If you’ve watched a sales webinar, you’ve probably heard about the marketing funnel. This is a rather simple concept in actuality. But, very few people truly understand its value. A marketing funnel is really just a way to visualize your business’s strategy. At the end of the day, you’ve got to attract prospects. Then, convert them into customers. That’s how you build any business. Here are a few key concepts to understand if you’d like to master the marketing funnel.
Mastery begins with understanding. If you don’t understand why something is important, you’ll never master it. So, let’s look at the example of a funnel. Why do we use this shape?
Funnels are shaped like an inverted pyramid. The top of the funnel has a very wide opening. The bottom of it is much narrower.
In relation to sales, the funnel’s top is how you’re attracting prospects. Even the most talented business people won’t convert all their prospects. So, you’ll inevitably have a lot more of them than customers.
The funnel’s bottom is where you actually close a deal. Attracting more prospects should, in theory, lead to more closes. So, that’s where you’ve got to start.
How do you attract more prospects? The most effective way to attract them would be to offer something of value. If people believe they need your product or service, they’ll come in droves.
You’ve got to begin by identifying something you can offer people that they’ll value. What do you have to offer? This question can take a long time for entrepreneurs to answer. But, you’ve got to create a compelling answer before you’ll experience real success.
Look around to see if you can spot any problems that you might be able to solve. Then, figure out how to offer that solution to other people.
Once you’ve identified your value, it’s time to market your product or service. That’s where you’ll be telling people about your stuff. Marketing has become a lot easier in the modern age. By using the internet, you’ve got instant access to a global market. It’s not to say traditional marketing doesn’t have its place. Marketing funnels must have a continuous supply of new prospects.
But, using the internet can be enough to make a business successful. Focus on bringing in as many new prospects as possible. It might help if you set weekly and monthly goals. Don’t be too hard on yourself, though. You might not hit your goals each time. But, the most important thing is striving for them.
After you’ve built a solid strategy, you should be reaching a decent number of prospects. At this point, it’s all about closing them. However, before you can close, you’ve got to cultivate a prospect.
Show them stories from other people who’ve liked your offering. Social proof is one of the most effective ways you can build value in your brand.
Demonstrate competency by using actual research. A lot of people want to see the results before they’ll commit.
Once you’ve built value, it’s time to ask for the close. Always include a call to action in the marketing messages. Otherwise, people won’t feel the impetus to make decisions. By our natures, humans tend to be indecisive. Simply asking for a decision can be enough to get one, though. Just asking people to sign up for a newsletter could be a strong enough question to get them to follow through.
Don’t trust your results until you’ve seen proof. To that end, you’ve got to track your performance metrics. Tracking your metrics is what makes improvement possible. Otherwise, you won’t know whether you’re heading in a good direction or not. At the end of each month, review your performance and compare it to your goals. Then, think about how you can perform even better in the future.
Mastering anything takes a lot of time and dedication. Sometimes, you’ll pick something up right away. But, it usually takes a whole lot of effort to get worthwhile results.
Lizzie Howard is a Colorado native who after graduating from the University of Colorado spends her time as a freelance writer. When Lizzie isn’t writing, she enjoys going on hikes, baking for her friends and family, and spending time with her beloved yellow lab, Sparky.