An online sales funnel is an automated process that guides your potential clients through the buyers journey.
It can also be used an analytical tool that allows you to understand how your potential customer decides to buy your goods or services.
You can influence the behaviour of your prospects, gently stimulate their interest and encourage them to buy your products while using an automated sales funnel.
It is powerful and when used correctly, your funnel can save you time and earn you large profits.
In this article, we look at ways to increase your sales funnel ROI.
Why Do You Need Sales Funnel Strategy Singapore?
It increases your sales figures by guiding your prospect through the stages of Awareness, Interest, Desire, Action and Loyalty.
This is done automatically by the funnel and doesn’t require the involvement of sales people.
A funnel is also an ideal tool for analyzing the effectiveness of the entire sales process: from the first stage to the last.
It allows you to determine the steps where the loss of potential customers occur most, identify its causes, draw conclusions about the quality of content and the need to intensify efforts at any stage of the sale.
An experienced Singapore funnel marketing agency helps you not only to find out the reasons for customer purchase failure; but also to predict potential losses and prevent them.
Business Development by improving sales funnel roi
Distinguishing whether you have a competitive product
When prospects go through your entire sales funnel. It shows that they are interested in understanding more about your brand, learning about your product features and how using them would make their lives better.
If they have proceeded through and completed your entire sales process and still have not bought your product, it suggest that you do not have a competitive offering.
Your competitors might have better product features or that you are too expensive.
This valuable insight will allow you to make adjustments to your product itself, your range of offerings or your prices in order to stay competitive and relevant.
Increase the number of potential buyers
Experienced funnel marketers know that the power of the online sales funnel is its ability to track all prospects going through it.
All things equal, it stands to reason that your sales funnel ROI increases when more prospects enter it.
If the sales funnel shows that at the initial stage, the number of people getting acquainted with the product is deficient, it is a telling sign of the efficacy of your marketing campaign.
You might want to make adjustments to your existing advertising campaign. Alternatively, you might want to try other marketing channels to attract the attention of your target audience.
Enhancing Your Customers’ Experience
The online sales funnel allows you to nurture your prospects automatically 24/7.
Your customers could be surfing in the middle of the night and it would still work. There will be no need for overtime pay for your sales staff.
Identify the stages at which there is a maximum dropout of customers. Make adjustment to your relevant web pages. This will further increase your sales funnel efficiency.
For example, if 100 people were introduced to your brand, and only a few moved onto the product consideration stage; you might have a weak brand message.
It’s worth taking measures to correct the situation. By doing so, you’ll guide more people through to the later stages of your funnel. When this is done, you will have more loyal buyers and customers.
Increase Your Profit and Business Growth
The sales funnel allows you to find errors in your business, analyze and correct them.
Correcting mistakes in your workflow and achieving an increase in the number of people going through all stages will increase your sales funnel ROI.
You can also incorporate promotions, suggestions, one time offers etc to increase the size of each purchase made.
This would greatly affect your bottom line.
There is incredible competition for customers in all industries. Also, customers themselves have become more sophisticated in their choice.
The actions & behaviour of your customers while in your sales funnel will be a reflection of this. It will also gain you valuable insight to the business decisions you should make moving forward.
5 Stages of Funnel Marketing
An online marketing and sales funnel consists of five stages.
1. The Awareness stage
During the Awareness stage, you want your new prospects to become familiar with your brand and products. Here, you’d showcase what your brand stands for and the value of your products and services you offer.
2. The Interest stage
After the Awareness stage, prospects move on to the Interest stage. This is where you build a deeper relationship with your potential customer. They want to know more about your offerings and how they can help them improve their lives.
Analysing your prospects’ behaviour, through your their actions (watching videos or clicking links), will allow you to get insight and understanding about what they are thinking.
3. The Desire stage
Consumers who reach the Desire stage are convinced that they have a larger problem that needs solving. Moreover, they are coming around the idea that they require a purchase to solve the said problem.
At this point, showcase how your premium products would do the job better than any of your competitors would.
4. The Action stage
During the Action stage, reassure your potential clients their inclination to your products is sound. Help them to do away with their doubts by focusing on your quality and after sales service.
Then present your call to action. Let them know what you want them to do. Ask them to click the ‘add to cart’ or ‘buy now’ buttons.
5. The Loyalty stage
By the Loyalty stage, your prospects have completed the transaction and are now your customers. There is trust between them and your brand.
Continue developing your relationship with your customer. Keep in touch with them via email and social media. It helps to keep your brand in their minds. Provide recommendations, inform them of promotions, tell them of new product offerings.
They will continue buying from you. They might even start promoting your brand and products to people they meet.
How To Increase Sales Funnel Conversion?
Below are several proven ways to increase your sales funnel conversion.
1. Evaluate Lead Generation Funnel Marketing Channels
The channels through which you receive leads are of different natures. Use the funnel conversion metrics to evaluate which channels work best. Evaluate which channel generates the most number of leads per dollar spent and calculate ROI.
Then select those that give the maximum influx of leads. Channels include:
- Social media content marketing
- SEO marketing
- Online paid advertising
- Offline promotions
At the start, concentrate on developing one main lead generation channel first. Once established, gradually increase the traffic from other channels.
2. Rate the Quality of Customer Qualification
It is important to have a high number of leads going through your funnel for brand exposure. Increasing the quality of those leads will lead to higher sales and profits.
Pay particular attention to the customer qualification process. The quality factor indicates how many leads reach the final Loyalty stage.
Analyzing funnel conversion metrics, we can evaluation which lead generation channel is providing the highest quality leads.
It is prudent to spread your lead generation over multiple platforms while concentrating on the ones with the best quality. Overreliance on one platform could result in disaster should that avenue suddenly be gone.
This was the case for some businesses which were totally dependent on SEO in the past. They lost all their customers when Google changed its search algorithm a few years ago.
3. A/B testing
In the fast moving world of business, competition is rife and consumer behaviour changes quickly.
Constantly test new pages within your sales funnel and marketing campaigns. Frequent testing will allow you to feel the pulse of what is working and what isn’t.
Do not be complacent. What works today may not work tomorrow.
4. Rate Your Product and Brand Positioning
Conduct industry and competitor research. Make sure you understand your brand position within your industry.
Understand your customers. See how they view your brand and products.
Make sure you have a unique brand proposition and that your products have a unique selling point.
Learn about industry trends and whether your products and services are continuing to be relevant.
With knowledge, you can provide better high demand products that your customers love, improve product offerings that reflect changing tastes and maintain your brand relevancy.
Funnel Marketing Consultants – Maximising your ROI
The sales funnel is the primary weapon of any marketer.
It is a powerful channel to scale your business.
With the help of a funnel marketing agency, you can attract customers, increase efficiency, improve sales, lower business risk and improve your overall return on investment.
For a company that cares about its profit and the growth of loyal customers, a working funnel is an excellent and turnkey solution.
If you are looking to develop a sales funnel for your business or improve conversions of your existing one, contact Blazing Conversions Funnel Marketing Agency.