Sales Funnel
To understand how the sales funnel applies to qualify and prioritize prospects, we should understand first what a funnel is. By definition, “a sales funnel is a visual description of the different stages of the sales process, from the very beginning until the “end” when you’ve made the sale and have a paying customer (Berezin, 2022).” There are three stages in B2B sales funnel, and they are awareness & discovery, interest & engagement, and decision and purchase. But it is necessary to remember that “there are many representations of a sales funnel to be found, and companies have their own way or version based on their specific sales journey and CRM settings (Berezin, 2022).” The sales funnel helps us to recognize in what phase is our prospective client. If the prospect is just starting to stay in contact with the brand and engaging with the content. It’s likely it’s in the awareness & discovery stage. But if the customers have already made a decision and research, and they believe a product from your business can solve a problem that your competitor can’t, and they are ready to make the purchase. They are in the last stage which is “decision & purchase” phase or stage. Now, when we talk about “qualify and prioritize prospects,” we are talking about ideal customers. “A qualified prospect (also known as a sales lead) is an individual in the sales pipeline who meets your company’s ideal customer profile (ICP) and has shown interest in your company’s products or services (“What is a qualified prospect?” 2022).”
In a simple way, the sales funnel is important because it helps you to recognize possible interested parties in your product or service. Also, to recognize those who really have the profile that your product is looking for, then, get an appointment with your prospects to be able to make a sales presentation and quote your product. Finally, get the prospect to accept the sale and purchase your product or service, so he stops being a prospect and becomes your client.
In order to have an adequate sales funnel, each business must define its sales process and stages of that process. For example, of 20 contacts that enter the funnel, 13 become leads and 7 are lost. Of those 13 prospects, it is possible that 5 proposals are achieved and 3 are lost. In the end, 2 sales are closed, and there you are gaining 2 clients.
References
Berezin, Sigal (2022). Sales Funnel 101: The Complete Guide. Similarweb. Retrieved from: https://www.similarweb.com/corp/blog/sales/b2b-sales/sales-funnel-101-the-complete-guide/
What Is a Qualified Prospect? (2022). Abstract Marketing Group. Retrieved from: https://www.abstraktmg.com/qualified-prospect/
