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Fixing the Gaps in Your Sales Funnel

Sales funnel is a marketing tool designed to convert leads into buying customers in a systematic way which involves several stages. The concept of a ‘funnel’ is based on the fact that for every sequential stage in the sales process some percentage of leads get through while others are lost or stay behind.

For businesses, it is reliable indicator of marketing success, or failure. It tells them exactly which part of the sales process is connecting with the audience and which part isn’t

Identifying Problems in the Sales Funnel

A sales funnel can make or break a company. It’s imperative you analysis each part of the funnel to see what is working and what isn’t.

If part of your sales is a landing page that doesn’t convert, then you need to analysis what isn’t working. It could be that the lead acquisition is too generic, or maybe 50% of all the visitors leave without even looking or clicking on your sign up button.

Low click-through rates against a high number of visits on a landing page, could also be a sign. Something isn’t “speaking” to your customers.

The first step is to identify which part of your sales funnel people are dropping off or not responding to.

Read: What Sales Experts Do to Keep Their Sales Pipeline Up and Running

Fixing the Problem with Lead Acquisition

Marketers use inbound and outbound marketing approach to get people to their site. Some examples include landing pages, surveys, and opt-in subscription to newsletters or free content.

Traditional outbound marketing use advertising such as Google AdWords to generate leads. However, this method doesn’t always guarantee a high volume of qualified leads as this can be exploited for financial gain.

Other companies create a buyer persona to guide them at this stage because it helps generate more responses using the concept of an ‘ideal customer.’

The most common problem at this stage has to do with high bounce rate and getting a high number of low-quality leads. Online analytics tools such as Google Analytics reveal how many visits a page has vs. the percentage of those who have taken action.

Experimenting with the client acquisition tool might help solve the problem. A/B testing or split testing, for instance, can help you pinpoint which specific feature or element in your client acquisition tool has the greatest impact in getting more response from your target audience.

Studies have shown that even slight changes in page layout, content, or CTA can influence viewer perception and user experience.

Landing pages should also address specific ‘pain points’ or areas of interests instead of being vague or too generic. Unique value proposition’ (UVP) or ‘unique selling proposition’ (USP) helps create a distinction between you and your competitors, and makes your business stand out.

Fixing the Problem with Lead Nurturing

Nurturing leads is just as important as the initial stage of acquiring them. Unfortunately, this is where most sales funnels start to atrophy and experience massive loss of volume.

This can be attributed to an inefficient email marketing strategy or not being able to follow up with potential customers in a timely manner.

Setting up an email automation can help simplify the task for you. However, to be effective, you need to segment your prospects to stay relevant with them and not sound too generic.

Fixing the Problem with Lead Conversion

Converting leads into buying customers shouldn’t be too difficult if you didn’t have any issue with the acquisition and nurturing stage.

Problems arise when a company tries to fast-track its conversions by skipping other processes. This is usually the case with most traditional outbound marketing which attempts to speed up the sales cycle by hard-selling their leads and prospects.

Companies should be able to provide potential customers with alternatives when making buying decisions. Upselling and cross-selling are among the best and effective ways to seal any gaps in your sales conversions.

Call to action words and phrases (CTA) can also influence the way customers respond to an offer or invitation.

Unlock the Power of CRM for Your Small Business

Being able to monitor your sales funnel and fix the gap between customer acquisition and lead conversion is what elevates your company from all the rest.

Small Business Dream is built around this concept of sales funnel, which involves customer acquisition, maintaining customer relationship, and driving sales. It’s a sales and marketing tool aimed at helping small business owners like you. We’ll be looking forward growing business with you.

How Technology Is Changing Sales Forever

Technology has shaped the way we do business, especially in the last fifteen years. Over the course of its transformation, the sales and marketing aspect of business has evolved from one mode of customer engagement to the next.

This paradigm shift has had a lot of implications in many of today’s small to medium enterprises. Accessibility to products and services coupled with the growing number of online users also meant that the competition for customer attention will be more relentless than ever.

