What is a Sales Funnel?
We make use of the metaphor of a sales funnel (wide at the very top, narrow at the end) to monitor the sales process.
Towards the top of this funnel you’ve got ‘unqualified prospects’ – the people who you believe may need your service or product, but to whom you’ve never spoken. At the end of this funnel, many delivery and sales steps after, you’ve got those who’ve received the service or product and have also purchased it.
The metaphor of a funnel can be utilized because prospects drop out of different stages of an extended sales process. Using the sales funnel, and by calculating the amount of leads at every point of the procedure, you are able to predict the amount of prospects who’ll become clients.
A lot more than this, by taking a look at how these amounts change with time, you are able to spot issues in the sales pipeline and just take corrective action early.
Utilization of the Sales Funnel shows obstacles and dead time, or if they’re an insufficient quantity of leads at any point. This knowledge enables you to decide where sales agents should focus their attention and efforts to help keep sales at the required level and, also, to satisfy targets.
Learn more about Insutanto Funnels and see how easy it is to effectively grow your business.
What Can I sell?
Everyone who sets up an internet business has to address the question: What should I sell? And just about everyone appears to incur 2 classic errors at first:
They sell what everybody else is trying to sell: electronics, designer clothing and DVD’s. What they find is a marketplace already saturated with these products and the suppliers usually don’t work in small quantities. To create any profit at all, they’d need to buy huge quantities.
They sell what they know and love. Regrettably, unless there’s a significant demand for what they know and love, they will be stuck with lots of product they are able to appreciate but can not move.
Using ‘hotspots’ could keep you connected with what individuals are buying, what things are up-and-coming and what things are declining in popularity. If your opinions all originate from a couple of places, you are limiting yourself, so expand your thinking.
It’s wise to own a notebook for product sourcing, be it a hand-held note book or a PDA, to record your thoughts when they come to you. Ninety percent of the ideas you don’t jot down can get lost.
The Link Between Your Product, Keywords & Qualified Prospects
Finding success in e-commerce can be boiled right down to one theme: Identify the prospect’s requirements and supply an answer for them. It is that easy. You need to print that statement out and fix it across your monitor. In the event that you stray out of this theme, you’ll have issues earning money.
We value our prospects, which means providing them with answers to all their needs. In so doing, they’ll return to our site over and over.
One of the hardest concepts for web-masters to understand is the truth that you shouldn’t design your website predicated on your opinion of your industry. Your prospects should design it. By this, I am talking about the value of using key-word research to determine all of the products and / or services you will offer.
Often, a bit of simple keyword research can throw up some unique angles relating to your business that you would never have thought of yourself. Recognize and utilize this to your advantage to better fulfill market demand.
How To Optimize A Sales Funnel For Success
Sales funnels are, basically, just a blueprint for your lead to sale procedure. You can start with, say, one thousand leads (i.e. site visitors). One hundred of these leads may click on the sales page url for your product, fifty could click on the ‘Order Now’ button and be taken to the shopping cart and 10 might actually finish the sales process and purchase the product. If your funnel begins with 1000 prospects and finishes with 10 sales, then that is a 1% conversion ratio.
In reality, though, the sales funnels for most online businesses are actually very complex. This is due to all the different kinds of website traffic that visit websites, the various kinds of behavior that need to be assessed, the buy and connection outcomes and the number of varied ways a visitor may become a buyer.
To produce a more streamlined sales funnel, you firstly have to identify each and every way people can enter the funnel. See where they’ve originated from, what their agenda is and where they’re at in the purchase cycle.
Then, you need to identify every activity that somebody can undertake on the website. Finally, you ought to identify the measures to place on every activity: the time on the page, the entry path, the exit path, etc.
Analyse this info and come up with all of the different pathways a visitor may take during your funnel. The key is to not change your website yet. Initially, you’ll probably feel as if there’s a lot to get through, so you’ll have to prioritize the changes you wish to make. Concentrate on the areas which are costing you the largest quantity of sales (which might be at the end of the funnel).
With a little effort, you can see huge improvements in the performance of your site and never have to attract one new visitor. Sounds good doesn’t it?
Check out Insutanto’s simple, effective funnels and learn how they can grow your business.