The sales funnel, also known as the revenue funnel determines the process of the sale in an organization. The term is relative for each and every organization but plays a significant role while finalizing a sale. They are the best way to get leads to business and then to customers.
A customer coming across a fashion website is the first step in the sales funnel. Further, it browses its options is the second, it pays for the product becomes its third step. Conclusively, the delivery of the product will become the last step.
The sales funnel ensures a methodized system of sales in an organization. These help predict the potential demand among customers and loopholes (if any) in the system. Besides, these play a decisive role in online marketing by helping determine a bounce rate. Also, the sales funnel let us know about the reasons, why a particular customer, did not visit the landing page of a website.
The process diligently adheres to the acronym AIDA, which stands for Awareness, interests, decision, and action. These key tools function in the following way:
As the term says, making a customer aware of something. This can be done by creating a Facebook page, Adding a tweet, sending emails, and others. The step entirely focuses on targeting the right customer at a right time.
This is the most important step in a sales funnel. This is the point where you have to start thinking of tactics to make a customer stay. At this point, the customer will compare your product or service to others. In order to capture the lead, offer something of value in exchange.
Once you’ve understood the interest of your users, eventually, you prepare them for the purchase of your product.
The final step is the retention of your leads. Offer them coupons and, promote your product by retaining them.
Building the sales funnel
Now we know how important a sales funnel for any organization is. But, how do we build one? It is as simple as ABC. Analyze your customer’s behaviour, create new ideas to capture their attention, observe your bounce rate and, the landing page on regular basis. Last but not the least; do not abandon your current customers as these are the ones who will bring you more leads to business and more customers.
Sales funnels have changed the way of doing business. They have helped businesses become more customers oriented than profit-oriented. These ensure survival as well as growth simultaneously. Hence, make sure you too build one and optimize it regularly as per the changing consumer demands.