Most companies define the steps in sales funnel a little differently, but the core concept is fairly universal. The sales funnel breaks down the natural steps in the process of a purchase, of which customers go from being unaware of a product to a paying customer. It helps companies organize their sales progression into actionable steps that simplify the conversion process.
More than half of customers are lost when they transition to the next step in the funnel, this is often due to the fact that sales representatives fail to follow up in time. Many companies make the mistake of having too many steps in their funnel, thus increasing the chances of lost customers and wasted resources. Sales funnels require close management so the team understands the processes and requirements to ensure the highest possible number of leads turn into sales.
Many businesses are making use of new technology to help keep their sales funnel running smoothly, improve conversion rates, and organize relevant data. Here are some tips you can use to help manage your business’ sales funnel more effectively.
Streamline your CRM
Most small businesses start off organizing their customers in spread sheets, if they keep them organized at all. However, once business picks up, it’s quite difficult to keep track of everyone and where they stand in relation to the buyer’s journey. Customer Relation Management software, or CRM, compiles customer information while tracking and organizing their position along the sales funnel.
Regardless of the size of your business, the sooner you get onboard with a good CRM tool, the easier it will be to manage your bottom line. Incorporating CRM software can mean major growth for lead generation and conversion rates. Even more, it can help to create a more loyal customer base.
Salesforce is one of the leading CRM programs available on the market. The program uses artificial intelligence to create an impressive and personalized experience for each customer. Salesforce also offers Cloud Computing so data can be shared effortlessly.
Base is another tool to consider. Best known for its well-designed and easy to read graphs, charts, and reports, sales managers and teams are able to seamlessly track results and map their approach. This resource offers several programs for multiple areas of service, such as analytics and communications, so your company can customize the CRM services for every area you need.
Invest in task management software
Communication always runs the risk of being lost or confused as it travels, even between departments in the same company. As a result, coordination can be shoddy and deadlines can be easily missed due to disorganization. This can lead to lost sales and disgruntled customers. Therefore, for the good of your sales, making sure everyone is on the same page in your company is extremely important.
Luckily, the prospect of task management has been made extremely simply in the past decade. Breakthrough software helps businesses categorize tasks and projects, while providing progress reports and allowing users to share forms and documents or add comments or questions to each task. At a basic level, the goal is to connect all team members within a company so information can be easily shared.
Brown Boot Works is an excellent tool to use for organizing your sales team and keeping them on track. The program lets you combine Google Sheets, Docs, Calendar, and Gmail into one shareable platform to assign tasks, attach and share documents, and measure progress.
Brown Boot Works can help keep your team on target for deadlines and quotas, as well as track the flow of leads through the sales funnel. You can analyze pre-sales processes, influence your clients’ decision making at the right time with accurate data, and estimate income plans for the financial quarter or year.
Understand your data
While you may be closely tracking the analytical data in your sales funnel, do you know what those numbers are telling you? For instance, what percentage of customers never make it past the prospect category? Which step is losing the highest amount of potential sales? According to your average closing percentage, how many new leads do you need to generate to hit your goals?
Funnel Wise is a “funnel intelligence” tool that combines data from multiple departments to provide a more complete picture of your entire business and predict future trends. Their Net New Movement option tracks all aspects of the sales funnel, assembling data to deliver reports highlighting areas for improvement.
Utilizing the right technology is crucial in making sure your customers don’t slip through the cracks in your sales funnel. With the help of online software systems, you can organize data throughout all your processes, track leads and sales, and predict future trends. There is no shortage of tools at your fingertips. Don’t hesitate to do your research and see which ones can help reach your goals.
This post is part of our contributor series. The views expressed are the author's own and not necessarily shared by TNW.