A successful sales funnel strategy is the key to growing a customer base for any business.
This tool helps increase customer conversion rates and capture new leads, demonstrating how potential customers are converted into buyers. Thus, a sales funnel symbolises the customer journey, depicting the sales process from the stage of awareness to action.
The funnel illustrates that most sales begin with many potential customers and end with a small number of purchasers.
The sales funnel strategy is a tool that businesses use to analyse the consumer decision-making process. It represents the different stages of consumer behaviour and how each step affects the next.
For example, a customer visits a company website and sees an offer on the landing page.
If they are interested in the offered product or service, they might read through it and then purchase it. This fits into the sales funnel strategy’s Awareness, Interest, Desire & Action stages.
Malaysian companies can also apply the strategy to various marketing channels, such as physical stores and websites, emails, consultative services, and social media pages.
The Stages of The Sales Funnel Strategy
The sales funnel strategy outlines four stages of the purchasing process.
Each stage illustrates a specific process in purchasing. Through this strategy, digital marketers can understand the perspective of customers before they make any purchase.
1. Awareness
Potential customers enter the awareness stage of a sales funnel when they first discover a brand.
They might learn about a business through advertisements on social media, online searches, word-of-mouth, or even print ads. Moving from awareness to further stages in the customer’s journey is vital for companies hoping to drive transactions.
2. Interest
Businesses must conduct market research and take a practical approach when introducing a product or service to potential customers.
The approach should address the target audience’s pain points with appropriate solutions or products. As a result, it will garner prospective customers’ interest in your brand and what it has to offer.
Companies should leverage offline and online channels to reach as many potential customers as possible
While doing so, companies should also determine which groups of customers are interested enough to pursue their brands.
3. Desire
People always search for the best deal when researching businesses and their products or services.
To ensure they get maximum value, customers will evaluate pricing models, packages available, product reviews, etc. Companies should strive to create competitive offers that fit within budget constraints without exaggerating the benefits of their offering.
Offering incentives, such as free shipping, discount codes and cashback options, can make any deal irresistible.
4. Action
Making it to a sales funnel strategy’s “action” stage is no small feat, and it doesn’t necessarily guarantee conversions.
Offers may intrigue customers, but budget constraints or a lack of urgency may prevent them from buying. However, if you keep them informed about your business and products/services, they may eventually become customers.
Whether it is a big corporation or an SME, businesses should engage their target audiences with purposeful marketing strategies that nurture strong consumer connections.
Maintaining a good consumer relationship is pivotal to creating an “ecosystem” of repeat customers, thus securing imperative brand loyalty! When you invest in customer loyalty, your company reaps the benefits of increased sales.
4 Steps to Establish a Sales Funnel Strategy
1. Appropriate Target Audience Research
Customer purchase probability is essential in determining the effectiveness of a sales funnel strategy.
Businesses must conduct in-depth research into the behaviour and preferences of their target audience to ensure successful marketing.
Digital media statistics offer insights into how consumers interact with content. A high reach or engagement rate, for instance, indicates that users respond positively to specific genres of posts.
By monitoring user reactions, digital marketers can adapt their products to the needs and wants of potential customers.
2. Eye-catching content
Reaching potential customers can be as easy as placing attractive offers on landing pages, social media banners and other forms of content.
To make an immediate impact on your audience, consider investing in appealing visuals such as infographics or videos to capture their attention. Besides, your business may also want to look into paid advertising options for greater reach!
3. Landing Pages
For businesses, the landing page is a crucial element for driving conversions.
Make the first impression count by swaying visitors to progress through your sales funnel with attractive offers and effective calls-to-action (CTAs). With attention spans as short as 9 seconds long, users must find what they’re looking for quickly and easily on these pages.
4. Keeping in Touch
Connections with customers are what give businesses life and drive success.
Nurturing existing relationships is just as important as building new ones to keep this connection alive. Excellent customer service or even a kind word can go a long way in keeping your current customers invested in the long run!
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