A sales funnel reflects the prospect’s journey or path that takes them from awareness to becoming a customer. It encompasses actions you take to create this journey or experience. The sales pipeline, on the other hand, is the specific stages that a deal or opportunity moves through in your sales process from the salesperson’s perspective. See our article on the eight sales pipeline stages every sales team should have.
There are various sales qualification techniques like CHAMP, MEDDIC, GPCT, BANT, and more but it’s best to choose a framework that best suits your customer journey. The most common sales qualification framework used by most businesses is BANT—Budget, Authority, Need, and Timeline. Only leads that meet the qualification criteria become potential opportunities and trickle down the funnel. Pushing leads without proper qualification into the sales funnel will clog your sales pipeline, and won’t necessarily lead to revenue.
This lead capture software ranges from simple to complex. You can have a landing page that captures the data, or you can sign up for a system that tracks your user's accounts once they sign in. You can see what products they looked at, what pages they read and, judging from their account activity, you can see how likely they are to become customers.
In fact, more than 80 percent of people look for recommendations before purchasing a product, according to research by Business 2 Community. And Nielsen reports that 84% of people trust the recommendations of friends and family over marketing campaigns. That makes personal referrals the highest ranked source for trustworthiness when it comes to making a purchase.
PPC campaigns: Most online paid advertising platforms will allow you to link a landing page. You can create an informative and concise landing page with a relevant CTA. This will encourage your audience to submit the form. All platforms such as LinkedIn, AdWords, Facebook etc give you this option. In fact, Facebook has designed a whole ad format called Lead Ads that deals primarily with lead capture.
Molly might conclude that anybody who fills out her online demonstration request form is an MQL. Another company might set the bar to MQL qualification at something involving a combination of viewing specific pages, interacting with certain forms, and opening a certain number of email messages. For that kind of analysis, we recommend marketing automation software.
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.
One of the core concepts in the digital marketing industry is the sales funnel. While odd sounding at first, this single core concept can take a business from virtually non-existent and unknown to multi-million-dollar marketing machine with mass saturation, seemingly overnight. In fact, there are skilled practitioners who have built a career around implementing this single concept in business.
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.
Here, I’ll explain what you need to know about the marketing funnel, and I’ll dive into recent changes and rising challenges for marketers. I’ll compare B2C and B2B uses of the funnel, break down the hype around the marketing vs. sales ownership debate, explain how the funnel can be flipped to create more leads, and explore nonlinear approaches to the funnel.