Do you think the sales funnel really end at the sale?
I was having a discussion with a sales manager for a major real estate chain over the weekend and they posted the debate that once the sale is done it’s done for them… I didn’t agree. Being an entrepreneur I seek opportunity and try to make things work harder for me. This naturally got me thinking about how many others buy into this belief and of course following that I felt a blog coming on, so here it is. Where is the real end of the sales funnel?
Depending on the type and maturity of a business, a sales funnel can be basic or complex. It can start with different channels / mediums, and the nurturing and converting processes may come immediately or after a while.
But if there’s one question about sales funnel that always get debated by experts, it is the question of whether it has an end or not. There are some, especially small business owners, who thinks that a sales funnel ends when a lead they’ve been nurturing finally converts.
So, is conversion the real end of the sales funnel? No, not even close.
There are plenty of opportunities to get more from each customer whether it be repeat purchase or customer referral. The best news about this all is that a lot of the time this process can be an automated marketing strategy. Today, I’ll be sharing with you the eight best practices to get more from your sales funnel designed to increase the value of every customer.
Read until the end, because I will also debunk the real end of a sales funnel. Curious? Let’s start!
Build relationships
What’s great about building relationships with your customers rather than just plainly convincing them to make a purchase, is you get to encourage them to be repeat customers. When they’ve had the best purchasing experience, and you’ve provided them with quality products, you’ll gain their loyalty, and you’ll always be on the top of their list / options. Also consider that in most cases 1 happy customer will tell on average 9 people. Your relationships will have your customers doing your marketing for you… for free.
Grow your subscriber base
Your email subscribers are your most qualified customers and advocates. Up to today, email marketing is still the highest converting marketing strategy, which is why I love it so much. So make sure you put extra effort in attracting more subscribers from various channels and nurturing them with an outstanding welcome series and continued consistent relevant communications
If you’re frustrated with you subscriber growth and need some help make sure you contact me here.
Upsell
Have you ever wondered why supermarkets always have a pack of chewing gum near the counter? This isn’t just a nice offer. It’s based on science. It’s the old McDonalds would you like fries with that scenario designed to increase the spend per customer. Whether you’re a retailer or a service provider, upselling is a must-do and an incredible way to quickly boost your profits.
Cross Sell
As I said, one conversion from a lead doesn’t mean it’s the end of the sales funnel. In fact, you can use this conversion to understand their preferences and offer them more products that are meaningful to them. Just one way to do this is to do suggestive selling content based on previous purchase history, this will take some intelligence in your data structure but can be easily done.
Customer Referral
According to research by Nielsen, 92 percent of people trust recommendations from friends and family more than all other forms of marketing. So encourage referrals from your customers by offering them incentives when they suggest your business to others. One quick way to do is to provide them a discount when their referral makes a successful purchase. Something the Luxottica group do every year is offer an exclusive Family and Friends discount, this works incredibly well for them.
Remarketing
Did you know that you are capable of serving ads to users who have previously engaged with your business online? You can serve ads to anyone who has been to your website and left, form the shopping cart abandoners to people who have spent time browsing but never took direct action.
Dynamic retargeting
For even more customised content for ads, retailers can turn to dynamic retargeting. Facebook just release dynamic ad’s which I’m super excited about. Dynamic retargeting can generate ads in real time that feature abandoned products. So, for example, a shopper abandons a red pair of shoes, you can automatically begin serving the user ads featuring those shoes.
Alright! Now that you know the best practices to get more out of your sales funnel, you must already be so curious to know what its real end is?
Well, let me share it with you…
The only ’real’ end of the sales funnel is bad reputation and lousy customer service. After all, one unhappy customer will tell on average 9-15 people about their experience according to White House Office of Consumer Affairs.
So stay relevant, look after your customers and their network, and always provide valuable products and customer service. Theoretically, the sales funnel should never end with a well developed communication architecture.
Have you once thought your sales funnel ended with the conversion process? Are you excited to employ the tips above? Which one do you think will work best? Let me know in the comments below, or you could email it to me at alita@milkit.com.au directly!