What is a sales channel and what are the main steps? – Bitcoin Prix

What is a sales funnel?

What is a sales funnel?

In short, a sales funnel are the stages through which a new potential customer must progress to become one of your customers.

We have seen over the years some very complex funnels and some very simple ones, but when you strip everything back they have some common stage names and a natural flow for them.

Let me illustrate this with a few examples;

An example of a B2B sales funnel

Imagine selecting some new software on behalf of your company.

The first step could be to investigate solutions so that you can contact the companies and discuss your needs with them. This is a funnel stage.

Then select some that have done a great job and ask them to create a proposal and costs for you. This is another step.

Then, select two of the best and call them to present them. This is another stage.

And finally choose a supplier and you will become their customer.

An example of a retail funnel

Let’s take another look at this example, but this time in retail.

Look for some new jeans.

So you looked on the internet and found nothing. Anyway, you like to try them on in a store, so you plan to visit your favorite store to try to find some jeans you want. So this is stage 1 of the sales funnel.

Enter the store and select 3 that you like. This is the next step. Then try them again. This is another stage! And then select a pair that you like, pay for them and then leave the store. This is another stage!

Stages of the sales channel

As I mentioned before, I saw some very complicated sales funnels. A funnel had over 12 stages!

Granted, this was a strategic sale, with many internal and integrated stages, but still, having a customer go through 12 stages is interesting to say the least!

When you strip her naked, each sales funnel has 4 main stages.

We’ll cover what these steps are, then I’ll go into more detail and show you some real-life examples of the sales channels I’ve come across.

The main stages of any sales funnel are:

model aida

Careful

There are many options out there! So many vendors and vendors want customization.

Normally, attention is associated with marketing, but it can be from the sales team.

The role of both departments is to turn your head. So this could be through an advertisement or something a salesperson says or how they open a cold call. It can be fantastic content or a viral video.

Getting someone’s attention is hard. Everyone has so many things that you really have to stand out.

Interest

This stage refers to research. Your customers research your products and services and also check your competitors’ alternatives. Gather information, read reviews and ask friends and colleagues for recommendations and what they think.

At this stage you need to help them.

That doesn’t mean I’m going to sell. But help them decide what is best for them. Educate and help them.

Decision

This stage is about selection! Your customer will most likely have two options in mind and you need to cross the line. So prices and terms will be important and how you articulate the benefits of selection will help you all.

I think we all lost offers that we considered to be « shoes » just to analyze the business and conclude that we did not really cover the benefits of our choice or how the item will add value.

At this stage, your job is to make your product or service a viable choice.

Action

So it is possible that your client has decided, but have they taken any action?

As a sales person, did you request the offer?

When it comes to an online purchase, was there a clear call to action?

And what about any upward or cross sales? This can be part of your sales funnel.

The sales funnel does not stop here. You really want to, and you need to maximize a customer’s life value, so you need a practical tracking process to grow your accounts.

Examples of sales channel

Let’s take a look at 2 examples of funnel for sale.

The first example will be the sales funnel of a company that sells by making outgoing phone calls to generate interest.

The second example will be an online sales funnel from a company that advertises online to create opportunities.

Example 1 – Telesales sales channel

With this example, imagine a team of telesales representatives calling companies to set up meetings. They use 500 decision makers, and from them they create 5 sales, of which 2 buy a product or a sales service offered by the person offering them sales.

Beauty is that of a sales coaching perspective you can see where the strengths and weaknesses are for the seller. The sales manager can then work with them to improve each item and then measure the results.

Their reports in the example above are as follows:

Sales channel stage Report
Appointment calls 10%
Appointments on proposal 60%
Proposal for Won Won 17%
Won won at Up-sell 40%
Global calls for closed winnings 1%

So there is certainly room for improvement and for some of the areas that could be covered in a telesale trainings an individual coaching course or program could include:

  • Analyzing the time of day the representative appeals to
  • How does it capture the recipient’s attention?
  • They ask correctly Sales questions and at the right level?
  • Am I talking to the decision maker?
  • Is it hard for them to get through the goalkeepers?
  • Do I sell the programming or try to sell the product?
  • Leave voicemails? If so, what message and how many do you receive returned?
  • 40% of appointments do not result in a proposal. Why? Qualification too heavy? Unskilled?
  • 83% of people who receive a proposal do not buy. Why this? Analyze the speed needed to create a proposal, pricing, and tracking
  • Is a sale offer offered for every person who buys?

These are just some of the areas we need to look at right away.

Example 2 – Online advertising sales channel

With this example, your business is running Google Ads that capture lead data from an online landing page. Your sales team then calls the lead and qualifies them using MAN:

Do they have the money, the need and the authority to make the decision? If these 3 criteria are not met, then they are qualified outside the process and do not move on to the next stage of the sales funnel.

Once they are qualified, they are « sold » when they take an online demo of the software that your company sells. Some buy and some don’t. Some even buy a product sold.

In total, for every 100 customers this sales person receives, they close 5 of them.

Their reports in the example above are as follows:

Sales channel stage Report
Leads to Qualified Lead 40%
Qualified leadership in the demonstration set 50%
Demo Set to Won closed 25%
Won won at Up-sell 20%
Global calls for closed winnings 5%

Regarding the example above, some of the areas we could analyze include:

  • Is there anything on the ad that can qualify the advantage a little better? (Give up 60%)
  • Divide your ad by version A and version B
  • Does the sales person qualify too highly?
  • Why do only 50% of qualified customers accept a demonstration if they are qualified?
  • Analyze how sales demonstrations are performed by the seller to improve the closing ratio by 20%
  • Is a sale offer offered for every person who buys?

These are just some of the areas we need to look at right away.

How to create a sales channel

Some organizations we run sales consulting for creating their sales funnel from the wrong perspective.

What I mean by this is that they create a sales process and a funnel and expect their prospects to comply when what you should do is find out how people and organizations buy your products and services and then create a funnel for sale and process around.

Your sales process should match and reflect their buying process.

If you take a prospect on a path that they are uncomfortable with, then they will not buy from you. So make sure that the buying and selling process are aligned.

Find out what works and what doesn’t

I recommend that you continuously measure your efforts at each stage of the sales funnel. You can enter all the steps in a CRM system and by pressing a button you can access the data that is already analyzed. This will give you the hot spots to do a deep dive so you can find out what you are currently doing and how you can do better.

Then « go again » and after a while look at the numbers again. And this process continues. You never rest on your laurels.

Happy sale!

Sean

Sean McPheat

Sean McPheat
CEO

BAT Sales Training Image courtesy of Big Stock Photo

Sales DNA

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