There are number of ways our recent technology in sales and marketing has affected the business sector. However, our focus will be the most prominent ones and have the greatest impact to customer engagement and sales on a global scale.

Major Shift from Traditional Marketing to Omnichannel Marketing

Before PCs and smart phones were adapted for consumer use, customers had no way of interacting with the businesses since everything was basically a one-way communication between the company and the audience (also known as traditional outbound marketing).

But as more people are starting to gain access to online services, this type of customer engagement had slowly become a thing of the past.

Some companies took their old marketing approach and moved it online (YouTube commercials, online ads, online stores, etc.). However, unlike traditional media, online consumers are able to make their voices heard through the social media, comments section, forums, online reviews, vlogs, and the list goes on.

This sparked a new era of customer engagement and the birth of omnichannel marketing. Businesses are continuously harnessing the potential of social media, blogs and online sites, using the latest CRM technology to manage their contacts and maintain customer relationship.

Bigger Opportunities for Small to Medium Enterprise

Big companies used to occupy a large portion of the market until the Internet reached full status at the turn of the 21^st century. They stayed top-of-mind through promotional ventures and ads, while small businesses struggled to make an impact.

But with the major shift from traditional marketing to online customer engagement, things are about to change. Today, it is not uncommon to find multi-million dollar businesses with a solid online presence coming from the lower echelons of the business sector.

Social media, email marketing, content marketing — to name a few — enable business owners to expand their borders far beyond the reaches of traditional marketing.

However, unlike TV ads and other promotional material, it is by far the most cost-effective method when it comes to promoting brands and maintaining customer loyalty, so much so that even long-established companies followed suit and retrofitted their businesses with online marketing strategies.

More Businesses Competing for Online Space

Competition is the natural outgrowth of this technological innovation in customer engagement.

During its infancy the Internet relied heavily in physical servers to create a virtual space for users worldwide. When cloud computing went full swing, this limitation was done away with.

Consequently, competing businesses have also grown by the millions using the Internet as the battleground for online supremacy.

To see just how much competition we’re dealing with, try searching the word ‘car’ in the Google search bar and you’ll find over 5 billion search results just for the word.

Assuming that you’re doing car sales, this meant that establishing your online presence would be an uphill battle unless you have the technical know-how to outmaneuver and bury your competitors.

Because competition is so fierce, businesses must continue to innovate and find new ways to stay relevant. Content marketing has become a buzzword and now businesses are flooding the market with blog posts, podcasts and videos. But because there is so much content, it is hard to stand out with a simple 500-word post.

Kijiji featured some up-and-coming rap artists in one of its campaigns. A Montreal rapper made a song called “Gotta sell my stuff” which received over 830,000 views on YouTube. This is the type of content marketing that will be successful — fun, entertaining, and inclusive. Content marketing is not about talking to your customers. It’s about including them into the conversation.

Improved Customer Service through CRM

Since the advent of customer relationship management tools, customer service has improved by leaps and bounds. Companies don’t have to pull numbers out of thin air when trying to figure out their customer’s specific ‘pain points,’ creating value for their customers, and improving customer experience.

Mobile CRMs such as Small Business Dream features customer acquisition tools, including sales funnel, card scan function, survey engine, Google Analytics, coupled with an efficient follow-up system to keep track of every customer engagement, upcoming calls, or scheduled appointments.

By emphasizing a customer-driven approach to sales and marketing, businesses are able to keep a steady flow of qualified leads and repeat customers.

Visit our site at www.smallbizdream.com and experience the power CRM technology for your small business.

What Sales Experts Do to Keep Their Sales Pipeline Up and Running

Businesses have been constantly evolving for the last twenty years and are starting to adopt a different approach to lead conversion. Unlike traditional outbound marketing, ‘soft sales approach’ involve several stages in the customer’s journey which lead to a sale or repeat business.

This process can be seen in a company’s sales pipeline. Sales pipeline can be viewed in different ways but the basic idea is the same: “How do I get my leads from point A to point B, and what does it take to get them there?”

