• Understanding the Power of Your Sales Funnel

    Posted On Thursday, June 9, 2016 by Robert Smith

    How a Sales Funnel Can Benefit Your Industrial Construction Business

    Businesses of all shapes and sizes can benefit from using a sales funnel, including industrial suppliers looking for more B2B sales leads. It's used to guide prospective customers through the sales process, showing them the steps necessary to purchase their service. But this is really just the tip of the iceberg regarding the benefits of sales funnels. To learn more about this technique and how it can improve your industrial construction business, keep reading.

    What is Sales Funnel?

    A sales funnel is exactly what it sounds like: a funnel through which a prospective customers traverses in order to purchase a product or service. It's not an actual tangible funnel per-se, rather it's a metaphorical representation of the sales process. Much like a real funnel, the top of a sales funnel is the largest area, which is where your sales leads are first introduced to the company or its respective product or service; this portion of the funnel can be considered more business development oriented. As the the prospect is nurtured through the sales process, he or she continues through the sales funnel. And assuming the prospect doesn't back out, the sale is conducted at the bottom of the funnel.

     When you first engage with a lead, he or she enters the sales funnel at the top. This is the largest and more generalized portion of the funnel. However, it also yields the lowest conversion rates – at least, on most occasions. But as you nurture this prospect, he or she will make their way through the sales funnel. And as the prospect enters the narrow section of the sales funnel, he or she will feel more inclined to purchase your industrial construction services. By the time the prospect reaches the bottom, hopefully you've nurtured him or her enough to convince them to buy your services.

    Benefits of Using a Sales Funnel:

    • Allows industrial salespersons to identify “bottlenecks” or other problematic areas where prospects are backing out of the transaction.
    • Target specific areas of the sales funnel to encourage prospects to buy.
    • Sales software and services are often designed to emphasize the use of a sales funnel.
    • Sales funnels are simple and easy to implement.
    • Use analytics and metrics software to gauge prospect's behavior through the sales funnel.
    • You can engage a prospect during any stage of the sales funnel.

     To recap, a sales funnel is a metaphorical representation of the sales process, featuring a large top and a small bottom just like a real funnel.

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