As noted, the pizza shop funnel example above is really simple; there aren’t many steps. Sometimes this is okay (for example, in our pizza funnel, adding more steps may or may not hinder down the sales process). However, for better results, it is often beneficial to add more levels to your sales funnel. This is especially true if you’re selling high-ticket items.
Prospects next need time to figure out if making a purchase is the best option. At this point, it often makes sense to back off a bit. In our car salesman example, an important part of the evaluation process is the test drive. Depending on your industry, you may want to give someone a free sample or demo. If you aren’t selling in-person, videos can be extremely effective here. Often, during the evaluation process, prospects need to talk to others about the potential purchase, so this is where building up a loyal fan base comes in handy.
Once you’ve collected leads, it’s time to segment, which essentially means that your splitting the list of names into smaller lists. The first an most obvious split to make is into prospects (people who might buy) and non-prospects (people who won’t buy). After that, though, you might still have a huge list of leads that never make their way down your sales funnel. Why? You aren’t segmenting!
If you're wondering what a sales funnel is, simply imagine a real-world funnel. At the top of that funnel, some substance is poured in, which filters down towards one finite destination. In sales, something similar occurs. At the top, lots of visitors arrive who may enter your funnel. However, unlike the real-world funnel, not all who enter the sales funnel will reemerge out from the other end.
Direct email: Direct email works great if you have a list of people interested in your business. For example, people who attended one of your in-person workshops, a list of current customers, or a group/community you are a part of or manage. Important: Notice how we specify that these should be people you previously had contact with. We don’t recommend that you purchase email lists to do direct emailing as that can have a number of negative consequences for you and your business.
Unfortunately, the reason why we call it a marketing funnel instead of a marketing journey or marketing waterfall is that not everyone who enters your funnel will end up buying. At each stage in the buying process, you lose some potential customers, but a good marketing funnel will keep those losses to a minimum and produce the maximum number of sales from your marketing.
To better understand the concept of a sales funnel and just how you can implement it in your own business, let's look at the following image from Shutterstock. On the left side of the image, you see a magnet. That magnet is attracting customers, which happens a number of ways. From blogging to social media to paid ads and everything in between, how the visitors arrive to your website has some impact on the success of your funnel.
How to get started: After analyzing data from thousands of online courses, we created a launch strategy you can use to launch your own business—you can click here learn about Teachable’s Crazy 8 Launch Strategy. Example For an example of a successful launch, you can check out one of my favorite posts on the Teachable blog. In this amazing case study, Nat Eliason explains exactly how he launched his first online course and made $48,150 in the process.
Visitor-to-lead conversion rate: This metric will tell you what percentage of your website visitors end up becoming leads. You can use this as an indicator of how attractive your offer to become a lead (we’ll talk about the type of content you should use in this stage in a second) is to your visitors. As you might expect, you should aim for a high conversion rate. If you use tools to capture leads with popups forms, this metric will be tracked and provided to you. However, if you use other tactics to collect leads you might need to use Google Analytics goals to keep track of this metric.
Think about that the next time you're building out a sales funnel. This complex and intricate concept in business can literally take you from a complete unknown to a global powerhouse quickly through the art of scaling out a highly-converting offer. Don't try to take shortcuts or implement hacks, and put in the time if you're looking to eventually reap the benefits and results.
Some business owners are moving away from the term “marketing funnel” because they think it’s too mechanical or simplistic to describe the lead nurturing sequence by which customers move from awareness to purchase. I think it’s still a useful way to describe a complex process and it’s a good visual to imagine the entire process from start to finish.
Molly might conclude that anybody who fills out her online demonstration request form is an MQL. Another company might set the bar to MQL qualification at something involving a combination of viewing specific pages, interacting with certain forms, and opening a certain number of email messages. For that kind of analysis, we recommend marketing automation software.
Intent: To get to the intent stage, prospects must demonstrate that they are interested in buying a brand’s product. This can happen in a survey, after a product demo, or when a product is placed in the shopping cart on an ecommerce website. This is an opportunity for marketers to make a strong case for why their product is the best choice for a buyer.