A critical tool in the area of performance improvement is the ability to identify areas within your business that are in need of improving. Although the sales funnel is by no means a new tool for managing a sales process, it can help ascertain which actions could potentially help the sales and marketing processes increase the level of “deal” or sales flow while lowering sales costs.
In a perfect world, everyone’s sales funnel would be in the shape of a straight pipe. This would mean 100% efficiency and profit from top to bottom of the funnel. Unfortunately, we don’t live in a perfect world. Our real-world funnels have a significantly different shape involved. We can take this perfect funnel shape and use it as a model of what we are actually looking for.
Advertising Methods. In order to get your sales funnel up and running, it often requires some experimentation. This can actually be necessary on a continual basis as different methods to market and capture leads or prospects hit the ever-changing internet world. There was a time when banner ads and newsletter advertising were the only way to go. Today, however they are joined by new and improved options such as social media, video, blogging, PPC or pay-per-click and a variety of other options.
Test and track various advertising options to evaluate not only which methods drive the most traffic to your site but which methods result in the most opt-ins and conversions. For example, you may find that PPC results in a ton of click throughs but a low opt-in rate and your social media marketing efforts have a lower click through rate but an outstanding opt-in or conversion rate. Then you can fine tune your advertising and marketing strategy.
Front-End Offers. Let’s face it, some front-end offers and marketing strategies are going to work better than others. You may have an entire funnel designed and the marketing implemented and find that your entry-level product doesn’t sell at all. Perhaps the majority of your customers are entering your funnel at a higher price point. This isn’t a setback but rather an advantage to modify your marketing strategy and make even more money. However, the key to discovering this opportunity is to pay great attention to your sales figures, conversion rates and even how people arrive at your site.
Back-End Offers. Many prospects will convert into customers. This group of people can now be used to test back end offers. Consider testing and tracking various offers and different levels in your sales funnel. While each back-end offer will be designed to enhance your customer’s initial purchase, you may find one offer sells much better than another. By testing and tracking this information, you can optimize your strategy and thus maximize profits.
Always, implement testing and tracking procedures for each and every marketing strategy, it’s the only way to make sure you’re on track and to fine tune your sales funnel for the most profits and results.