Tips to Build a Powerful Sales Funnels in 2020 - IIM

Tips Build a Powerful Sales Funnel in 2020

Developing a sales funnel is not easy. It requires an effective strategy which includes competitive analysis, a well through objective and performance tracker. Taking care of below-mentioned Factors will help to develop a result-oriented sales funnel for your business.

Have a look at the four Factors!

Proper Analysis of the Competitors present in the Market: Competitor analysis not only helps you find the brand USP but also make you aware of the strength and weakness of your brand. Understand the analysis and find why you are better than other brands. This helps in positioning your brand in the market.

The Present Condition of the Web Platform: No matter how ground-breaking your promotional strategy is. If your website is poorly constructed, the strategy is of no use. If you have a well-constructed web platform, it will rank higher on the search engine like Google result pages. It will also provide assistance to the website visitors in the different stages of the conversion funnel. If a website visitor finds something useful in the first 15 seconds, he will stay longer on the website,’’ says 15 seconds rule.

Set a Final Objective of the Brand: Before setting the final objective, understand your business model, marketing activities, relationships with the customers etc. No matter you are selling products or services. This will help to know about the key performance indicators of the brand. You can emphasize on these indicators and measure the impact on the selling process.

Measure the Impact of the Indicators: Set key performance indicators for each stage. Use the SMART approach to identify the logical goal and how you want to achieve that goal. First, set an objective and make sure you can measure it in metrics. Incorporate ways through which you can achieve the goal and make sure it is relevant to the brand. At last, set a specific time for each stage of the funnel to increase the efficiency and effectiveness.

Different KPI’s in the stages of Sales Funnel which you need to take care to stay in Track.

Attract the Audience to make them Aware of Business Offerings: This is the first stage of the sales funnel. The audience will read about your brand for the first time. They can get the information through an ad, blogs or emails or it could be anything. Make sure your keyboard research is on point. It will help to attract a lot of audiences. Here the key performance indicators are site visits, quality of the traffic, reach, and impressions.

Make them Interested in your Business Offerings: No matter which type of advertising you are using. It must gather the interest of the audience. If you are adopting the route of lead magnet, you have to make them sign up for your offering and gift them something for free. It could be anything. An eBook, a webinar etc. If anybody signs up for the lead magnet, it clearly indicates that he/she is interested in the product. So, you better nurture the interest shown in your product or service. Here KPI’s are Video Views, Website Traffic, and Engagement Rate.

Consideration and Evaluation Phase: This stage includes emails which are designed for the audience to make them consider our brand and push them to buy it. You can customise the emails using automated tools. The evaluation phase provides an extra push for purchasing. Make them aware of the features and benefits our products possess. If customers have any other query, solve them to ease the buying process. Here Key performance indicators are Conversion Rate & Cost per Conversion.

Purchase of the Product and follow up with the Customer: In this stage, customers purchase our products or services. If they make a purchase, get the reviews about your product. If they do not

purchase your product, ask them the errors your product possesses. The sales funnel does not stop here.

You have to take the follow up of the customer which is continuous. Here Key performance indicators are Number of returned users, number of newsletter subscribers, and profit from registered users, conversion rate and cost per conversion.

Reference:

https://www.sooperarticles.com/business-articles/marketing-articles/tipsbuild-powerful-sales-funnel-2020-1771037.html