Understanding the sales funnel explained for Human Resources

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what is a sales funnel and how does it work hi there I'm wide with us and in this video I'll explain all about sales funnels to help you optimize conversions let's go [Music] a sales funnel is a framework that breaks down each stage of the customer's buying process from the moment they discover your brand and learn about your product to actually purchasing an item this sales process is often compared to a funnel because it starts by attracting a lot of people at the top before narrowing down the actual buyers at the bottom as potential customers go further down the funnel the closer they are to making a purchase while you can't convert everyone Hunters the funnel into customers having an effective sales strategy can be a game changer for any business here's why first it helps you sell effectively if you go straight to the pitching of your sale you could be meeting your customers when they are not ready to buy resulting in rejection with a sales funnel you can plan a better strategy layout specific actions at each stage of the sales process so you can nurture your target audience into buying decision second you can get a higher profit margin understanding your sales funnel will help you better estimate customer acquisition costs and see which methods bring in the most revenue for example it might take more money to gain a customer throughout Google ads than Instagram with this Insight you can focus on the latter to reduce costs and increase profit third it helps you generate more sales as you can track what works and what doesn't it becomes easier to optimize your marketing efforts for example you can experiment with calls to action landing pages or a new social media campaign this can help increase conversions from the same number of leads and even attract new Target audiences into your funnel at the very top forming the first stage of the sales funnel is awareness at this stage the main goal is to help people discover that your product exists this is where you'll introduce your brand to as many potential customers as possible there are several ways to build awareness like posting short videos creating social media content conducting webinars or even running paid ads however note that building awareness doesn't mean you should push a particular product or service instead you should focus on sharing ideas Solutions or device before creating content to build brand awareness consider and Define your target audience ask yourself who are they what would catch their attention and Which social media platforms are they using the most for example if you sell pots and pans you'll want to Target people who are interested in cooking Facebook groups around that news could be a great place to post your content and build more brand awareness it's also good to make the content not only informative but also interesting so be as creative as you can then track how well your efforts are doing depending on the chosen platform your success at this stage might be determined by how many clicks views and Impressions you get once you have attracted the target audience's attention some of them will want to know more about your business they may click on your product catalog or sign up to your email list this is the interest stage where potential customers are now considered leads at this stage your main goal is to build relationships it's good to create messages people can relate to while sharing about your products and what your brand offers you can start an email campaign write blog posts or offer downloadable guides additionally use the retargeting feature on Facebook and Google ads by retargeting your ads to leads who didn't convert the first time you can guide them back into the customer Journey For example encourage them to complete the checkout process they previously abandoned the interest stage is also the time to discover your Elites goals pain points and the factors that prevent them from making a purchase so I recommend tracking which content gets the most engagement to help you understand what problems they have and what Solutions they're looking for next is the desire stage at this point your leads are full-blown prospects they're interested in making a purchase but are still considering other factors like whether your offer suits your budget and whether it can give them the expected outcome this is where you should increase their desire for your products and services you can offer free trials discount codes live demos or consultations prospects may also be comparing your products to competitors so displaying product comparisons and customer reviews is a great way to boost their confidence in your brand at the bottom of the funnel we have the action stage where you seal the deal and convert prospects into customers at this stage you want to remove any obstacles that can prevent them from purchasing your product if you have an online store and visitors abandon their cart at the checkout page find out what the cause is maybe the steps to complete the transactions are too complicated or maybe the shipping costs are too high try to reduce it the obstacle or offer a small incentive like free shipping for a minimal purchase amount and see if that increases the conversion rate also remember that this state shouldn't just be about customers purchasing your product but setting them up with success with it instead of leaving them to figure everything out on their own provide educational materials like product implementation guides success stories Insider tips or trading webinars that's because after successfully convincing customers to buy the next goal is to keep them engaged with your business here's where the next two stages retention and advocacy come into play let's start with retention did you know that you have around 60 to 70 percent chance of selling a product to an existing customer and only a five to twenty percent chance to a new one this is why it's important to maintain good relationships with your customers re-engaging with happy consumers encourages them to repeat an order or buy another product from you to do so you can start an upselling campaign offer special bundle packages or create loyalty programs apart from the possibility of upselling and cross-selling loyal customers are also more likely to recommend your brand to other people this is known as the advocacy stage remember that you should actively encourage customers to give out recommendations to drive advocacy there are some strategies that you can Implement an effective way is to start a referral program where you give incentives to customers who recommend your products to others likewise consider offering discounts to new customers who bought a product because of a referral apart from Word of Mouth marketing improving the customer experience can also drive them to Advocate on your behalf to find areas for improvement distribute a survey to collect feedback about your business if you find a complaint about a complicated return policy low product quality or problems with shipping make sure to address these quickly not only will this show customers that their opinions matter but you're also constantly improving your business to ensure the best customer experience positively affecting your sales funnel there are different types of sales funnels based on the item model for example there's the lead generation funnel content funnel webinar signup funnel sales call funnel and review funnel as you can guess each funnel will have its own marketing goal if you're selling training or online courses for instance a webinar signup funnel is a great choice to generate more leads with this type of funnel you attract potential customers with a free webinar to convert them into leads direct them into a landing page and ask them to sign up for your email newsletter once they sign up you can launch an email campaign to remind them about upcoming webinars and then upsell a premium service after they attended you can also combine multiple types of funnels for various stages of the customer Journey For example after using the webinar sign up funnel you can guide customers through a review funnel to generate positive feedback and build social proof you might be wondering what's the best type of sales funnel well the best type is the one that works to achieve your purpose so it'll depend on your business go goals to decide which type of sales funnel is right for your business here are some tips that you can follow start by defining your objective it's good to ask yourself questions like what you want to achieve with the sales funnel is your goal to get more leads clients or sales do you want potential customers to sign up for the free trial or talk to your sales people the more specific your goals are the better once you have a goal consider your customers buying journey to plan each stage of the funnel how will they discover your brand what makes them buy from you instead of your competitors and vice versa what stops them from buying your products or Services answering these questions will help in building a sales funnel that matches your business if you have insights into sales data and customer segmentation you can also use them for reference another way to decide on suitable sales funnel is to look at competitors find businesses similar to yours and evaluate how they can guide customers through their buying Journey once you have built your sales funnel and implemented them into your strategy it's good to review them after a month 2. evaluate which stages of the funnel are effective and which should be removed this is also a good opportunity to see where you can start upselling or implementing other marketing strategies to build an effective sales funnel the key is understanding your customers and their motivations for example determining what drives them into registering for a free trial or sign up for a webinar can help you come up with more effective call to action and can increase conversions whether you're a business owner marketer or both understanding how each stage of the sales funnel Works can help you make better strategic decisions to recap a sales funnel describes the process your target audience goes through to become a customer from having zero knowledge about your brand to actually making a purchase there isn't a one-size-fits-all approach to creating an effective sales funnel the most important thing is understanding your target audience's goals pain points and how your business can help them if you found this video helpful and want to see more digital marketing guides consider leaving a like and subscribing to the hostinger academy YouTube channel thanks for watching and good luck on your online Journey thank you