Would you like to scale a business using a sales funnel that can earn you an income stream over time?
This is a pursuit that many would like but most do not take action to achieve. Starting a business can be difficult. Therefore, it is important to reduce the risk by putting processes and procedures in place. In this article I will outline what a sales funnel is and how you can use one to grow and scale your business. If you are still thinking about different ideas that you would like for a business read the following article about starting an online business.
What is a sales funnel?
One important step to creating a successful business is creating a sales funnel. A sales funnel is a marketing term to describe the path that potential customers take when wanting to make a purchase. This funnel can be adapted to align with a company’s sales model. The most common being the top, middle and bottom stages of the funnel.
4 Stages of a Sales Funnel
Within a sales funnel there are 4 stages that a potential customer goes through to purchase your product.
- Awareness – This is the initial stage whereby the potential customer gets an initial exposure to the product. This could be through reading a blog post, liking and subscribing to your page on social media or YouTube.
- Interest – Customers can evaluate the importance of your product to them and whether it meets their needs. If they do not see the value or solve their problem then they may drop out of the process and the sales opportunity is lost.
- Decision – Now the potential customer knows your product and is interested they can identify your pricing and packages. Sales pages can help influence the customers decision to proceed with the purchase.
- Action – Making the final purchase is finalized or a nurturing campaign ensures that the relationship is not lost with the customer in case of a future purchase.
How do you make a sales funnel?
One way to improve your current sales funnel is through automated software. Getting the marketing software to do the heavy lifting frees up time so you can focus on the strategy and direction of your business. Automating your sales can also allow you increasing earning money online. Increasing your revenue streams can allow you to grow your business and increase the offerings and value to customers.
Why do you need a sales funnel?
A sales funnel can identify where your potential sales are lost and what you can do to capture more customers. Collecting data from the sales process allows you to provide a more targeted marketing approach that can help convert these lost opportunities for sales into potential future leads.
Building a landing Page
When you are trying to draw customers to your product or service you need somewhere for them to follow after they have clicked on your ad. This is where a landing page is effective as it draws them into the sales funnel process. If you would like an example of a funnel follow the link to subscribe to the Wage Investor newsletter here. Obtaining an email address from the customer enables you to continue to be in contact with the customer.
Providing value to the Customer
Customers will not click on your link in the ad or follow a blog post if it doesn’t interest them or they do not see the value in doing so. Therefore, it is important to offer some value like an e-book to attract customers. You can view the free Wage Investor FIRE Guide as an example. Creating an email thread will enable you to build a relationship with your customer. Upselling can be a great way to offer further value through purchases or discounts to customers.
By using a sales funnel you can target your marketing and improve your sales conversions. If you would like to learn more about new business ideas have a read of the following article to earn a new income stream.
