Inside the funnel, CVS is aiming to create large collections of products and services pertaining to health and wellness that combine in-person and digital interactions. These include retail products organized around health themes (for example, pregnancy or healthy diets); in-person experiences such as yoga and exercise; digital engagement through education and wellness apps; assistance with insurance navigation; wellness services such as nutrition counseling and sleep assessments; and low-intensity healthcare services including immunizations, physicals, routine primary care, and chronic care. CVS plans to expand its digital care services, particularly through in-home monitoring.
One of the main reasons for giving out this free content is to get prospect to give you their email address in exchange of an opt-in offer. This could be mini-course, download, cheatsheet or report. At this stage your email marketing provider must provide you automations, meaning emails are sent without your involvement and as per your defined actions.
So ask yourself, is yours an expensive course that needs a lot of credibility to convince people to purchase it? Is it a free course you are launching and so may need less information and more hype and emotion? Is it a course series you are trying to encourage a commitment to? Are you one Udemy course among 100 competing courses on the same topic? Are there obvious challenges or objections that people will have to taking your course, such as a high price or hard to achieve objectives? Are you in a niche market and therefore need to really work hard to keep anyone remotely interested in your topic in your sales funnel?
Some business owners are moving away from the term “marketing funnel” because they think it’s too mechanical or simplistic to describe the lead nurturing sequence by which customers move from awareness to purchase. I think it’s still a useful way to describe a complex process and it’s a good visual to imagine the entire process from start to finish.
Define your end goal. This is the end relationship you want to have with the information you gather, and it differs greatly for online businesses. In some cases, the contact details of a person is your Internet-based goal, because it may funnel leads into a service-based business that calls its customers by phone, and in other cases, it is developing repeat clientele.
Molly might conclude that anybody who fills out her online demonstration request form is an MQL. Another company might set the bar to MQL qualification at something involving a combination of viewing specific pages, interacting with certain forms, and opening a certain number of email messages. For that kind of analysis, we recommend marketing automation software.
As you can see, each color-coded section of the funnel pictured above corresponds to a stage in the buying process. The widest tier at the top of the funnel represents “awareness,” the point at which potential customers are beginning their information search. The second tier is “interest,” roughly corresponding to the evaluation of alternatives described in the purchase process above. And, finally, the third and fourth tiers, “desire” and “action,” are self-explanatory.
Exits from stage – Similarly, seeing an excessively high number of people falling out of a particular stage is an indication that you aren’t doing enough to answer their questions or you’re asking them for too much of a commitment too early. Add more content to give them the information they need to move forward or make it easier for people to convert (e.g. don’t ask for a phone number when they’re downloading a certain e-book).
Think about that the next time you're building out a sales funnel. This complex and intricate concept in business can literally take you from a complete unknown to a global powerhouse quickly through the art of scaling out a highly-converting offer. Don't try to take shortcuts or implement hacks, and put in the time if you're looking to eventually reap the benefits and results.
As “State of Sales” finds, salespeople believe a combination of human skills and data-driven insights is needed to convert prospects into customers. In fact, the ability to listen is seen by 78% of those surveyed as an important attribute needed for landing deals. But sales reps also have to demonstrate industry knowledge (74%), trustworthiness (74%), and knowledge of prospects’ business needs (73%).
Newsletters: Another effective engagement tactic is a regular newsletter. It’s typically delivered via email and focuses on delivering helpful information with a mix of incentives to encourage additional purchases. The newsletter conveys less of a salesy feel than email marketing content, so it can be a more inviting way to stay connected to your customers. Email marketing software, such as Mailchimp, can be used to execute both email marketing and newsletters.
Or, are you a leader, an adventurer or an evangelist? How you position yourself is entirely up to you, but your message must be consistent throughout your entire "pitch" and it needs to be steeped in the truth. Your backstory, and just how you convey that through parables, character flaws and polarity, has much to do with just how well you can "hook" in your prospects to create a mass movement.
If you’re running an accounting business, at this stage your customers would be evaluating different potential service providers. They might need resources like pricing guides (so they know what ballpark rates are), how to evaluate the landscape of accounting services (i.e. whether to hire a solo accountant, an agency, etc.), or how to choose an accountant.
Steve Jobs was a pioneer of the funnel business model in the early days of the internet. His vision was that almost any person or company with an interest in information, interaction, or media was a potential participant in the Apple funnel. The top of the Apple funnel was very broad, with devices from desktop computers to iPods. Apple attracted people into the funnel with products that were so intuitive and elegant that they became status symbols. And inside the funnel, the compatible and interconnected nature of the devices, along with a sizable content library, created multiple opportunities for further transactions.
If you’re running a consulting business, for instance, your clients already realize that they’re having certain problems around your service area – like disorganized spending (if you’re in accounting) or a high cost per lead (if you’re in marketing). On the other hand, if you’re running a software development business, your client could be having problems with absolutely anything right from the hours being consumed to other factors that affect deliveries.
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.
Make no mistake, creating a sales and marketing funnel using the process described above is no easy feat. This isn’t a project you’re going to complete in one afternoon — it’s a pursuit that you’ll want to actively address as long as your company is in business. It’s not a simple undertaking, but it’s one of the few opportunities you have to drive significant improvements in your efficiency and effectiveness when closing deals.
Data insights are again the key to funnel optimization. Three other data-driven technologies follow analytics and sales reporting as the most popular sales tools: account and contact management (65%), sales forecasting tools (56%), and customer relationship management (CRM) systems (58%). The latter is a particularly crucial tool for optimization, enabling your business to organize all customer-related data in a central location.
Eric Siu is the CEO of digital marketing agency Single Grain, which has helped companies such as Amazon, Uber and Salesforce acquire more customers, and co-founder of ClickFlow, an SEO experimentation tool that helps you increase your Google ranking. He also hosts two podcasts: Marketing School with Neil Patel and Growth Everywhere, an entrepreneurial podcast where he dissects growth levers that help businesses scale. Follow him on Twitter @ericosiu
In brief, we are inclined to go along with someone’s suggestion if we think that person is a credible expert (authority), if we regard him or her as a trusted friend (liking), if we feel we owe them one (reciprocity), or if doing so will be consistent with our beliefs or prior commitments (consistency). We are also inclined to make choices that we think are popular (consensus [social proof]), and that will net us a scarce commodity (scarcity).
Understanding the concept of marketing funnels is crucial for success in business because it’s a useful model for visualizing the customer’s journey from initial awareness all the way through conversion. When you design your marketing funnel with the help of these tips in a careful manner, it will, in turn, provide you with a useful framework through which you can analyze your business and identify areas that require improvement.
The final stage of the sales funnel is the action that you're intending them to perform. In most cases this is the purchase. Again, how well you move them through the various stages is going to set you up with a specific conversion for this action. For example, if 100 people click on your offer and 10 people enter your sales funnel but only purchase people purchase, then you have a 2 percent conversion.