Why sales funnel is important for business?
You are reading this blog because you want to know why a sales funnel is crucial for your business and if it can boost your revenue.
You might be curious about the distinctions between a marketing and a sales funnel.
This blog will not only make you understand the differences between the sales and marketing funnel.
It will also help you comprehend why having a well-crafted sales funnel is essential.
Just in case you missed reading our other blog, let me briefly explain that the journey of your marketing funnel shares similarities with that of the sales funnel.
What does it mean?
Well, instead of defining the sales funnel alone, let’s find out the difference between the marketing and sales funnel.
What are the differences between Sales Funnel vs. Marketing Funnel?
A sales funnel is a marketing concept that outlines the pathway your customers take from becoming aware of your product to making a purchase.
Similar to the marketing funnel, the sales funnel illustrates the customer’s journey through the funnel.
The Marketing Funnel concentrates on promoting your brand image.
In contrast, the Sales funnel places emphasis on the value of your product or services to your customer.
As depicted in the image, the marketing funnel incorporates a significant segment dedicated to building brand awareness among your customers.
Conversely, the sales funnel allocates its ample portion to demonstrating the value of your services to clients.
In all honesty, both marketing and sales funnels have progressed beyond their conventional methods for quite some time now.
You’re absolutely correct!
The intricacies of a potential customer’s journey have been simplified.
We are now in an era where everything is made Easy Peasy!
As a result, marketing strategists have merged the potency of both marketing and sales funnels into a single, unified approach.
What are the 5 Stages of the Sales Funnel that increase conversion?
The stages of the sales funnel are derived from the renowned “AIDA” model, credited to Elias St. Elmo Lewis.
If you have read our previous blogs on the marketing funnel, you may have noticed how the AIDA model has influenced the stages of the funnel.
To explain it a bit more..
AIDA is a widely used acronym in marketing and advertising and constitutes a crucial element for successful marketing endeavours.
It stands for “Awareness, Interest, Desire, Action.”
As mentioned earlier, the steps of both the marketing and sales funnel have been integrated to ensure their collective success.
So, we will explain the 5 steps of the sales funnel that will help you increase your revenue.
Stage #1: Awareness
First, let’s identify the market awareness of your potential customers.
At this stage, your potential customers have become aware of the existence of a solution to their problem.
However, they lack a clear vision of how to solve it.
They hold the notion that your services might be the answer to their problem.
Yet, they lack a concrete understanding of how you can assist them.
The crucial factor here is “clarity.”
You can achieve this by simply addressing your customers’ pain points.
For instance, if they are looking to lose weight, you can show them a picture or video depicting the consequences of an unhealthy lifestyle.
Once their problem has been acknowledged, it’s the perfect moment to introduce your products or services.
A friendly reminder.
Stage one primarily focuses on marketing.
Your objective here is to introduce your brand.
Therefore, incorporating a brief story about what inspired you to create this product or service would be highly beneficial.
Wondering how to achieve this?
You can guide your potential customers to visit your website or include the story in your social media post.
Stage #2: Interest
What is your typical course of action when you find interest in a particular product?
Once your brand has been introduced as a solution to their problem, your potential customers are now eager to gather more information about your products or services.
Sending emails and guiding them to your website, where they can explore your blogs, works remarkably well.
Why is this approach necessary?
Well, this stage presents the perfect opportunity to demonstrate your credibility and assist them in choosing your products or services.
73% of B2B and 70% of B2C marketers use content marketing in their strategies.
Content marketing proves to be an excellent strategy for captivating your prospective customers.
Crafting a narrative that resonates with your target audience is key.
Additionally, offering free trials can prove highly effective in enabling prospective customers to experience your services firsthand.
Stage #3: Desire/Evaluation
Your potential customers are aware that you provide a product or services they require.
Nevertheless, they seek more information to determine if your offer meets their expectations.
This stage is where customers contemplate whether the prices are reasonable.
In fact, they will begin comparing your products with other available options.
So, what’s the best approach at this stage?
Including case studies and testimonials can be highly beneficial.
If a product lacks reviews, 80% of consumers and 92% of Gen Z individuals are more inclined to avoid purchasing.
You wouldn’t want such a scenario to occur in your business.
Therefore, incorporating testimonials can significantly enhance your conversion rate.
In this stage, validating the value you can provide is essential.
Offering your potential customers a clear vision of their journey after purchasing your product will spark their interest.
To achieve this, you can use an explainer video or an illustration to provide a quick tour of what they can expect when using your services.
Free trials and newsletter subscriptions are also highly effective strategies!
Stage #4: Action
Imagine that you have successfully provided your potential customers with a free trial.
You can initiate a follow-up email campaign to encourage them to take action and make a purchase.
Send your potential customers relevant emails that remind them of their value.
Additionally, inform them about a limited-time offer to enhance its effectiveness!
A crucial aspect of this stage is ensuring everything is easy and fast for them.
Utilising an automated email campaign that seamlessly guides customers to the next steps would be highly advantageous.
Take these questions into account:
•What should be done if your potential customer delays the purchase?
•Where should you direct them when they seek additional clarity before making a purchase?
•What follows after they complete a purchase?
With Easy Peasy Funnel, you can effortlessly automate these processes and ensure that your potential customers become loyal patrons.
Stage #5: Loyalty and Retention
Studies have revealed that companies retaining a mere 5% more customers can witness a substantial 95% boost in profits.
You put in your utmost effort to acquire your customers.
Undoubtedly, you are eager to go the extra mile to retain them.
Brand loyalty requires customer satisfaction, trust, emotional attachment, and positive experiences.
Sending re-engagement emails and providing loyalty awards is a great idea.
According to a study, 90% of customers spend more with companies offering personalised customer service.
Therefore, to retain your loyal customers, demonstrate creativity in delivering exceptional customer service.
In all honesty, a contented customer will undoubtedly refer another potential customer.
How can a sales funnel automation benefit my business?
In addition to saving your time, it’s important to consider the cost-saving benefits of not having to hire an additional workforce.
With Easy Peasy Funnels, everything becomes swift and effortless.
You can automate every aspect, from marketing to the acquisition stage.
You won’t need to be tied to your computer to respond to customers in real-time.
Easy Peasy Funnels is designed to elevate your business.
Its dependable CRM allows you to personalise your clients’ journey, boost your conversion rates, and double your revenue.
If you’re eager to learn more, click here.