. I recommend that you checkout Backlinko’s excellent link building guide.
For example, at the beginning of your funnel, prospect interaction is low and the number of prospects is high. This is the Awareness stage, where you do advertising or another form of low-cost, low-touch, broad outreach. The next stages have fewer people in them and require activities that take more time and attention. This is where you’d send emails, make phone calls, or invite qualified interested prospects to a webinar to learn more about your offerings.
That was an interesting article. I was looking on your page of scheduled webinars, and what about offering a webinar on segmenting your list? It seems that to use the marketing funnel idea you need to segment subscribers, so you’re not sending new subscribers something that should go to your “Advocates”. I’d love to see a webinar that really goes over how to use the funnel & segmenting together. Thanks.
The modern conversion funnel can have many entrance points, meaning people can enter at any stage of their life-cycle, they can leave and enter again. This is why an effective online marketing strategy requires an omnichannel approach which combines various traffic sources, campaigns and re-engagement paths, and makes them work as one in order to finalize the purchase and even lead to loyal customers or brand advocates.
The strategies used to gather information tend to vary based on the size and scope of the purchase. Recognizing that you’re hungry, for example, might result in a quick Yelp search for restaurants in your area. Deciding which provider to use to install a new inground pool at your home, on the other hand, will involve calling around, reading company reviews, visiting showrooms, and talking with salespeople.
How to get started: Gather a list of contacts from the groups mentioned above and email them to share the content you’ve created. Important: If your list is large and you plan on emailing them in bulk, you must give them an option to unsubscribe or stop receiving emails from you. An “unsubscribe” button is auto-generated on most email service providers.
Private communities: This is a great way to establish a closer and continuous channel of communication between yourself/your company and your leads, as well as allowing them to interact with each other. You can create private communities to start conversations, gather feedback, or share updates and news. By starting a community, you are committing to being active and monitoring it regularly for the medium/long term, which can be very time consuming in future—so keep that in mind if you decide to go with this tactic.
As an example, Julie Bornstein, CMO at Sephora, has seen social media change how people buy beauty products. Recommendations from friends have always been important, but now these recommendations spread “quicker, faster, and further” at every stage in the funnel. The decision on what to buy increasingly comes from advocates who share their experience in a way that pulls in new customers and informs their purchase decision. Sephora’s response has been to bring all the stages of the funnel together into a single place, creating its own online community where people can ask questions of experts and each other about brands, products, and techniques.
Define your end goal. This is the end relationship you want to have with the information you gather, and it differs greatly for online businesses. In some cases, the contact details of a person is your Internet-based goal, because it may funnel leads into a service-based business that calls its customers by phone, and in other cases, it is developing repeat clientele.
Imagine this situation: you go into a shoe store and look at a pair of shoes that caught your eye. Immediately after you enter the store, a salesperson asks you if you’ll pay with cash or credit card. You haven’t tried the shoes on, you haven’t looked at the color options, you haven’t seen other shoes in the store, but this salesperson just keeps asking you for your payment information. Of course, you’ll end up leaving the store without purchasing anything.
Caroline Donahue, CMO at Intuit, oversees numerous web-based products for which “the product and the marketing become one thing.” The funnel changes because “with cross-sell and up-sell, you move from awareness to action instantaneously.” Instead of a Customer Decision Journey, her approach might best be described as a User Experience Journey into which opportunities for transactions are thoughtfully embedded.
Content piece engagement rate – If you have calls to action on multiple blog posts or other onsite content pieces, you’ll want to know which are sending the most converted customers through your funnel so that you can replicate your success by upgrading/updating that piece of content, sending paid traffic to that blog post, promoting it via email, and/or creating more content pieces like that. Tracking engagement rates on each CTA will give you this information (you can easily set up Google Analytics goals in order to see which posts drive more conversions).
Conversion rate: This is a really important metric. While your revenue and number of customers will tell you how much money your funnel is generating, your bottom-of-the-funnel conversion rate is an indicator of how effective are your tactics at converting leads into customers. How you obtain and calculate this conversion rate will depend largely on the tactic you decide to use. For example, if you are doing a product launch with an email sequence, you might want to look at the percentage of subscribers who became customers during the launch. If you want to learn how many people who visit your sales page end up becoming customers, you can use Google Analytics goals to keep track of this metric.
The first step of any sales funnel is to make a potential customer aware that you exist. You can go about doing this in several ways, such as social media marketing, email marketing, cold calling, attending events, advertising, and word of mouth. How you make people aware of your company really depends on the product or service you’re selling. For example, if you design apps, mobile marketing will probably be extremely effective, but if you sell lawn mowers, this may not be the best option; traditional radio advertising may work better.
However, the best part about this, and the most powerful route that entrepreneurs take to scale their businesses, is that if you know that sending 100 people to your site costs you $200, for example, but you get two people to convert at $300 each, then you have a $600 return on $200 invested (300 percent). When you know that, that's when the entire game changes and you can infinitely scale your offers.
To help you get started, we’ve created a sales funnel template you can use to create something that works for your business. It’s a PowerPoint document with prompts that you can customize based on the specific stages you feel are the best fit for your customers. This template will help you think of each stage in your customer’s journey and what should happen in each stage. It will also help you map out your own sales funnel stages unique to your business.
The marketing funnel depicts the steps of a hypothetical buyer through his decision-making process. The funnel is widest at the top and then gradually grows more narrow. The earliest models depicted a customer entering the funnel as a novice and then sliding down the funnel and through the steps of awareness, interest, desire and action, meaning a purchase.