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.
Paid advertising: When used properly, paid advertising can be a great way to attract new visitors to your site. You can reach the massive audiences that use Google, Facebook, Instagram, Twitter, and other platforms every day. Plus, with the advanced targeting and segmentation options provided by their advertising platforms, you can make sure that you reach exactly who you want to reach.
Example: Angela Fehr, who teaches watercolor classes on her Teachable school, offers a wide variety of courses like landscaping, fluid painting, and creative painting. Angela created a comprehensive bundle of her individual courses. It’s called called “Watercolor University” and it includes a total of twelve courses, which she sells for a premium price.
In today’s marketing landscape, people can experience a brand in many ways other than purchase and usage of a product. These include live events, content marketing, social media, and word-of-mouth. Consider all the members of the Nike+ running community who don’t own Nike products or the half million fans of Tesla’s Facebook page who don’t own a Tesla. Or consider companies where employees use their own devices or download their own software until IT purchases the enterprise version for the entire company. In today’s digital age, advocates aren’t necessarily customers. Marketers who think that advocacy comes after purchase are missing the new world of social influence.
First, try some cold calling. We’ve all gotten those dreaded calls from telemarketers, and while the number of hang-ups sales reps get is enough to make some people quit, this does still work. If it didn’t, people wouldn’t be doing it. The key to success with cold calling is to make sure you have a list of qualified leads. If you’re selling a product for men, for example, make sure your list is primarily male.
Beyond terms and process, one of the best ways brands can align both sales and marketing is through shared programs such as account-based marketing (ABM) and lead nurturing. In 2018, Salesforce Research found high-performing marketing organizations to be 1.5x more likely to use ABM methods, and 1.9x more likely to use lead nurturing than underperforming marketing organizations. They are “shared programs” since both marketing and sales should work together to create them. Marketing handles the technology and setup while sales pick the targets and help create the content. Sharing in the creation of the programs allows sales to feel ownership of the programs, increasing their use and overall effectiveness.
The key thing here is that your marketing funnel doesn’t end with the purchase. There is plenty more work to be done at this stage. You can add as many stages into this funnel as you deem necessary to your brand but, again, it’s up to you how complex your marketing funnel should be. You can also expand it with time as your strategy becomes more efficient and new opportunities arise.
If you don’t know much about SEO, there’s a great course about SEO available here, but basically, this is the practice of making sure your blog posts or other website pages show up in search results when someone types in a certain phrase. You can use Google’s Keyword Planner to find keywords in your industry that have a high volume of searches and a low level of competition, though keep in mind that “competition” in Keyword Planner only tracks competition for paid ads, so it might not be the best indication at competition for general search engine results. Moz is a great tool to check out if you’re interested in doing more keyword research on competition.
Suppose your furnace goes out in the middle of winter. Your problem is obvious: you need a new furnace. And the solution is easy — you need to call HVAC providers in your area for quotes. But say you need a new car. Should you look for an SUV, a compact car or a mid-size sedan? Even vaguer still, if you’re frustrated with how much your accountant is charging you to do your business’ taxes, you might not even be familiar with all the different solutions, like cloud-based accounting services.
Close rate – Your close rate (or “win rate”) refers to the number of these opportunities that turn into eventual sales. If your close rate is lower than you expect, look at some of the other metrics you’re tracking for ideas on improving the success rate of your marketing funnel. You may be sending sales unqualified leads because your content is for a far more technically savvy audience while your ideal customer is a novice.
Let’s say that instead of just sending one email to your entire list, you instead separate them into lists based on the type of pizza they buy most often: Plain Cheese, Pepperoni, Everything, Specialty, or something else. Everyone in the “something else” pile can get the generic discount, but send people on the other lists special emails. For example, if you send a coupon for a one-topping pizza to the people who prefer plain cheese or everything pizzas, you won’t make a huge impact. That isn’t what they normally order. But send it to the pepperoni lovers and watch the orders roll in! Customize the discount you’re offering to make it relevant to what people order.
Task management tools help you move prospects through the sales funnel quickly because they help you schedule and assign tasks that must be completed to move onto the next stage. Being able to quickly schedule important tasks like sending quotes or writing emails helps keep these tasks top of mind and reminds you that there’s an important deadline that you must meet to get closer to a sale.
A sales funnel illustrates your customer’s journey and works by increasing the level of engagement and trust in each interaction with your prospects. It typically contains six stages, starting with awareness and ending with loyal customers, with each stage more intentional than the last. While not all prospects will reach the end of the funnel, those who do are actively engaged and therefore more serious about buying your product or service.
After an account executive identifies a prospect as a qualified sales lead, he or she can then identify the prospect further as a sales opportunity and will undergo further opportunity marketing. At this point, it would be important to understand that engaging with leads will incur cost, which include cost of engagement, conversion and opportunity marketing.
Email open and click rates: Once you’ve captured a lead, the most common way to strengthen the relationship with your contacts is by using email marketing. Open and click rates represent the percentage of contacts that opened an email and clicked on a link in the email body. These metrics are great indicators of how relevant the content you are sharing is to your subscribers. Almost every email marketing service you can use will calculate these metrics for you.
Getting a clear understanding of the process can help you optimize your campaigns to ensure these leads come out the end of the funnel as customers. However, it would be important to note that each business have its unique processes and sales situations. Their actual lead generation funnel may differ slightly from what is presented here, but for general intents and purposes the following describes the basic and most common stages involved in the sales funnel.
Recycled: Sometimes a prospect won’t actually become a lead yet. She may have downloaded a few ebooks, but when she’s called by sales, she is not ready to buy. Instead of leaving that potential future lead in a black hole to dry out and die, you want to make sure she is recycled into your lead nurturing database. That way, you can continue sending your prospect relevant and educational materials in hopes that one day soon she will indeed become a viable lead.
Awareness: Awareness is the uppermost stage of the marketing funnel. Potential customers are drawn into this stage through marketing campaigns and consumer research and discovery. Trust and thought leadership is established with events, advertising, trade shows, content (blog posts, infographics, etc.), webinars, direct mail, viral campaigns, social media, search, media mentions, and more. Here, lead generation takes place, as information is collected and leads are pulled into a lead management system for nurturing further down the funnel.