A sales funnel, also known as a buying funnel, is a visual representation of the customer journey and the sales process from awareness to action. It's a series of steps that potential customers go through before making a purchase. A well-planned sales funnel will define the actions your company must take to move prospects to the next stage. A sales funnel is an effective way to understand the needs, challenges, and decision-making process of potential customers.
During the second stage of the funnel, the sales team must follow up with prospects to learn more about their needs and challenges. Starting a specific sales funnel means that you no longer rely on a dispersed approach to selling your product. A well-defined and closely monitored sales funnel can take your company from being virtually unknown to a successful multi-billion dollar company in a relatively short period of time. It's important to be present in the sales funnel from the start and build trust with your potential customer by addressing all the concerns that could influence their buying decision.
The benefits of having a sales funnel include delivering the perfect message right when your potential customer needs it, optimizing each stage, and transferring different stages to your CRM. Having a deeper understanding of your sales funnel allows you to make better estimates of customer acquisition costs. All companies that make sales have some type of marketing sales funnel, even if they haven't defined it. It's essential to plan and implement a sales funnel from start to finish that makes you a more efficient salesperson.
As simple as it may seem, a large, well-defined and closely monitored sales funnel can take your company from being virtually unknown to a successful multi-billion dollar company in a relatively short period of time.