While everyone evaluates their options at this stage in the buying process, how carefully they evaluate their options depends a lot on their personality and the cost of the solution. Generally speaking, the more financially conservative your target audience is and expensive your solution is, the more comparison shopping your potential buyers will do.
Retail sites are a natural first option to set up online searches that will deliver listings right to your inbox. In my experience, finding below-market deals this way can be a bit challenging, though. Try to niche down your search with words like “needs TLC,” “investor special,” “as-is,” “fixer-upper,” and “sweat equity.” Alternatively, you may need to work harder to find the deal or negotiate to get a good price.
In addition to using your sales funnel for strategic planning, you can use CRM software to save time and focus on moving more customers to the end of your funnel with customizable pipelines and email integration features. For example, customizable pipelines allow you to engage with customers in a way that fits your business. Email integration lets you send communications without leaving the CRM.
Traffic sources. As you’ve probably noticed throughout this article, different traffic sources work better for different stages in the marketing funnel. Sometimes, however, a traffic source can surprise you, so it is a good idea to track how many people are entering your marketing funnel from each source and stage so that you can give your top sources more budget and attention.
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.
There are email warming sequences that include things like personalized value-driven stories, tutorials and even soft pushes to webinars, and of course product suggestions that happen over days or even weeks. The truth is that most prospects won't buy from your website at first glance, especially if they're only just becoming aware of you today. It takes time. Thus, the funnel is a multi-modality process, as there are a variety of relationship-building experiences and "touches" that occur through several stages.
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.
No matter what kind of purchase we’re making or how much we intend to spend, all of us follow a relatively similar path when it comes to deciding what to buy. This buying process, or stages, was first introduced by John Dewey in 1910, but even now — more than 100 years later — it’s still the foundation of understanding buyer behavior and marketing funnel creation.
Generating leads is one of the most critical steps in sales and marketing for this is where businesses get their precious pool of prospects that can eventually become paying customers. Lead generation however involves a careful process that if done right can deliver a huge ROI at the fastest possible time. This process undergo what marketers call a Lead Generation Funnel.
For example, if you are a florist, a repeat customer might stop at your shop every few months to purchase the same thing–a flower bouquet for his wife. Or if you’re make socks, a repeat customer might purchase more socks from you when the old socks are worn out. On the other hand, if you’re an author selling a book, you probably aren’t going to get someone purchasing the exact same book from you a second time (unless it’s a gift or they lose their first copy). However, they may very well purchase your second novel as soon as you publish it.
The definitions of MQL and SQL (SAL) should be spelled out, and agreed upon, in a service level agreement (SLA). The SLA outlines the terms of how sales and marketing will work together. The SLA should define what MQL and SQL look like, as well as state the time frame and process each team must follow. For example, an MQL has reached a score of 75 through a combination of content engagement and web engagement and fits the ideal customer profile. It must be accepted by sales or sent back to marketing within 24 hours of being assigned. The SLA should be drafted together by both marketing and sales leadership and signed off on by both parties.
But, given the volume of leads that fill your funnel, sales teams have a hard time converting leads into customers because they cannot discern the hot from the cold. This results in unqualified hot leads in the top of the funnel that either drop out due to slow response times, or remain stuck in the middle of the funnel, eventually becoming cold leads. For a business, this means missing out on golden ($) opportunities. And, that’s just one leak. There are more ways you lose leads in the sales funnel.
After you have a good idea who your best leads are, the next step to defining your lead generation process is to define your sales funnel — knowing where a prospect is in his buying journey so that you can align it directly to your marketing and sales processes. Mapping your lead generation efforts to your funnel is extremely important as it dictates your campaigns, messaging, and expected metrics.
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.
At this stage, your prospect is evaluating you, your company, and your products and services. They are taking a closer look at what you have to offer than they were in the discovery phase. They are also looking at other options to see how you compare to them. At this point, you have probably sent them an initial quote or proposal and are answering any detailed questions they have.
For example, when a customer finds you organically through a Google search for example, that means you have some element of authority. When you have authority, prospects are more likely to enter into your funnel because they know that if they found you relevantly, that whatever it is that you're providing must be of a great value. That's just the nature of SEO and organic search.
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.