A marketing funnel is a structure that shows the path a prospect goes through after they decide to purchase starting from brand awareness and follow-ups after the purchase. It helps you identify the actions that will influence their decisions. Today’s marketers have a great understanding of the various elements of sales funnels, which helps them make informed decisions when it comes to sales points. Understanding your sales funnel can help identify the areas where prospects drop out and ultimately convert.
Figure: Sales funnel stages.
Why You Need to Optimize Your Sales Funnel
The goal is to get your prospective customers to make a decision, but you can’t force them to make one. Instead, you need to market efficiently. Having a well-optimized sales funnel is the key to getting them to convert.
Essentially, your marketing funnel would:
- Create an ideal level of awareness for your targeted market
- Help convert potential consumers, into loyal followers
- Interact with your subscribers and provide value for them resulting in increased trust
- Converts them from content consumers to customers
- Deliver a great customer experience for them to return
- Upsell your products and maximize customer value
Here’s a sales funnel I have created for a service provider who sells multiple niche vendor lists on Facebook along with multiple professional courses on business, marketing, and dropshipping.
Starting a business, all the files need to be documented, especially the sales funnel. It helps to take the strategic planning along with all the price plans, lead generation, and sales conversion. Besides, it will help to understand at which point we need to work to find the issues and modify the strategy.
Fig: Primary Sales Funnel.
This sales funnel has been created by the client himself, a straight line funnel with one repetitive position where he can sell other products to the person who has purchased the first one. But, the funnel is totally incomplete as the price point was not clear, without retargeting the conversion rate will be extremely high, and most importantly, on a cold audience, it’s extremely hard to bring sales with this funnel.
So I have modified a version of the funnel where the price point has been increased on the landing page, with a limited-time discount offer. But right after that, there will be another pop-up for an email to get an extra 20% discount. This will help collect more and more email lists for future marketing.
I also did another case study about “USD 3,000 to 300,000 Sales in Two Weeks”. You could read it for more information.
Fig: Final Sales Funnel.
After collecting the mail address, the promo code sent to the email address will reduce the price to $39.98 at a discount of 70%. On the initial checkout page, there will be an offer of getting a combo of two vendor lists at $55. Then the purchase will be done. Right up to next, there will be upscaled other products, newsletters, and educational content to sell courses.
If the lead doesn’t convert to a sale, then there will be retargeting ads with an extra 5% discount, with multiple frequencies to convert the sales with different creatives and ad copies.
Besides, there will be a huge email list collected from the pop-ups. Those will be used for converting future products with a good amount of discounts.