For businesses, the sales funnel model is a highly useful tool to convert leads into customers. It helps monitor the initiating stages of the sales process, so that it becomes possible to adjust specific strategies. Throughout history, businesses have been able to develop the sales funnel model, and savvy marketing professionals have learned to master the rudiments and tailor their own model according to the needs of their own companies.
In this digital age, the general design of the funnel remains an effective tool, though it is somewhat evolving still. The sales funnel has improved manageability of customer base while cultivating strategies to turn prospective leads into customers.
The marketing funnel automation was developed and utilized by online marketing companies, such as 5 Star Brand, as a way to use powerful technologies and optimization strategies to propel the sales funnel process, which needs minimal changes or intervention, to follow through an account with some measure of success.
One notable part of the marketing funnel is the strong attention on sustaining every process, including after a sale. Marketing experts understand that it is a mistake to think that an account closes when the core product is sold. When a lead has been converted into a paying customer, that new customer can potentially become invested in your business with attention and the nurturing of new leads to benefit the customer and inspire repeat business. To end the process at every sale would be losing on a string of missed opportunities that could have encouraged loyalty among customers.
Our Social Times lists different points that show how important it is to design marketing strategies to retain customers. Customer retention is less costly and delivers higher ROI, compared to launching new events or campaigns to acquire new customers. The process of retention works on sustaining the level of customer interest for your products.
Through the levels of the sales funnel, businesses not only focuses on making a sale, but also on keeping customers engaged. The objective, in marketing terms, is to increase the transaction value per customer to spur the increase in the number of transactions per customer.
The first one uses profit maximizers. In real-world examples, McDonald’s, for instance, makes good profits less from hamburgers than from the fries and soda or coke add-ons. Best Buy’s core products are laptops and plasma TVs and the maximizer comes in the form of warranties and reliable tech support.
The latter marketing process is accomplished by establishing a “return path” where the business maintains strategic communication with buyers to provide help, gather feedback, and show more value-added offers, to nurture the business relationship, as well as to step up the re-engagement.
Sources:
(70% of companies say it’s cheaper to retain a customer than acquire one, Our Social Times)
(Customer Value Optimization: How to Build an Unstoppable Business, Digital Marketer)
