What is a B2B Sales funnel? A short and simple explanation.
Every marketing effort needs to be measured through a sales funnel. A sales funnel is the journey your potential lead goes through before he becomes your customer. Understanding B2B Sales funnel is essential, a good funnel strategy will eventually get more conversions for your business. A typical sales funnel is made up of 5 key components, let’s understand the stages in this quick article.
Stage 1: Awareness
This is where the customer starts his search, and becomes aware of the possible solution your company can offer. He looks further on company information, and dwells further in product/service features to see if your company is really a good fit for them.
Stage 2: Consideration
Once the prospect is satisfied with his preliminary research, he shares his findings with his colleagues for their opinions. The prospect at this stage might even set up a meeting or request a product demo.
Stage 3: Intent
Once the prospect requests a proposal or contract, it is a clear signal and confirmation of their intent to purchase. At this stage they compare your proposal with other companies, possibly negotiate for a better deal.
Stage 4: Convert
Finally, the customer selects your company and makes the purchase. While this very stage might count as a conversion, all the above stages have progressively moved the customer through his journey down the funnel.
Stage 5: Loyalty
Once you delight your customer and build enough trust through your product/service, they are sure to recommend your products to others. All the new prospects that become aware of your business go through the same journey from awareness to conversion and then loyalty.
Sales funnel is not just a concept but a practical tool to measure the efforts and results at each of the customer’s buying journey. Understanding and using them as an analytical tool can help you optimize your sales process and improvise conversions. Start optimizing every stage of the funnel to maximize leads and conversions, it’s the only way to survive in a competitive marketplace.