12 benefits of Sales Funnel Management
Sales funnel is an illustration on the levels that a prospect goes through before becoming a customer. It is a visual representation of the process by which a lead is generated. It describes the way in which prospects enter the funnel or engage with the company and eventually, the strongest lead is channeled to the bottom of the funnel and turned into successful sales.
Sales funnels that are efficiently managed can be of great benefit to the company.
- A clear path.
An ideal funnel will channel prospective leads smoothly downwards and avoid blocking the passage. Converting leads into a sale within a time limit. If it takes leads a longer amount of time to convert into sales, the process builtin needs to be evaluated instantly. By creating a clear path down the funnel, the sales process becomes easy.
- Oversight of payment options should not happen.
In today’s day and age, companies have to be equipped with access to several payment portals. Use of technology like Paypal, Google wallet, Payoneer, it can trigger sales. After a lead has become a strong lead, offering options to pay instantly, benefits the company. It is a terrific sales strategy. Companies should not neglect payment options as it can lead to the reduction of sales rates.
- The rate of conversion calculated.
Calculate successful conversion rates. Record the movement of a lead as it moves from one stage to another. These numbers can be used to calculate the overall conversion rate. By recording this as the prospects move toward the sales team, it gives them an idea of how to approach the strong lead and the necessary actions to be taken ahead, which amplifies the sales process.
Targeting qualified leads.
The employees who pass on a lead from the top of the funnel should qualify the leads. Managers need the ability to identify leads that can be turned into sales. With a smaller pool of highly prospective leads, the sales team will be able to offer diversified offers, products and services to meet their requirements.
- Focus on customers needs.
To be successful and manage your sales funnel, focus on the needs and wants of your customer. Centre your task force to meet the needs of these customers and create solutions. Being able to ask the right questions to determine solutions. This will accelerate the movement of a prospect into a lead.
- Use Customer Relationship management.
It is an application that allows the sales team to keep track of different leads, open deals and current customers. It helps in automating and simplifying processes and makes the funnel move smoothly. The customer relationship management can manage every stage of the business funnel. Cross-funnel comparison of data can be carried out. It is very important to install a system that is not complex to ease your business funnel.
- Understand your prospect.
Most of the time, there is a lack of understanding of the customer. The reason behind a customer being hesitant to buy a product or service must be addressed. Your team needs to address the points that make the customer hesitate, actively listen to the prospect’s concerns, converse with the prospect and use their objections as a way to offer solutions. Provide the team that handles prospective customers with the right tool to align your team effort.
- Software schedule
It is a tool that can send multiple emails to customers that have qualified into strong leads. Availability of customers to interact with team members is quickly recognised. Scheduling software tool can sync information directly with the company and client, which accelerates the sales process.
- Email tracker.
Email tracking software can track the customer’s email open and click rates. This a standard function of an email tracker. It helps you to find out whether your potential customer has opened your email. You need to make sure your email had great content and stood out more than the rest of the emails. This may not be enough to garner sales, but if this information is sent across to the sales team and they share information. The ability to structure their approach and understanding customers develops.
- Share information across the funnel.
Comparative analysis across your sales funnel can provide insight about areas that you can optimize and improve upon. The sharing of data across the funnel is termed as cross funnel comparison analysis. A properly executed cross funnel analysis helps you determine factors that you should focus on and ways in which you can optimize your funnel.
- Do not scare the customer with an early sales pitch.
The first two stages of the funnel are focused only on marketing your product or service. This process needs proper teamwork. Agents from these stages need to work together during this process. By coordinating the objectives and goals of marketing and sales, it can increase the possibility of a sale enormously. It is a logical approach to ensure sales.
With the proper focus, coordination between the marketing and sales team, use of the right tools and actively managing your funnel, you can create more leads. These steps are a guideline to manage your sales funnel to work efficiently.