What is Conversion Sales Funnel?

Can you call up your middle school science experiments? In this business context, one specific experiment comes to our mind. The experiment was called “distillation of water”. Now you can remember that little glass funnel adjoined with a long pipe at the end. You had folded a filter paper carefully and poured murky brown water into it. After that you had gathered the much clearer water in a beaker. This was the experiment, to you, is one of the most important examples of how a sales funnel work. Let’s see in another way.

• The dirty things or water -> lead that contact your business.
• The filter paper -> Customer Relationship Management or Sales Execution platform that you choose.
• The clean or purified water -> the eligible prospects or potential customers ready to buy your products or services.

Now take a look at how the sales funnel work!

A sales funnel is often called website conversion funnel. It is one of the most essential things for today’s businesses. It has a series of steps by which you will be able to understand how your lead will have to find a way around before they become your prospect.  

Therefore, it is usually a pictorial representation of different stages of sales. It is commonly represented by an inverted pyramid. There are two rungs. The top rung is the most essential with all the leads that come out to you. The lower rung is the one who bought a product or service.

Let’s see the pyramid, so that you can better understand how the customer conversion funnel or sales funnel works. Follow the arrows from top to bottom.

Suppose you are from IT, and you provide customized website solution, and you are about to launch an email campaign to 40,000 leads.

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Now, you got a sufficient number of leads, but as a marketer, you should know that all leads are not prospective leads, so roughly 10% leads will be opened up. Therefore, out of 40,000 leads only 4,000 leads will open the email.

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Now, out of 4,000 leads, those opened up the email, only 20% i.e. 800 leads clicked on the link that you have promoted via your email campaign about your service custom web development or website solutions.

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For instance, you have arranged a webinar, and 40% i.e. 320 leads out of 800 leads signed up for the webinar. So, you got 40 percent conversion.

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But all leads that have signed up for the webinar did not attain the webinar. Only you got 30% attendance i.e. 96 leads out of 320 leads.

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Now, out of 96 leads, only 10% i.e. 9.6 leads (round about 10) leads want a demo.

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Finally, out of 10 leads, only 2 lead i.e. 20% bought the products or services.

Is A Sales Funnel Necessary For Today’s Business?

The answer is a “YES”. Imagine you have decided to go about promoting your webinars on customized website solution blindly without a funnel. You would have no idea how many visitors would be your customers. It is not just an accountability for which you need to consider customer conversion funnel, but also the chances that some of your leads might just lost in transit.  

But this does not happen to Techno Exponent, a leading custom web development company, anymore. Because Techno Exponent has built a robust and lead-proof sales funnel that ensures all leads that come from your email marketing campaign and at the end from the webinar are properly followed-up as well as nurtured until they convert your customers.

Not yet convinced? Here are some of the proven benefits that you get from building a solid sales funnel for your business by Techno Exponent.

• Your marketing becomes simpler.
• Sales forecasts will be more accurate.
• Your conversion rates will be improved.
• You will have more accountability for sales.
• Rake in more and more revenue.

So there you go! We are sure that this article helped you a lot to understand the benefits of sales funnel for business. You can even hear from us, on how we Techno Exponent have applied sales funnel management to improve our clients’ businesses all across the globe.