The Impact of Sales Funnels on Customer Retention
Sales funnels are a proven strategy that converts prospects into customers and helps nurture relationships post-purchase. It’s an approach that’s critical to achieving conversion rates, as well as to sustaining core bottom-lines.
But what exactly is a sales funnel? In its most basic form, it’s a way to organize and track the steps that take a prospect from awareness through purchasing. A funnel also identifies key pain points to help marketers address them effectively.
The first step is capturing attention. This can be done through social media campaigns, email outreach and advertising. It can also involve making an offer that entices people to move forward, such as an ebook in exchange for contact information or a free trial of the product.
After a potential customer enters the consideration phase, they’ll start researching the type of solution that will fit their needs. For example, a person looking for a new fridge might compare pricing on various models or research the advantages of different features. Then, they might compare customer support or warranty options. In this stage, it’s important to provide the right kind of guidance, rather than focusing on sales activities or quotas.
In the middle of the funnel, a potential customer will decide which solution will best solve their problems. For example, if they’re researching customer support solutions, they might ask for case studies and testimonials. They might also consider whether or not the company offers a money-back guarantee, and they may decide to buy based on that decision.
At the top of the sales funnel, businesses might make a final push to convince potential customers that their product is the best choice for them. This might include offering free trials, discounts or coupons, providing detailed product information and highlighting customer testimonials. They might even go so far as to create a salesperson’s video, which can personalize the interaction.
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