If you are business owner who is marketing online, a sales funnel is one of the most important marketing tools you can have. But there are many who don’t understand the importance of sales funnel nor do they understand how to create one.
Failing to grasp this critical part of your marketing your business can result in fewer sales, lower profits, and ultimately, an unprofitable business.
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Stages of a Sales Funnel & How It Works
Sales funnels are divided into separate steps or phases and the number of phases depends on the specific sales model.
In its basic form, the stages of a sales funnel consist of:
Awareness: – This stage is at the top of your Funnel. This is where your prospects become aware of your products and services. You can use your website, blog, and social media to make your prospects aware of what you have to offer.
Interest: – where you offer something that your prospects are interested in. This is where a lead magnet comes into play. Your lead magnet or freebie offer should be something that addresses your prospects’ pain point(s) or solves a problem they are experiencing. Your lead magnet should be promoted on your website, your blog, and on your social media sites.
Qualify/Convert: – once your prospects opt-in to your list, you have the opportunity to nurture the relationship with your newsletters, tips, updates, and offers. Let them know more about yourself and what you have to offer. If they don’t like your content or what you have to offer, they will likely unsubscribe from your list – and that’s OK! You really don’t want your list stuffed full of people who will never convert to a buyer. If you consistently provide them with great content, they will usually stick around long enough to get to know you, decide whether like you and ultimately trust that you have the answers and solutions to their problems. These are qualified prospects that you can convert to buyers.
Awareness, Interest, and Qualify/Convert Stages:
Action – 1st Buy Decision: Your qualified prospects decide if and when they want to buy a product or service you are offering. Typically, prospects will initially purchase a low entry point product or service that you offer that will solve a problem they have. You have the opportunity to upsell these customers with continue nurturing of the relationship to move them further down the funnel.
Action – Main or Multiple Offer Buy Decision: Your raving fans and most loyal customers are those who like what they’ve purchased from you in the past. They are usually the ones who will buy your high ticket product or service. Or they will continue to buy other products and services that you offer that appeal to them and help them solve their problems.
As a business owner who is interested in making money and growing your business, your job is to ensure your funnel is working to generate interest in what you do and what you have to offer, from the top to the bottom of the funnel. If you can keep more qualified prospects in your funnel, your opportunity to make more money increases.