How can a sales funnel boost your business?
Sales funnels offer several advantages for businesses as they help to minimise risk and create more strategic content that targets a particular audience. The first instalment of this series outlined what a sales funnel is and what the various stages of a sales funnel include. This blog will build on this knowledge by stating some of the benefits businesses stand to gain when creating a sales funnel.
Here are five advantages of implementing a sales funnel for your business.
1. Improved conversion rates
A sales funnel is a comprehensive strategy that ensures businesses take into account several steps between the time of a lead visit and sale. By implementing a clear sales funnel, you can create more targeted content which allows you to generate more leads. This means that you have a 360-degree view of your leads and what needs to be done to convert them into customers.
First, you identify a customer’s needs and find a solution that leads them to your business. Once these leads have an interest in or require your products or services, they become customers. A sales funnel allows you to track these sales and personalise your sales pitch further to capture a specific audience.
Put simply, customers become information leads that propel content and produce more potential lead.
2. Streamlined marketing processes
A sales funnel supplies you with all the necessary information to streamline your marketing process and take step-by-step actions by giving you an accurate view of how many leads entered your funnel overall as opposed to those who became customers.
This extra information allows you to calculate how many more leads you need to achieve your objectives based on current statistics. In the meantime, you can begin to invest your money in business operations that are proven to offer more gains. With a sales funnel, you don’t have to hire programmers or waste money on designers. You can use sales funnel analytics to transform pages, webinars and forms in line with your business type and customer demands instantly.
3. Improved accountability
Most business campaigns fail where there is no incentive for a customer to buy or where the company has failed to understand the needs of the target audience. However, since everything from customer awareness to action is tracked with a sales funnel, businesses can make more informed decisions when it comes to marketing campaigns and installing trackable measures.
These operations can centre around a best-selling product, the best source of customers (e-commerce platforms or in-person), or even the geographical location that has the most customers. You can create content based on buyer interests and use language and content strategies that more readily connect with them.
4. Sales forecasts become more accurate
It’s important to forecast future business sales to reduce risk and create realistic business targets. A sales funnel gives you a better understanding of how many leads become customers and what areas of your business are performing better than others.
Even after the 2020 pandemic which saw small and large businesses suffer, post-covid sales funnels are helping businesses forecast their future and focus on building themselves up again. It lets you know at what stage of the funnel you’re losing leads and where you need to improve. This means your sales plan for the next fiscal year can focus on your strengths and allocate resources that service the need of customers rather than general prospects.
5. Increased revenue
The culmination of the above factors leads to an increase in your business revenue – a top priority for business owners. However, what’s more important, is that your sales funnel has shown you how to increase your revenue and what you need to do to replicate this success in the future or build upon it.
Now that you’re aware of how a sales funnel can boost your business, it’s time to start implementing one.
Stay tuned for the third article in this series, in which we will look at the different types of sales funnels available to businesses.