Many of these funnel types start off with a wide selection of prospects that are then narrowed down through various selection steps such as qualification, presentations, proposals, etc. resulting in a much lower number of prospects who actually purchase the offering and turn into clients.
So you can see how managing your sales is an important task in your business.
Below are the most common mistakes businesses make when managing their sales funnels and ways how you can avoid them and get better results.
Focusing on CRM tech instead on the sales process
You might have been a victim of SOS /shiny object syndrome) yourself, where you purchased a product after product without really using it or having a clear idea what to do with it before you purchased. Well, businesses actually do this themselves believe it or not.
Many small businesses invest in an expensive CRM (customer relationship management) software without knowing how to use it to actually improve their sales. Any tool is valuable in the right hands when you know what to do with it. This is why a fancy tool cannot go beyond a sound business strategy and the knowing on how to be flexible with your sales process so that it is in sync with your top priorities.
For you as head of your business, it is important to be aware what is happening at every stage of your sales funnel. You need to know where in the sales process you are having the most difficulty and what actions to take in order to improve it. It can be lead generation, first contact with leads, follow-ups etc. You need to have some sort of analytics and metrics set in place so that you can see where to improve.
This is where a CRM software can come in handy, but you cannot be fully dependable on the software as it will not be able to map out an alternative strategy for you and tell you exactly what to do. Some things are better left off to human deduction and even intuition.
Lead Generation and Lead Management balance
Many go with the idea “hey if I can get more leads, more people to enter the funnel, to leave their email…I will increase my sales.” It might sound logical but this in most cases simply is not the truth. You most likely won’t get better results solely by continuously engaging in lead generation.
People tend to forget the old “a buyer is a buyer is a buyer” saying which basically means that a person who previously purchased from you is MORE likely to purchase again. Of course not without a proper lead management.
Some of your priorities should include
Building a great relationship with your leads is one of the most important aspects of your sales process. If you concentrate more on managing the leads you already have instead of constantly being out there hunting for new leads, you will get better sales results.
Sure a new software that pops up may look very appealing but if you don’t know how to implement it in your sales funnel it will only prove to be useful for collecting digital dust on your hard drive. Everyone can use motivation, coaching and a clear picture on how to adjust the selling process to customers ever-changing needs and expectations. This is why it’s important to invest into training that will have a proven winning strategy and teach you how to make more profits out of your funnel. Funnel Secrets can very much help you with this process, check it out if you haven’t done so already.
No, I don’t mean for suits, although a custom fit suit is also very cool! I mean taking a look at ALL the stages of your funnels and not focusing too much on the final stage of your funnel, which revolves around “closing the deal”. It’s equally important to take a look at conversion percentages that lead to that stage as well.
Extract each segment of your funnel and observe its performance. For example, how many clicks the initial link leading to the lead magnet? How many enter their info? How many purchases the upgrade? How many open the follow-up emails? How many decide to buy a high ticket coaching item? What is performing best and where is there room for most improvement?
Managing your sales funnel needs to be part of an ongoing effort to see what is happening within your sales process and adjusting along the way.
When you have a clear overview of what’s working and what needs improvement in your sales funnel, it is easier to adjust the segments which will result in higher conversion percentage of the funnel and a greater return on investment.