Analyzing Your Sales Funnel

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It should come as no surprise that if you want to improve your sales funnel, you need to be analyzing it. 

Need a refresher on the basics of a sales funnel? No problem, check it out here: 

No matter the stage, it is inevitable for potential customers to leak out of your sales funnel. Finding the cracks and the spots where your leads are deciding that they no longer want to be your customer is crucial. But this can only happen if you analyze your sales funnel. 

Where to Begin:

The top of the funnel, and work your way down. Analyzing your way down the funnel only makes sense, and it gives you the ability to see and calculate your conversion rates. 

Top of the Funnel: Leads

Hands down the easiest stage to analyze. Your first thought should be: Am I doing enough to generate new leads? Review your processes and business practices of how you’re trying to attract potential customers, and then consider the following:

  • Does your website function properly? What pages are visited most? – This can all be tracked using a basic analytic tool. We use Google Analytics. 
  • Do you have forms on your website for customers to fill out? 
  • Are your call to actions effective? 
  • Are you attending any networking events or trade shows?
  • Are you creating engaging content that your ideal buyer would find engaging? (eBooks, Newsletters, Blogs, etc.)

Analyzing, and improving these key points will help you understand if you’re doing enough to generate leads, and also find new ways to attract even more. 

An effective way to analyze some of these touch points is by doing A/B split testing. A/B split testing is taking something and testing it out to an audience with slight variations from one another. For example, you can change the colour of a form and see which one performs better, or you could change the wording of a tagline on a social media post and see which one gets a higher engagement. A/B split testing lets you measure two small variables against one another to determine a best performer. After time, all of these little tests will pay dividends for your company, and help increase your performance across a variety of practices. 

Middle of the Funnel: Prospects

This is where things get a little tricky. One second you’re feeling great because you have an interested prospect, and the next second your prospect is gone and is someone else’s customer. But luckily for you we have a few secrets about what to analyze, and tips to help you increase your prospect – customer conversion rate. 

Begin analyzing your sales reps, or even your self. What is one person doing that is working that everyone could be incorporating into their sales strategy? Work together as a team to identify common successes and failures to make everyone better, after all, they don’t call it a sales team for just any reason.

Another thing to analyze is your sales technique. Are you offering enough to encourage the prospect to want to buy from you? Some things you could be offering are free trials, product demo’s, or time sensitive offers. Also analyze your relationship with your prospects. Are you trying to establish a long term relationship? Are you following up on time, keeping them warm, and truly understanding their wants, needs, and pain points or are you just in it for the sale? 

This stage takes time, and needs constant updates and analysis to make sure you are converting the highest amount of prospects into customers, and not letting them slip through the cracks. 

Bottom of the Funnel: Customers

Analyzing this stage of the funnel is just as, if not more important than the other stages. You got people to buy from you, but how do you encourage them to keep coming back to you and purchasing again? This is where it is important to analyze your customer relationship strategy and maybe even think about loyalty programs. Always up-sell, cross-sell, and encourage your current customers to try your new products and services.

Following up with customers is the easiest way to maintain a relationship and promote repurchases. Keeping yourself top of mind with your customers, staying in touch, and offering new products can only result in an increase in sales. This is why a CRM strategy is so important. It helps you increase your bottom line, and grow your revenue year after year.

For more help on Customer Relationship Strategies, check out our Free CRM Guide:

 

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