The Stages of Your Sales Funnel

Think of a sales funnel as a device you can use to create customers. While it seems that many businesses find customers, a closer look will show you the process involved in generating sales. Simply put, a sales funnel conceptualises the process of turning prospective leads into loyal customers.

Paying attention to your funnel can improve marketing performance because it provides an ideal process for a customer’s life cycle. It guides the marketing team on the steps needed to improve a prospect’s experience—from considering the product to maintaining loyalty to the brand.

A consistent flow of leads into your pipeline keeps the sales cycle steady and reliable. In a nutshell, understanding the sales funnel can help businesses improve their relationship with customers and develop an efficient strategy to nurture prospects right through to the end of the buyer’s journey. This is where inbound and some outbound marketing techniques come into play.

The definition of the sales funnel

Also known as a revenue funnel or sales process refers to the buying process that companies lead customers through when purchasing products. A sales funnel is divided into several steps, which differ depending on the particular sales model. One common sales process is divided into seven phases including:

  • Awareness Phase – in which prospects become aware of the existence of a solution.
  • Interest Phase – in which prospects demonstrate interest in a product by conducting product research.
  • Evaluation Phase – in which prospects or prospect companies examine competitors’ solutions as they inch toward a final buying decision.
  • Decision Phase – In which a final decision is reached and negotiation begins.
  • Purchase Phase – in which goods or services are purchased.
  • Reevaluation Phase – in B2B sales it’s common for offerings to involve contracts that need to be renewed. As a customer becomes familiar with an offering, and especially as a contract draws to a close, a customer will enter a reevaluation phase during which they’ll decide whether or not to renew their contract.
  • Repurchase Phase – in which a customer repurchases a product or service.
  • Awareness
  • Interest
  • Evaluate
  • Decision
  • Purchase
  • Repurchase

 


 

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