What is a sales funnel?
Written by Boris
Before we start
” Your future prospects resemble your best customers, and that’s the place you should start. “ Holger Schulze
This article will help you understand what is a sales funnel. Technology has changed the process of selling. New technology will be helping the mechanisms of transacting evolve further. These are facts. Marketing and sales are getting closer and closer. In that context it is good to know what are the best best tools in your disposal. Knowing how to make the difference between a lead and a real prospect is key. It is also of primary importance to have an excellent database of sales contact management system with a prospect status and progression workflow built in. Without that it will be nearly impossible to track progress, report and understand how and whether your sales strategy needs to updated.
What is a sales funnel?
It is something that many talk about without understanding. It is one of those buzz words where there are many experts and little knowledge. Nonetheless, sales funnels are useful. First of all, it is a metaphor of a funnel. This comparison is often used to describe pipeline management process. Usually, at the top of the funnel there are unqualified prospects. These are people and organisation who you think might need your product or service, but with whom you have not interacted. In the middle of the funnel you have the steps you take to learn more about these prospects so that you know whether your product or service is something of their interest. At the bottom, many sales and delivery steps later you have people who have become your customers and have already paid for your product or service.
Why the funnel metaphor?
The metaphor of the funnel is used because people drop away at each stage of a long sales process. Lets look at few examples examples. Remember, many of your unqualified prospects may have existing suppliers with whom they’re very satisfied. As a result, they will not purchase your product or service immediately. Others, may have needs that are better satisfied from your competitors. As a result, they will also drop out as the sales funnel gets thinner. Alternatively, some other prospects may love your products, but not have the budget to buy them.
About the author
Boris Grozev is a seasoned fintech executive. Moreover, he is an entrepreneur by heart. Boris has helped number of businesses. To clarify, he has created and implemented business development and product enhancement strategies. In addition, his advisory work in emerging and frontier markets has resulted in culture and technology change. Above all, it has fostered innovation and lead to tangible results. He also invests in variety of asset classes. Boris’ leadership abilities, ambition naturally spread to others. He is a fast learner. His stamina, attitude and passion to succeed help to achieve common goals.
