As a beginner in business, you may often find yourself in a visionary state. You have grand ideas and other schemes that make you feel fired up and motivated to get a jump start with your plans. Sadly, a great idea and the motivation to pursue a business is not enough to make it succeed. An entrepreneur must understand the tricks of the trade in order to avoid the pitfalls of a business flop.
One important concept in the business world is the sales funnel. In case you haven’t heard of this term, it is what business people use as a reference for lead generation and sales closure. They say that potential customers can be visualized like an upside down triangle. There are more would-be customers at the top of the funnel, but they are actually narrowed down into people who are likely to sign up with your offers. The four main sections of the sales funnel are:
- Awareness section. The audience in this portion of the funnel understands that your business exists, but do not particularly show a focused interest.
- Interest section. Potential customers know about your business, and they are interested to know more. However, they are not convinced to the point that they would actually avail of your offers
- Decision section. These would-be consumers are deciding if they would go for your offer versus other competitors. This is a critical section because this is the part where you need to build a convincing reason for people to purchase your products or services.
- Action section. The final portion of the sales funnel, wherein the consumer has already decided based on your marketing strategy. All marketers have the goal of bringing customers in the action section of the sales funnel.
Perhaps you are an entrepreneur having challenges in finding customers for your business. Through the understanding of reasons why the sales funnel is important, you will gain insight on how to apply this principle in your marketing strategies… [Continue Reading]