Beyond Conventional Sales Funnels - How Funnels Skyrocket Your Business Revenue
When your business is looking to boost revenue, there are many strategies to choose from—these range from bringing on new clients to implementing innovative sales practices. The key is finding what will work for your business and meeting long-term goals.
However, following up with prospects and providing consistent and relevant information can be daunting if you’re operating as a small business. Automating your sales process by using a sales funnel is the solution.
A traditional sales funnel is a framework that illustrates different stages of the customer’s journey. It reflects how people move through a sales process, from initial awareness to converting into regular buyers. The funnel is a critical tool for marketers and sales representatives, but it must be constantly adapted to reflect the evolving digital environment.
While face-to-face sales and print media remain effective, businesses must find creative ways to attract and engage audiences in a more digital age. The most successful companies deeply understand their audience, what information they need at each stage of the process, and how to best reach them. Using digital tools to streamline the sales process and improve the customer experience is an effective strategy for growing your revenue.
Increasing revenue should be a top priority for all businesses. Whether you need to invest in your company’s growth or increase employee salaries, suitable revenue-boosting methods can help you reach your long-term goals.
The sales funnel process must offer various convenient payment options to attract and retain customers, for example, credit cards, e-commerce platforms, and mobile wallets. Adding these payment options to your check-out process could encourage customers to spend more and be an excellent way to reduce customer churn.
In addition, providing a delayed payment option like a store credit program or an installment plan can increase sales. Most customers tend to prefer smaller monthly payments over one large sum.
Rather than trying to pitch a big sale, prioritize engaging and educating prospects at each stage of the sales funnel process. This approach will help you build trust with your audience and make their time, interest, and money feel worthwhile. You can create high-quality “lead magnet” content, such as eBooks, reports, and videos, that can be used as an incentive in exchange for contact information. This strategy is called incentivized marketing.
You can also increase revenue by prioritizing high-value opportunities requiring face-to-face interaction. For example, suppose a prospect is interested in purchasing a higher-priced product or upgrading an existing one. In that case, you can demonstrate the value of the upgrade by showing them a display or offering a demonstration. But the upgrade should never be a must or a necessary component to the initial purchase product – this is unethical.
The upgrade should only be a bonus that compliments the product, not a cog needed for the product to work as advertised.
Lastly, you can optimize your sales processes by leveraging data to prioritize warm leads. Behavioral analytics can provide valuable insights, including how long potential customers stay on your website or social channels, what types of resources they access, and what materials they bypass altogether. One technology organization incorporated this data into their marketing campaigns and saw quarterly lead-to-opportunity conversion rates rise by about 10 percent.
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Patrick Kelly is an online marketing expert and a successful business growth consultant. He is passionate about helping business owners and entrepreneurs access proven marketing resources and working capital to fund business growth. Patrick believes that small business owners and entrepreneurs drive the economy. He believes owning a business provides personal fulfillment, greater independence, and total control of your ideas.
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