Top 4 ways to improve your sales funnel:
Many companies have trouble defining the funnel. According to H&R Block, 44% of organizational leaders believe their sales process is ineffective. The first step to fixing this problem is defining it. Get your team together and map out the current process.
According to Hubspot, the typical marketing and sales funnel looks like this:
However, when you map out your process, make sure your team agrees. The last thing you want to do is give “defining it” as a homework assignment to your sales or marketing executive.
Just because you wrote it down on paper doesn’t make it real. Start to bucket each contact into each stage of the funnel and record their movement throughout the sales process. If you find a stage is always skipped, it’s probably not a good one. Don’t be afraid to mark a contact as lost. If they come back on the radar, you can always put them back in the funnel. This will help you identify stages that have opportunities for improvement without cluttering your pipeline with false positives.
What’s your average duration of a contact in each stage? How much does the time vary in each stage by contact? What’s your conversion from one stage to the next? It is going to be very tempting to jump to solutions at this point. DON’T! You can’t do this alone. Your sales and marketing team must help.
Find the stage where contacts get stuck. Find the stage where you have the least amount of conversion to the next stage. Now set new goals for both of those stats. Once your new goal is set, ask your sales and marketing teams if it’s achievable and realistic. Ask your sales team about all the ways you can improve the process to meet the goal. Then set a timeline to achieving the goal. Measure your progress on a bi-weekly basis.
Don’t know where to start? Contact us today for a free 30 min advising session, 412-530-5027.