Stages in a Sales Pipeline

Companies differ as to the exact number of stages in a sales pipeline. However, most companies will agree that six to seven stages hits the sweet spot. We’ll go through each stage and see how experts lead their prospects from one point to another.

Stage 1 — Generate High Quality Leads

Sales and marketing experts would often use the social media, invite people to a social event, or use an effective content marketing strategy to get as many potential customers as possible. Making the sale at this point is the least of their concerns. It’s more about getting people interested in what they have to offer.

Stage 2 — Educate Leads about the Benefits

What’s in it for them? Leads should be able to see clearly how a company or a specific product can help solve their ‘pain points’ through opt-in subscription to weekly posts or monthly newsletters. Email automation and autoresponders can help accomplish the task via drip emails.

Stage 3 — Get Feedback from Viewers and Subscribers

Being able to collect information from opt-in viewers and subscribers allows businesses to refocus their strategies and be able to address individual needs. Some CRM applications like Small Business Dream enable business owners to collect information from online subscribers and viewers using a survey engine, similar to Google Surveys offered in Google Analytics Solutions.

Stage 4 — Qualify Prospects

This stage will assess the possibility of converting leads to business opportunities, by weighing certain factors such as viewing activity (click and open rate), specific interests, occupation, income, and so on. The result will determine whether they would eventually turn into opportunities or if they needed more time in the previous stages (Stage 2 and 3).

Stage 5 — Assign Lead Scores

Each qualified prospect receives a lead score which indicates his level of interest. Investing more time and money on a qualified lead is considered profitable since the likelihood of conversion is very high. Those who received higher scores are given more priority while those at the lower end can be cycled back to Stage 2 or 3.

Stage 6 — Close the Deal

This stage provides the end-result of all the marketing efforts to win a potential customer. Some of the best-known practices at this stage include upselling and cross-selling. Others will include a ‘post-sale’ where customers are encouraged to patronize their product through follow-ups and having them sign up for loyalty or point cards.

Maintaining a Healthy Sales Pipeline

Maintaining a steady flow of leads, opportunities, and sales is critical in any business. If at any stage the sales pipeline gets bogged down and fail to meet their goals, the company could take a hit and seriously affect their bottom line. Some ways to keep the sales pipeline up and running include:

Checking the conversion rates by stage
Making constant improvements on every stage
Closely monitoring the sales cycle
Holding regular sales pipeline meetings

Running a business shouldn’t be too overwhelming with today’s modern CRM that can store, analyze, and keep businesses attuned to the customers’ needs.

At Small Business Dream, we give you the most up-to-date CRM software to keep track of your customers and provide you with the right information to stay in business.

5 Ways To Better Connect With Your Customers

It is easier and more convenient than ever to connect with your customers in order to grow your loyal customer database. But with so many tools and resources, it can also get complicated and overwhelming to make those personal connections with your customers.

Social media is a way to connect with your customers if done correctly—creating interesting contents that your customers want to share—but spamming your connections with your product updates, urging them to buy your products, is the quickest way to lose them.

To be able to help you make those better and loyal connections, here are five simple and effective ways to better connect with your customers, while growing your brand and business at the same time.

1) Know Your Customers

The first thing that you need to do to establish a better connection with your customers is to know them on a personal level. This allows you to identify the following information:

demographics (age, location, gender, hobbies and interests)
personal wants and needs
occupation
income

With these details available, you can strategize your marketing approach and ways to promote your products and services. This can also help you decide whether you need to modify the products you provide as well as the services you offer to your customers.

Google Analytics is one of the best tools to collect data from your customer. Information from Google can help you start a targeted customer database. You can discover what kind of customers you have and what they need from you. These details can also help you with identifying their online habits which can assist you with knowing the proper time to begin marketing your products and promoting them.

Facebook also has some great analytics tools to get to know your customers. If you look at the insights, you can find out all types of information about your audience – down to their interests and hobbies – and you can better connect with them.

Other social media platforms like Twitter and Pinterest have analytics tools, but none of them have caught up to Facebook in terms of usefulness or ability to capture as much customer data as possible.

