Sales funnel is the visual representation of work flow of a business from reaching to the suspects to convert them into customers and to them. This funnel is also called as marketing funnel, purchase funnel, or revenue funnel.It helps to analyse the flow of a business.
The sales funnel involves the following stages.
The first and foremost stage is the awareness stage. This stage and next stage is to convert the suspects to prospects by making them know the product, which can be done through Event marketing, lots and lots of advertisements through media point outs, social media, Emails campaigns, etc. Our main aim is to move the suspects from awareness stage to interest stage.
This should be the result of awareness stage.
Interest stage is where the suspects are partially converted to prospects since they know something about the product and when a person searches a solution for his problem or if he is searching for alternatives to improve his business, he may get an idea or solution from our blogs or other of the advertisements of a business. This may increase his interest towards the product, and drags him towards it.
Now the suspects are completely converted to prospects. At this stage the prospect must consider our product to make use of it for his business, and here is where the work of marketers starts.It is the work of marketers to share more information about the benefits, free trials, etc. that we provide.
Forge an Intent to buy the product
In the intent stage the prospect may demonstrate his needs to buy a product or sell a product. Here the prospects are more serious with real commitments. Again it is the marketers who should make the prospects understand that their choice is correct to to buy a product.
A buyer may wish to buy a brand’s product, and we have to make him understand that the product what we provide is the best choice.
Evaluation of the product
Evaluation stage is the most critical stage where the prospects should make decision whether to buy the product or not from us. Now if the lead is ready to buy the product, they will compare with others before making their final decision.
Our goal here is to make them to buy the product from us and not from others.
Purchase of the product
Finally, the prospect decides to buy the product. Now the prospect changes to a customer. This is even a very important stage to retain the customers by providing them a positive buying experience and making them to build trust on us.
And the cycle starts again to retain the customer.
Hence, a sales funnel method helps to analyse and work towards the improvement of a business.