Sales Funnels - x2 Success Factors, Mechanics & Insights
Updated: 2 days ago
Success with sales funnels comes down to two things:
understanding the mechanics so you can design a solid sales funnel
understanding how to fill/move individuals through your sales funnel
A few ideas on how to design the mechanics of your Sales Funnel and some powerful insights to support the success of your Sales Funnel are below this Infographic.
Click on the Infographic to access the downloadable, hi res, PDF version.
Sales Funnel: The Mechanics of How it Works
A sales funnel is nothing more than a well-oiled process that clearly understands the three core phases that prospects undergo:
Top of The Funnel - this is your PR activity that exists to ensure you are Being Seen.
It is typically used to warm a cold audience. The industry would suggest this is a place for prospecting. TABTF would suggest that this is the place to focus on producing well made 'Feel Goods'. These Feel Goods exist to set up the Free Good. (middle of the funnel activity).
Middle of the Funnel (a & b) - this is your Marketing Activity that exists to ensure you are securing meaningful action from your audience.
It is typically used to warm your audience while establishing the Like/trust phase. TABTF would call this middle area - Free Goods and Trial Goods. Their purpose is to set up Invest in Goods.
Bottom of the Funnel - this is your Sales Activity that exists to ensure you being as efficient as possible with the transaction while setting up Refer Good phase of the funnel.
Understanding how each phase differs, how each phase supports each other, and what qualifies an individual to belong to one phase over the other is important to having an effective sales funnel.
Powerful Insights to maximise return from your Sales Funnel
1. One sales funnel per target market is required!
Using one sale funnel for multiple target markets yields all sorts of time/budget/resource waste.
If you’re not sure what a target market is, you can find out all you need here in this article. But for the purpose of what we’re doing here, we’ll use the example of your firm wanting to target:
These 3 customer groups would warrant 3 unique sales funnels because they are 3 distinct target markets.
They have a different set of values, needs, they use a different language - your top middle bottom activity of your funnel would be designed to mirror their specific world so that when they saw your Sales Funnel activity, each group would consider your content to be Hyper Relevant to them.
2. To go from cold to qualified marketing lead takes ≤ 16 weeks
That means you have identified the individuals within your target market and invited them to participate in the prospecting stage. You have engaged them well enough in the prospecting stage to move them further along your sales funnel in order for them to be considered a Marketing Qualified Lead.
Once they have been sufficiently qualified, they are handed over to Sales who will have a few steps of their own to cover before considering the Marketing Qualified Lead to be a Sales Qualified Lead.
3. The maths to calculate how many in the top vs how many out the bottom
A good rule of thumb is 1:20!
For every 20 perfect for you individuals that you engage inside your Target Market, one will buy you at the yearly average transactional price. 20 in the top. on out bottom.
One size does not fit all, and this is a good place to start before you finesse it to make it right for you.
Shannon Eastman, Growth Consultant
Inside Growth Podcast
Shannon Eastman is a growth consultant, human behaviour expert, communications adviser, management consultant, mentor and business coach. Shannon is the Host of inside GROWTH, Founder of Funds Ireland MiniCon and an Advisor to starts ups in the Middle East.