Aside from these tools, you can also do market research by doing a survey and listening to their feedback in your comment section, and from review sites and online forums. Learn who your customers are by doing an analysis of your collected customer data and segment them accordingly to be able to personalize the connection.

2) Engage on Social Media

With the growth of social media, it is one of the better ways to have a connection with your customers online. Social media have become the essential online tool for customers to search for products and services they need. Tools like Facebook, Twitter, Instagram, and other available resources are avenues for people to engage and for brands to grow their business.

Facebook can be used to build brand awareness and personally connect with customers. You can create a Facebook Page where you can post videos and images explaining your products and inform them the benefits they will get if they avail them from you. You can also check customer complaints and deal with them personally.

Try running competitions on social media where your customers can get a chance to win free services. These can be fun and help you win a ton of extra true fans as well.

Twitter, on the other hand, is a way for customers to post their feedback. Hear what they think personally about your products and engage with them by answering their queries directly. You can also keep your followers up-to-date by sharing news immediately. Twitter can also help you track what your competitors are up to.

If your customers are on Twitter and they post about your company then you better respond – whether it’s good or bad comment!

A great place to market your brand with a simple visual element is Instagram. With currently more than 300 million daily users, Instagram is quickly climbing up the social media hierarchy of best sites to connect with customers. With a simple yet rich media content, it can engage more users with a strategic use of search keywords through using hashtags and also with a good skill on photography. There are several tips on how to have eye catching images to boost your online presence and your social media posts.

3) Start Live Business Events

You shouldn’t just focus all your efforts online. Face-to-face engagements are still very important and can help connect your business to your customers. Register to business expos where you display your products and market them to existing and potential customers. Get to see their response and feedback while they sample your products or test them through demonstrations and exhibits.

If you have a physical store, invite your loyal customers to your launching parties. You can also get to know your leads and engage with them to build partnership. These customers, while they have the chance to visit your store, will share their experience on social media or will spread their thoughts by word of mouth — the cheapest and most effective way of marketing.

Of course, for a live business event, you need to plan first. Choose a venue with good atmosphere and filled with interesting activities. Don’t forget to let your customers get involved. Learn from them first hand, see their reactions personally, and talk to your customers to leave a good impression about your products and your brand.

4) Keep Them Updated

Send them emails, newsletters, or push notifications on their mobile devices for announcements on new product launching, promotions or a new published post on your blog. Keeping your customers in the loop is the easiest way to reach them whether on social media or on traditional media like newspapers and magazines.

Update your social media channels through a tool like Small Business Dreams and send out a newsletter. With the Small Business Dreams app, you can send automated and semi-automated messages to let your customers and leads know what’s going on in your industry or other news. The app prompts you when it’s time to reach out to a customer so you never have to remember and risk forgetting.

You can also utilize social media advertisement services like Facebook Ads to promote the updates on your brand and your products. Never miss to encourage your customers to also share your updates to family members and friends who can possibly be potential customers.

Keeping your customers updated lets them know more about business and how you can bring them values into their lives.

5) Provide Good Customer Service

There is no better way to keep your customers coming back to buy your products and avail your services than to have a good customer service experience. Customer service is a necessity to an emerging customer-based industry. This means attending customer on a timely manner on your social media channels, forum sites and emails whether they have questions, inquiries, or concerns.

Giving your customers a superior customer service is one of the ways to engage and to build a better connection with them. This is also ideal when trying to convince potential customers to get your products and tell other people about how they affected their lives. According to a survey, customers have bailed on a transaction or not made an intended purchase due to bad customer service. Potential customers also check Net Promoters Scores (NPS) to see if a brand and the products and services they provide will make a difference to what they need.

Building the trust with your customers, no matter how strong your social media channels, how huge your customer database or how engaged you are with them on events will be affected by the experience they are getting from you through your customer service. You need to plan out the section of your business to be able to attract new customers and let existing customers stay with you for the better of your brand and your business.

Connect with customers better and reach out to new prospects by visiting our website at www.smallbizdream.com.