However, video conferencing and other apps offer an opportunity to engage prospects at a time and place that suits them. In fact, 60% of sales reps say they spend more time selling virtually than they did in 2015, according to the third edition of Salesforce’s global “State of Sales” study. Meanwhile, 52% of sales reps say they spend the same amount of time or less meeting with customers in person.
A customer is made aware of the product through marketing and advertising campaigns, consumer research and discovery. The awareness is followed by gathering information in some form from him. This process of gathering information is called lead generation and the information is further used in the lead management system to nurture it down the system.
The marketing funnel depicts the steps of a hypothetical buyer through his decision-making process. The funnel is widest at the top and then gradually grows more narrow. The earliest models depicted a customer entering the funnel as a novice and then sliding down the funnel and through the steps of awareness, interest, desire and action, meaning a purchase.
Marketers should tap every opportunity to develop a relationship with the buyer at this stage. This is often done through monitoring reviews of the products, testimonials from previous customers, inbound marketing, having a great graphic interface to draw attention, delivering more information to the customer, etc. This is a crucial stage of the marketing funnel as it is chiefly at this stage that the prospective buyer would want to remain in or leave the funnel.
A sales funnel reflects the prospect’s journey or path that takes them from awareness to becoming a customer. It encompasses actions you take to create this journey or experience. The sales pipeline, on the other hand, is the specific stages that a deal or opportunity moves through in your sales process from the salesperson’s perspective. See our article on the eight sales pipeline stages every sales team should have.
Conversion rate: This is a really important metric. While your revenue and number of customers will tell you how much money your funnel is generating, your bottom-of-the-funnel conversion rate is an indicator of how effective are your tactics at converting leads into customers. How you obtain and calculate this conversion rate will depend largely on the tactic you decide to use. For example, if you are doing a product launch with an email sequence, you might want to look at the percentage of subscribers who became customers during the launch. If you want to learn how many people who visit your sales page end up becoming customers, you can use Google Analytics goals to keep track of this metric.
The key thing here is that your marketing funnel doesn’t end with the purchase. There is plenty more work to be done at this stage. You can add as many stages into this funnel as you deem necessary to your brand but, again, it’s up to you how complex your marketing funnel should be. You can also expand it with time as your strategy becomes more efficient and new opportunities arise.
Once you have each asset labeled with a stage in the buyer’s journey, start adding platforms and strategies for which that asset would be good a good fit. For example, blogs and infographics work great on social media, while case studies should be left to email marketing and PPC ads. From there, you can create your actual content distribution calendar:
Hello Sunil.. thank you for your feedback, it’s great to hear that you are finding this article useful. Re your question: yes, it makes sense to follow-up as often as you need to to reach the decision-maker. At the early stage of cold calling / emailing / SMS you may have to follow-up 6-12 times with a combination of cold calls and cold emails before you get to kick-started with your prospective customer. Obviously if they unsubscribe or say no then you have to respect this. At later stages, non-response would indicate that your prospective customer no longer sees (or has doubts) about the potential value of the solution you are selling. After following-up 2 times at a later stage, I would make it easy for your prospect to voice their concerns by communicating something like: “I’m struggling to reach you, perhaps we could hop on a call for 5 minutes as I’d like to understand your current thoughts rather than assume you are no longer interested in progressing.”
The marketing funnel is a visualization for understanding the process of turning leads into customers, as understood from a marketing (and sales) perspective. The idea is that, like a funnel, marketers cast a broad net to capture as many leads as possible, and then slowly nurture prospective customers through the purchasing decision, narrowing down these candidates in each stage of the funnel.