This partner meeting covered what the Definition, Process & Stages are of a Sales Funnel and a sneak peek into the Funnels that we are going to release to our Rocket Driver White Label Partners.
What is a Sales Funnel?
A sales funnel is a visual representation of the journey from your prospect’s first contact with you until a completed purchase.
Just like its name indicates, a sales funnel is the widest at the top and the narrowest at its bottom. Each stage of the funnel pushes your most qualified prospects into the next stage and drops those that are not a fit for your offer.
A sales funnel is directly connected to the customer journey phases, which can be sorted into three parts: top, middle, and bottom.
This can translate into the sales funnel structure on your part as prospects going through
#1 Untouched Contact made (Leads)
#2 Qualified Proposal presented
#3 Negotiation Won.
Top-performing sales reps know the steps of their sales funnel inside out. There are two key reasons for this:
They can address customer’s key needs and deliver the right message at the right time, and
They can scale their sales process, forecast their sales and revenue, and hit their goals.
In other words, a well-defined sales funnel improves the customer’s journey as well as the company’s health.
Stages of a Sales Funnel
#1 Top of the sales funnel: awareness and discovery
Early in their journey, your potential customers are going through a specific problem and are researching and learning about it.
This early in the journey, they are still identifying their challenge. They have many questions about it as they likely haven’t named the problem itself—they just know the symptoms.
#2 Middle of the Sales Funnel – Researching Solutions
In this stage, you’re no longer dealing with nameless and faceless contacts. They have now named and defined their problem, and they are looking into all available solutions such as products and services.
#3 Bottom of the Sales Funnel
Making an educated purchase decision
Finally, the bottom of your funnel is when your leads now know everything about their problem, the best type of solution for them, and are ready to select the provider to purchase this solution from.
Interested in learning more about Rocket Driver’s White Label Partnership?