The sales funnel is a marketing concept adopted by sales professionals and symbolizes a customers journey through to their point of purchase. Prospects enter the top of the funnel and pass through a number of stages, with a fraction of them reaching the point of purchase at the bottom. A variety of strategies are adopted by businesses to augment each of these stages.
Although strategy may fluctuate, the common objective is to get as many prospects as possible to the point of purchase. For the funnel to operate as fluently as possible, each stage must adopt strategies that are relative to your goals & resources, and qualify the opportunity each customer possesses.
The stages of the funnel are proposed but not defined. It is a concept that is open to interpretation and must be consistent with your business and their needs. EngageTech have a very good understanding of the sales funnel, with a wealth of experience in helping companies bolster their sales cycle.
We help companies generate new business, drive pipeline and break into new markets. A common breakdown of the funnel includes stages of: Awareness, Discovery, Intent & Purchase.
The awareness stage. Often coined as the prospecting phase. The awareness stage acts as a point of introduction between the prospect and your product. This stage portrays the top of the funnel, the broadest part, the start of the journey. If we lack input at this stage, how can we expect to see return at the bottom?
This is arguably the most time consuming stage, due to the sheer volume that is asked of it. Therefore, it is unsurprising that many companies struggle to match their sales targets with a proportionate volume of prospecting.
EngageTech utilize market leading tools to help companies bolster the top of their funnel. Some examples are, refract.ai; lusha.com; connectandsell.com; textlocal.com; linkedin.com/sales. What resources do your company exploit when prospecting?
‘What would the time saved prospecting mean to your business?’
Unqualified leads block the funnel.
The discovery stage. A phase that is reliant on qualification. The qualification of the opportunity each prospect possesses. A prospect may display interest, but if they have no needs, it is unlikely they will arrive at a point of purchase. Qualifying a prospect may seem simple (Yes/No), but in fact requires a diligent approach to understanding the prospect and their specific requirements.
A robust qualification process will ensure a healthy flow lower down the funnel, where meetings have reason and time wasters are few. EngageTech provide a service that is committed to providing qualified leads. How do fully qualified leads impact your sales cycle?
The funnel flows from top to bottom.
The intent stage. The stage of the funnel where an offer is proposed. Making offers is reliant upon the earlier stages providing an abundance of qualified leads. If an offer does not suit the prospects needs, where will their intent to purchase lie? Prospects at this stage, understand the product and are reliant on an understanding of the challenges they face. SDR’s at EngageTech, are directly incentivized by the success of their clients. Ultimately thriving off propsect intent.
The purchase stage. This is what it is all about, the purpose of the funnel. The purpose of your business. An opportunity to seek reward from those who have passed through the entire funnel. Inevitably a large proportion of those who entered the funnel, will not be found at the bottom – often through no fault of your own. So we can now reflect on the metrics from top to bottom of our funnel.
How much opportunity is your prospecting stage, giving your purchase stage?
EngageTech offer proven expertise in the top of the funnel. We can help you broaden your funnel. What would a broader funnel mean to you? If you’re keen to bolster your sales cycle, then please get in touch today at firstname.lastname@example.org.