Sales funnel management for Hospitality

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Hi! My name’s Alex and I’m with Bitrix24, an online collaboration, sales, and marketing platform that’s used by over 9 million companies worldwide. In this video, we’re gonna talk all about sales funnels. As always, let’s start with the definition. In its most basic form, the sales funnel represents the entire journey your customer makes from total unawareness of your brand to investing money in your products or services. The reason it’s called a funnel is obviously because of the shape - the wide entrance, the narrow exit, and the stages in between them. At each stage, more and more clients end up dropping out – after all, not every person that interacts with your brand will go on to buy your product. Therefore, the big goal here would be to turn your sales funnel into a sales cylinder by increasing the number of people who make the entire journey without dropping out. So how do we do it? Let’s take a closer look at the 4 main stages of the sales funnel. The stages your clients go through on their journey can be divided into four very distinct steps. Number one Awareness This is the top of the marketing funnel - here, consumers first become aware of your brand – whether this is through your ad campaigns, email newsletters, podcasts, or word-of-mouth. In this stage, your key goals are to get as many consumers as possible to: become “aware” of your product/service and go through to the next stage of the sales funnel Which brings us to... Number two Interest In this stage it's all about keeping the prospect engaged with your brand and interested in your product. Here, you have all those people who responded to your marketing efforts and somehow interacted with your promotional content. At this stage, your potential clients are trying to learn more about the product and understand whether it’s right for them. In other words, they’re doing everything they can to make the most informed decision possible. Some of the customers make an impulse purchase and almost skip this stage altogether, whereas others need a lot more time. You, on the other hand, need to make sure that your reputation is up to scratch and that you produce the best impression possible. How? Well, by ensuring that your clients are happy enough to leave positive reviews. This will help the prospects move through to the next stage quicker. Speaking of the next stage... Number three Decision Arguably, the most important stage, it’s here where your prospects have to actively decide to part with their money and make a purchase. There’s a reason the sales funnel narrows quite a bit between this stage and the next – not every client is convinced to make that decision. In fact, you could be actively losing out on customers by simply not giving them the gentle nudge they need to commit to a purchase and move to the final stage. Coupons, free delivery, a time-limited discount – make your customers feel like they’re getting a good deal. It’s a win-win for everyone involved: the customer will feel like they’ve won a great offer while you will get a loyal supporter and - who knows - maybe even a fan. Number four Action You did it. You’ve listened to the client’s problem, shown them the solution, and almost convinced them to buy it from you. At this stage, you want to make the purchase decision as easy as possible for the client – with a strong call to action. Essentially, the final stage of the sales funnel is where the sale actually happens. But it would be wrong to assume that it’s just about the sale. This is also the stage in which you can determine your conversion rate to see how successful your funnel is at moving prospects through – and beyond – this funnel. Basically, this is the culmination of all of the previous stages that your client has passed through. How happy your client is by this stage is what determines whether they’ll come back. It’s pretty hard to visualize your company’s sales without the help of a sales funnel. Not only does it help visually reflect your conversion rates, but it also helps with analyzing each and every stage of your customer’s journey – to see where you’re doing well, and where you need to change your strategy. The sales funnel will also reveal important details about your target audience and the best way to communicate your brand’s message. Think of it as a key that unlocks the insights you need to tailor your marketing strategy and sales approach for optimal results. Finally, your sales funnel helps to identify strengths and weaknesses in your marketing and sales efforts. If huge numbers of prospects are dropping out in between certain stages, your sales funnel will very clearly reveal this ‘weak spot’. You can then adjust what you’re doing to minimize losses and use your funnel to track how well your new strategy works. Sales funnel is the key to understanding how well your business is doing and unlocking its potential. Not only does it help by breaking down the complexity of the sales process into a manageable, step-by-step journey, but it also helps you to modify and adapt your strategy to your customers’ needs. As a result, you get happy, loyal clients, who keep coming back and choosing your business over your competitors meaning bigger sales for you with higher conversion and retention rates Meanwhile, that’s it for now! Thanks a lot for watching - we hope you’ve learned something new today. If so, be sure to give this video a like and - while you’re at it - subscribe to the channel as well! We produce lots of cool content on project management, sales, marketing so there’s always something to watch! There’s a really great video on different types of CRM we’ve put up recently - you can check it out right here. Thanks for watching, take care and see you next time!