Your Sales Strategy consists of a variety of interlinked Sales Processes that feed into and interact with each other. Each process is a specific step-by-step procedure to acquire and convert customers. Continuing the map analogy, there are specific paths prospects follow to reach their destination, and there can be multiple possible paths that lead them there.
Sales Funnels
The Sales Funnel is a visual representation of the Sales Process. It’s called a “funnel” because more people will come in at the top, and as they go through the series of actions or processes, fewer of them convert out the bottom. For instance:
See Ad → Visit Landing Page → Sign up for Webinar → Attend Webinar → Receive post webinar Drip → Sign up for free strategy session → Strategy session → Qualified → Instructed to apply for program → Application received → Payment set up → Onboarding
Ad → Landing Page → Order a sample → Subscribe for monthly deliveries
Walk by your store → Notice it → Stop to look → Come in → View a product → Pick it up → Checkout
Here are some visual examples:
It’s valuable to map and track specific funnels because it provides us with granular insights into how our prospects progress and the effectiveness of our tools. With conversion data, we can take tangible actions to reduce funnel leakage, optimize conversion rates, or expedite our sales cycle.