In business just like every aspect of life, to be successful at the beginning you must be equipped with the best ideas to drive your sales, because business is all about sales. Over time the funnel has been used to describe the sales process in various phases.
• Prospects/awareness phase
• Inquires/interest phase
• Proposals/Sales phase
• Action/New Customers
These four phases are what makes up the sales funnel and it applies to every business. The point here is;
How do you build a strong sales funnel for your small business or startup?
This is extremely important because having an ironclad sales funnel determines to the largest extent the strength and durability of your business.
Here are some few points you must note:
1) Understand your potential buyers and build a relationship with them:
• Who are your potential buyers?
• Who is your business out to impress?
The very first stage of building a strong sales funnel is for you to be able to pin point, who and who your actual buyers are among the crowd. At the top of the funnel, during the awareness stage you have prospective buyers who become aware of the product or services you are offering. Among them are both qualified and unqualified prospects.
What you need to do is filter out the qualified prospects that absolutely fit into your business niche and establish a connection with them. Relationship building with prospective client is an integral part of the funnel process and will ultimately lead to actual sales.
2) Build on buyer interest: Never ignore a potential buyer who shows interest in your product or services:
When a buyer comes knocking at your sales door or you meet one. It’s either the buyer knows what he/she wants or is actually confused and is looking to you to educate them on the product and services you are offering. In any case, educate the buyer.
Make them understand all the cool stuff about the product or service you are offering, give them insights and if possible offer samples or test products for them to have a feel of what you are selling. By doing this you are demonstrating the value of your products/services and this will not only build trust and confidence in your product/services, but will drive more sales and make your customers, repeat clients.
3) Ensure your customers are getting value for their money:
If for instance, at the top of the funnel, your prospective clients were 10,000 people, then it dropped to 3,000 at the interest phase, then to 500 at the proposal/sales phases, then finally to 50 at the Action/Customer phase. So you have 50 paying customers.
What kind of product/service have you delivered to these clients?
You have to ensure you create value in your product/services. By creating value for money you are establishing a win-win scenario that will make most of the 50 paying customers, loyal customers who will help market your product/services to other friends and family.
Understanding your business strategy is the key to your sales funnel. Know that the steps listed are not the same for every business. The number of stages and the type stages may change based on your business model. The key is to have a business sales funnel process that you know and understand. Having it will keep you focused on your target and on choosing the proper channels of communication to promote your product of service.