Driving Growth Through Strategic Customer Engagement
A sales funnel is a model used to model how business should work from lead generation and sales efforts to marketing and customer loyalty. The goal of the sales funnel is to build a system for converting prospective customers into paying customers.
A well-defined process is key to sales success and achieving revenue goals. Creating a sales funnel provides structure and clarity around the sales process, making it easier to manage prospects and measure performance. The sales funnel can be divided into three sections: the top of the funnel (TOFU), the middle of the funnel (MOFU), and the bottom of the funnel (BOFU).
Capture audience attention
The top of your sales funnel identifies prospects who are aware of their needs but haven’t formally defined them yet.
Your content and campaigns in this stage should provide real educational value to these potential customers and help them to identify their problems, find out more about the options available to them, and start evaluating solutions and solution types. This can be done through a range of online and offline content including blogs, infographics, and videos that educate and inform, as well as PPC ads and search engine optimization to drive awareness.
As leads move through the MOFU section of your sales funnel, they’ve figured out their problem(s) and have started to research specific solutions. They’re looking for ways that specific providers can address their individual needs and are comparing different products against each other to make the best decision. In this stage, your content should be geared towards helping them evaluate the effectiveness of your solution by sharing case studies and testimonials, product demos, pricing pages, and comparisons with competitors’ offerings.
At the bottom of your sales funnel, you have qualified and interested leads who have decided to purchase your products and services. This is where you’ll want to keep them engaged with a recurring communication strategy aimed at both promoting new offers and incentivizing loyalty.
Sales funnel metrics to monitor
In addition to identifying your target market, a sales funnel is essential for measuring and managing your sales process. To achieve this, you’ll need to monitor and track your lead count, conversion rate, win rate, and revenue growth. This allows you to see how your sales efforts are progressing, and adjust tactics as needed.
In addition, analyzing your revenue numbers helps you to better understand your sales velocity, which is the number of deals that need to be closed each month to hit your quotas. By calculating this, you can plan for future revenue and ensure that your pipeline is adequately sized. This will also prevent you from running out of qualified leads before you can close your sales.
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