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.
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.
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.
To better understand the concept of a sales funnel and just how you can implement it in your own business, let's look at the following image from Shutterstock. On the left side of the image, you see a magnet. That magnet is attracting customers, which happens a number of ways. From blogging to social media to paid ads and everything in between, how the visitors arrive to your website has some impact on the success of your funnel.
Blog posts: This tactic employs the principles of content marketing by offering educational articles of interest to your target audience. They’re designed to give advice or helpful insights on topics related to your business or industry, and consequently, draw consumers to your site who are interested in this information. These educational, informative posts also showcase your company’s knowledge and expertise, building your brand with the target audience.
For instance, if you’re running an accounting business, at this stage your leads would be comparing plans offered by different service providers. They might need resources like how to evaluate the landscape of accounting services (i.e. whether to hire a solo accountant, an agency, etc.), pricing guides (so they know what ballpark rates are), or how to choose an accountant.
No one has to tell you, of all people, that customers go through stages as they move through the buying process. As a small-business owner, you've been selling your product or service long before your sales and marketing team started casting decisions in terms of “the marketing funnel.” The marketing funnel? If this term is new to your vernacular, don't worry, you're not far behind the curve – or the tactics to help you navigate it.
“Aligning marketing and sales during the sales funnel does more than just align the teams — it creates better business outcomes,” said Mathew Sweezey, Principal of Marketing Insights at Salesforce. His stance is validated by a SiriusDecisions study that found brands with tightly aligned sales and marketing operations achieve 24% faster three-year revenue growth and 27% faster three-year profit growth. The three easiest ways to ensure marketing and sales alignment will succeed is a common language, co-created shared programs, and a policy to abide by a service level agreement.
Social proof is the psychological idea that people determine what’s correct by finding out what other people think is correct. Customer reviews are 12x more trusted than descriptions that come from manufacturers. Social media is a powerful tool for creating social proof. Let the stories and experiences of your happy customers create converting content for you.
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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