Category: Digital Advertising
Estimated time: 45 minutes
OVERVIEW & PURPOSE
A sales funnel is at the core of any marketing campaign in the digital marketing industry. Executed right, a powerful sales funnel can take a business from being non-existent and unknown to a multimillion dollar marketing machine. Let us first understand what exactly a sales funnel does.
The funnel, which is sometimes referred to as a marketing funnel or revenue funnel, illustrates the idea that every sale begins with a large number of potential customers, and ends with a much smaller number of people who make an actual purchase.
OBJECTIVES & RATIONALE
Everyone who has an online business needs to create a sales funnel in order to convert their website visitors into paying customers. If you fail to do that, you will hardly make any money. As a business owner or marketer, your primary goal with your sales funnel is to move people from one stage of their customer lifecycle journey to another until they are ready to purchase. By the end of this module, you will be able to:
- Understand what goes into creating an effective sales funnel
- Identify strategies that can supercharge your sales funnel
- Understand how sales funnels can benefit your business
- Creating effective sales funnels
- Strategies for effective sales funnels
- Advantages of using sales funnels
LEARNING OBJECTIVE 1
Understand what goes into creating an effective sales funnel
KEY TEACHING POINTS:
A sales funnel is also called purchase funnel which is the visual representation of the customer’s journey, depicting the sales process from awareness to action. It is a “funnel” that describes the different stages that a customer goes through in a sales life cycle. This can work in both online and offline business, however they are generally associated with online business marketing.
The sales funnel is often described as a multi-step, multi-modality process that turns prospective browsers into buyers. Sales funnel is mainly divided into four stages:
The first stage is about knowing what exactly the visitors (Prospects) will do when they arrive. The goal of the entire sales funnel is to solve the customer’s problem by selling them your solution. The process becomes easier when you already know the problem so that you can create content and products to draw them in. When they come in for the solution you are proposing, offer them a product or service that can solve their problem. In the awareness stage you need to work on spreading your content widely to create maximum awareness.
The sharing of content and spreading awareness alone will not result in converting your prospects into buyers. You need to nurture your prospects’ interest through email newsletters or a more personalized customer relationship. The key to build a connection between your brand a prospect is to tell a story that relates to their experiences and interests them. It is like creating an effective pitch position yourself asa brand that cares about the customer’s cause.
If the customer is still with you at this point, the relationship may progress into the decision stage. It is not that easy to convince prospects towards a firm purchasing decision. Apart from all the process of storytelling, content creating and building the habit if link clicking you need to have lots of real customer reviews or testimonials so the customers can trust you. You could also use Google and Facebook for retargeting to keep that awareness and interest level high. The process of enticing prospects to make a buying decision can be easy if the content and distribution of your message is done right.
The final stage of sales funnel is the action that you want them to perform. In most cases the end intention is to make them purchase your products or use the services you provide.The success of the the end action is entirely dependent on how you perform the above three stages, and whether you are able to effectively build trust and rapport with the client.
What are some strategies your business can use to ensure that ensure your targeted prospects can successfully navigate the different stages of the sales funnel and convert into paying customers?
LEARNING OBJECTIVE 2
Identify strategies that can supercharge your sales funnel
KEY TEACHING POINTS
Here are our top strategies to create an online sales funnel to get maximum customers.
Robust Traffic Sources
One of the best way to increase brand awareness, drive sales or generate leads is give maximum exposure to your brand in front of the target audience. In an increasingly tech savvy world, millennials and even other generations are spending maximum time online. This is the best thing to consider if you want to grab their attention, you can do this by using traffic sources such as Facebook, Google, Snapchat, Instagram, Linkedin , Twitter, Pinterest and Email Marketing.
Value-Driven Lead Magnets
If you have an e-commerce website then your ultimate goal is to drive maximum traffic to your website through those traffic sources. A lead magnet usually involved something you give for free ( ebook, white paper, access to a private group) in exchange of their email address. Other worthwhile freebies include Vouchers, Video Courses, Physical Items, Consultations or Any Type of Exclusive Content. The aim of a lead magnet is to get the email address of the prospects in order to contact them later.
A Compelling Core Offer
Through email marketing, you nurture prospects before you ask them to buy your products or services. For example you can send them a link that has a webinar and when the prospects go through it, you can send them a light email pitch to sign up into their services. This can all be executed through email automation as well. You just need to create a series of emails and send it your leads with the last email being one where you actually pitch a product. You can upload your email list to Facebook and serve the exact same offer on their newsfeed to double the impact
Upselling is done when you get your customer to upgrade their product or buy additional products. If your core product lacks upgrades then the next step is to show them new ranges of products or services that you offer. You just need to put yourself in the shoes of the customers and ask yourself what the next logical purchase would be in their journey. Use of paid media and email marketing can serve them services or product items of their interests for retargeting purposes.
Referral is the process of getting customers to refer other customers to your business without increasing an ad spend. It can be done by emailing regular customers with an offer to receive incentive if they refer a friend who eventually places an order. Customers are more likely to refer your business to their friends if they receive something in return.
You are in charge of marketing a local all-ages Zumba class. Using your new knowledge of sales funnels, how will you market it on different digital advertising platforms and how will you use sales funnel to filter the potential buyers so that you have more converting number of customers within a limited budget.
LEARNING OBJECTIVE 3
Understand how sales funnels can benefit your business
KEY TEACHING POINTS
In a nutshell, the roadmap of any successful sales funnel is entirely designed around the needs of the customers, their likes, their behavior, what they receive from your brand and how your brand will make them them feel.
- There are several benefits to using a sales funnel for online marketing:
- A sales funnel helps focus attention on the customers most likely to purchase the product.
- No business wants to spend time trying to turn every single person into a sale.
- Instead of wasting time on those people who are not actually interested, the sales teams can target their efforts.
- A sales funnel also helps add some predictability to the sales process which is otherwise very variable.
- A customer that has reached the bottom is most likely to be engaged enough to be turned into a successful sale.
You run an online Etsy Shop that sells kitschy jewellry and accessories. Design the complete effective funnel advertisement so that your brand may reach the right customers.
Write a 500 word descriptive note on what an e-commerce clothing retailer needs to do if they are looking to create an effective sales management funnel.