You just made a sale. Let's trace it back to a "why."
The sales you make are usually from clients that have already considered you before.
A majority of buyers interact with a business multiple times before actually making a purchase. Your goal is for one of those interactions to convince the customer to choose you over the other guy.
The reason that leads them to choose you vs. the other guy is what you need to market.
Elias St. Elmo Lewis is credited with branding the journey from interest to purchase as a market funnel. His funnel is broken down into four main parts:
It is every salespersons’ dream to skip right to those last two phases and connect with clients who are buyers-at-first-sight. But this is reality. You need to put in your due diligence and earn your clients’ attention. Every step is equally important in making the sale.
How is a market funnel different from what you’re doing right now?
I have worked with clients that are excellent at getting clients’ attention. They excel in networking events, advertisements/promotions, and run air-tight social media campaigns. However, they lack results because they couldn’t convert that attention into interest.
Others get their clients to desire their product, but don't close the deal with action.
I get it; it’s hard to work the system. And it can feel like magic when all the pieces line-up to produce a sale. But the bottom line is: the funnel isn’t magic. It’s a tool. And it works if you put in the work to setting up the ideal one for your business and goals.
I tell all my clients that it’s never going to be easy.
Think of it like like mowing the lawn. Even if you have a driving mower there is still labor involved. Tools help with efficiency, but you still need to make an effort.
If you are putting in the effort, but still aren’t seeing results there may be holes in your funnel that are allowing valuable leads to leak out.
Top 3 things that can go wrong in a market funnel
1.) Not Tracking All Available Data
A lot of us are drawn to the bigger picture. Similarly, with our data when we’re just concerned with major data markers, we miss a lot of key details. Metrics that usually fall through the cracks are ones within a larger data marker. Think of a large data metric: subscribes.
Within that larger number of subscribers something you may have missed before: number of opens. If your audience is subscribing, but they don't regularly (if at all) open your content you have a major indicator of where your energy should go. Make more valuable content so your audience will be more likely to move past interest/desire and onto action.
Specific metrics allow you to narrow in on exactly what you need to address.
2.) Buyer Is Still Wary
Do your buyers still have cold feet? There are ways you can assure them!
Guarantees are a good way to establish credibility and trust with a potential client. These can come in a variety of options. There is the traditional money-back guarantee. Or you can try a value-based guarantee.
Money-back guarantees make clients feel safer, because it is a zero-loss zero-gain approach. If they’re not satisfied, they can simply request their money back. And they will be right where they started.
However, a value-back approach increases their potential gain. This type of guarantee is usually combined with a money-back one, but it adds additional incentive. It gives them a chance to advance beyond where they start. If they aren’t satisfied you guarantee they get their money and keep a portion of the value you invest in them.
This approach lets a client know you are so confident that they won’t be dissatisfied you’re doubling down. Giving them money and value back.
3.) You’re Not Following Up/Through
When you gain a client, your work is far from over! You want to establish repeat and life-long customers. This requires maintenance. I’ve seen many businesses lose valuable long-time customers by neglecting their care in pursuit of generating new leads.
Now, I’m not saying you should abandon the pursuit of new clientele as soon as you have reliable ones. I’m saying you need to pay attention to the balance. Commitment to customer service is equally important to new-lead generation.
Bonus! 4.) You're Simmering not Boiling!
If too much time passes between the steps of the funnel, chances are your leads are cooling down. Don't be afraid to set-up reminder emails to complete sign-up processes or remind clients of specific deadlines to take advantage of special offers.
Don't be out-of-sight and out-of-mind! Eliminate transition time to increase the likelihood of action.
Putting it all together
Remember, a market funnel is an effective tool that can assist you with lead generation, retention, and upholding excellent service (not one of these is more important than the other!)
All three will help your business succeed.
Are you feeling overwhelmed?
That’s OK! We can help. Creating, implementing, and maintaining a funnel of your own is a daunting task.
Our team can help tailor a funnel and adjacent campaigns to help you achieve your goals. We have years of experience in the industry and can help you avoid some classic missteps. We will get you on the right track to your ideal customer acquisition and retention today.
If this sounds like a lot of work, it is. But we can help! Let us do the heavy lifting in creating and maintaining a unique funnel for your business.
Book a free 1-hour Breakthrough Consultation with us.