We’ve written a bit about defining your target audience, but suffice to say that if you still haven’t done this, then don’t bother moving on to the next steps in the sales funnel. You must have some idea of what people are interested in your topic, where they are hanging out online and what motivates them in order to begin creating awareness of your course at the top of the funnel. If you just start sending out emails and tweets willy nilly with no real plan, your efforts (and you will read later on that it is a lot of effort) will be wasted. You need to know that you are creating the right content for the right people.
Armed with extensive online information, a modern buyer requires different skills from a salesperson and frequently exhibits different behavior than buyers of the past. A modern buyer may get very excited about a purchase and spend a lot of time in the research phase and then abruptly stop, ending the sales process sometimes without any reason at all. Often, modern buyers want to reduce the friction of buying and using a product to make it easy for them to achieve the value.
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The definitions of MQL and SQL (SAL) should be spelled out, and agreed upon, in a service level agreement (SLA). The SLA outlines the terms of how sales and marketing will work together. The SLA should define what MQL and SQL look like, as well as state the time frame and process each team must follow. For example, an MQL has reached a score of 75 through a combination of content engagement and web engagement and fits the ideal customer profile. It must be accepted by sales or sent back to marketing within 24 hours of being assigned. The SLA should be drafted together by both marketing and sales leadership and signed off on by both parties.
Suppose your furnace goes out in the middle of winter. Your problem is obvious: you need a new furnace. And the solution is easy — you need to call HVAC providers in your area for quotes. But say you need a new car. Should you look for an SUV, a compact car or a mid-size sedan? Even vaguer still, if you’re frustrated with how much your accountant is charging you to do your business’ taxes, you might not even be familiar with all the different solutions, like cloud-based accounting services.
On a macro-level, a sales funnel will start with a large number of potential buyers at the top Based on certain criteria, this pool of potential buyers is reduced to a fewer number of prospects. Towards the middle of the customer journey, the number of prospects reduces to a handful of opportunities, and after the decision-making stage, the sales process ends with a closed-won or closed-lost deal.
Exits from stage. The exits from stage metric is very similar to your time in stage metric, but it allows you to see how many potential customers you are completely losing in a particular stage. For example, if your potential clients spend a year on your email list before they buy (but most of them do eventually buy), that’s a time in stage problem. If people spend 5 days on your email list before they buy, but 98% of them unsubscribe within 5 days, that’s an exits from stage problem.
Content that introduces the company and intrigues potential customers enough to move to the next stage of the buying process. For example, a Facebook post called “Behind the Scenes at Molly Marketer’s Company. This works especially well if you have a company with a corporate citizenship mission, such as selling sustainable, environmentally friendly goods.
However, video conferencing and other apps offer an opportunity to engage prospects at a time and place that suits them. In fact, 60% of sales reps say they spend more time selling virtually than they did in 2015, according to the third edition of Salesforce’s global “State of Sales” study. Meanwhile, 52% of sales reps say they spend the same amount of time or less meeting with customers in person.
Unfortunately, the reason why we call it a marketing funnel instead of a marketing journey or marketing waterfall is that not everyone who enters your funnel will end up buying. At each stage in the buying process, you lose some potential customers, but a good marketing funnel will keep those losses to a minimum and produce the maximum number of sales from your marketing.
Here’s where you can position yourself as the industry expert they’re seeking with content that helps them. Try doing some keyword research to figure out what types of content you should be creating for the middle of the funnel (MOFU) audiences — you can find out which search terms in your niche attract high volumes of traffic and create content around those queries later.
OK, so really there are 11 steps to creating your sales funnel, but 10 just sounded more “precise”! Lastly, your email system should tell you how successful your emails are. Use this information to tweak and improve them over time. You should also track your blog posts, Twitter followers and Twitter activity, Facebook ad success, etc. Hubspot is a great tool for this kind of thing.
For United/Optum, hospital services are not seen as something that adds much breadth to the top of the funnel or that draws people into the funnel—certainly not enough to justify Optum taking on the high fixed costs and poor pricing of inpatient care. Rather, hospitals are an additional interaction within the funnel that can be accomplished through partnerships rather than ownership, according to Wichmann. Those partnerships, he says, “will occur in markets where there is maybe fewer assets for us to accumulate and build from."
The entrance to the CVS funnel combines a massive physical footprint with a growing digital presence. CVS has about 10,000 retail stores. Eighty percent of Americans live within 10 miles of a CVS store. With the expansion of CVS’s HealthHUBs to 1,500 locations, one analysis suggests that 75 percent of Americans would live within 10 miles of a HealthHUB. In addition, CVS/Aetna has access to about 18 million Aetna medical insurance members in all 50 states. On the digital front, CVS has 62 million loyalty program members whose purchasing patterns can be tracked and who can be the target of tailored promotions.
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Of course, regardless of how they enter into your funnel, your goal as a marketer is to move them through the multiple stages that will take them from prospect to buyer. And once they're aware of you, you need to build their interest. To do this, you need to establish a relationship with the customer. You might have enticed them with a great offer (lead magnet) to grab their email address, but actually moving them through the funnel is a far greater challenge.