Sales Funnel -"is about to understand customer's and company's insight"

 Sales Funnel

It is a visual representation of the journey at the beginning of contact until a complete purchase. This factor supports the sales team to understand wherever they require to follow up or alter the sales process to improve customer’s demand. By the sales funnel, we can easily understand where are we going with prospective or where requires to drop off, what things tempting existing customers to follow the sales funnel at any way through. Most of the companies are putting more effort into the sales funnel to increase their brand image along with sales insights. This funnel is not only helping address customer’s key needs but also delivers the right message at right time. In addition, companies can scale their sales parameters, forecast their sales and revenue and hit their goals in a defined time. Sales Funnel assists organizations to understand that what potential customers are supposing and doing at different stages of the buying journey. These insights permit companies to invest in the right channel, develop the most relevant message during each stage, efficient marketing activities and turn most of the prospects into paying users.

Process and stages involved in making the sale

Seven processes are involving in making sales which already have mentioned below. While four stages i.e. awareness, interest, decision and action phase are also highlighted in making a sale of the company. Combined processes and stages have summarized below which assist a company to induce sales.

• Awareness Phase: In this phase, the company become aware of the issue of customers and come up with a solution.
• Interest Phase: At this phase, the marketer of the company conducts product research to increase the interest of key customers in a product.
• Evaluation Phase: In this prospect, the organization conducts depth research on competitor’s solutions which can help to move an inch towards a final buying decision.
• Decision Phase: At this phase, a final decision takes by a company to fix the price of an object while customer’s negotiation starts at this place.
• Purchase Phase: As a result, goods and services are purchased by customers while the company gives valuable services like good sitting conditions, discounts etc. to encourage customers to repurchase.
• Re-evaluation Phase: In business to business (B2B) sales, it is highly important to involve in the contracts which require to be renewed from time to time. Once customers become familiar with the offering, specifically as a contract drawn to the close, then customers will directly enter into the reputation phase during that period they will elect whether they or not to renew their contract.
• Repurchase Phase: At this stage customer repurchases service or product.

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Difference between marketing funnel and sales funnel

Marketing Funnel	Sales Funnel
It is a high-level strategy to guide key customers from completely unaware of the brand to actual, loyal customers.	Contrary, the sales funnel is the procedure whereby a company plan to get the potential customer to take several actions, either logging into an email list, participant into event or purchase a product to keep thought like trying something different.
The phases of the marketing funnel start from raising awareness and makes it to the end with the conversion of the customer into a loyal one.	It is a series of sites that are made flawlessly to pursue a customer from point A (to create awareness about the product) to point B (to purchasing product). In such a way, a sales funnel is the essential part of the marketing funnel.
The marketing funnel focuses on developing more product or service sales.	While the sales funnel focuses on making brand recognition and image.
This process helps a company to maintain the consumer’s interest.	On the other hand, it develops consumer’s interest.

Sales funnel with a real-time example

Netflix is a great example of the sales funnel because this company implement this model on its company to attract new customers in the new country. By this model, the company attracts new customers within 30 days by offering free services before payment kicks in. For example, Netflix places a large CTA button which clearly defines the prospect that they will get 30 days of free services. The companies use the seven stages of the sales funnel model which proved extremely successful for the company in attracting millions of subscribers globally. Seven stages of Netflix’s funnel are plan introduction, plan introduction page, plan pricing page, create an effective account introduction page, create account signup page, payment mode page and payment detail page for the customer. By this sales funnel, the company provides access to customers from entering contact information to provide payment information at the end. Once all the payment detail input by the customer then they can enjoy 30 days of free services before Netflix’s paid service starts. When users sign up for Netflix then their billing will auto-new per month until they cancel. By this feature, Netflix created 62% of consumers who were unintentionally paid for subscriptions due to the auto-renew feature. Thus, Netflix enhances its insight into sales.

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