What is a Sales Funnel?
A sales funnel refers to the buying process that companies lead customers through when purchasing products. As individuals, we have all probably been through a Sales Funnel many times without realising it. Additionally, it is one of the most important aspect of sales.
Why is a Sales Funnel so important?
Understanding the Sales Funnel for your business can help in finding the holes in the funnel you may have missed and the places your customers are slipping through the cracks.
Likewise, understanding your funnel allows you to understand your customers and therefore optimise sales tactics to generate more leads and revenue.
The steps of the Sales Funnel phases will differ from business to business, but at Sandler Training, we think the list below is the best evaluation of the Sales Funnel:
The Awareness Phase – First step in which consumers become aware of your product or even company presence.
Interest Phase – Consumers then demonstrate interest through enquiries, research ect.
Evaluation Phase – in which prospects or prospect companies examine competitors’ solutions as they inch toward a final buying decision.
Decision Phase – The consumer in question reaches their final decision and the negotiation process begins.
Purchase Phase – Consumer purchases goods in question.
Re-evaluation Phase – It is common in sales to involve contracts that need to be renewed. Consumers will enter into a decision on whether to opt-in or out.
Repurchase Phase – Consumer decides to repurchase.
Now you are aware of each step, you can utilise your knowledge and you can use tactics to improve the number of people that go from one step to the next.
Defining and managing your sales funnel is one of the most powerful concepts in business.
Sandler Training offers Sales Courses, why not check out our Sales Solutions page for more information.
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