I’m sure you are familiar with the concept of a sales funnel. The top of a funnel is the widest point, and the bottom is the smallest. Likewise, you start with the most people at the top of your sales funnel and then work down to paying customers at the bottom. This episode of the Titanium Life podcast is about simplifying the sales funnel into four steps.
The best salespeople focused on funnel-based selling. They keep strict track of KPIs for each step of the sales funnel. I’ve trained all of my salespeople in my six businesses on the following four-step sales funnel.
Step 1: Prospecting
A prospect is a person you can get in touch with to talk about your business. If you own a store, your prospects are anyone who walks through the door. Anyone who visits your website is also a potential prospect. It’s crucial for you to track these numbers.
What are you doing to keep a constant flow of prospects going into your sales funnel? This is where your marketing strategy comes into play. You need to use digital marketing to build buzz around your business to keep prospects coming.
Step 2: Qualifying
A qualified lead is the type of prospect that is most likely to become a customer. Use qualifying questions to determine if someone is worth moving through your funnel. Say you are selling solar panels. One of your qualifying questions could be “are you the owner of your home?” If they aren’t, they can’t make the decision to install solar panels.
Keep track of the ratio between your number of prospects and your qualified leads.
Step 3: Proposing
Your proposal is where you make your pitch. This is where the real selling takes place. You need expert knowledge of your product or service to succeed at this stage. Every customer wants to know what’s in it for them if they use your product or service. How you explain your product’s features and benefits determines whether you get to the final step.
Monitor how many of your qualified leads agree to hear out your proposal.
Step 4: Closing
The close is where you ask for the sale. Many top salespeople say this is where the real salesmanship begins. You see, every prospect is bound to object at least once. Many times, what they’re really saying is they need more information before they are comfortable making a purchasing decision.
Succeeding at this step comes down to overcoming objections. The best way to do this is through true passion in what you’re selling. Harness this passion to make sure you know the features and benefits of what you’re selling inside and out. Track how many proposals actually turn into customers
Apply the Four Step Sales Funnel Today
Start using this simplified sales funnel today to develop an effective sales system for your business. Keeping track of your KPIs at each stage will help you and your sales team improve your numbers dramatically. If you need help understanding the four-step sales funnel or teaching it to your team, schedule a business consultation today.