WHAT IS A SALES FUNNEL?
A sales funnel (also known as a revenue funnel or a marketing funnel) refers to the process through which a company finds, qualifies, and sells its products to buyers. The typical sales funnel is divided into multiple steps, which differ depending on the particular sales model. One of the most common ways of dividing a sales funnel possesses seven phases including:
-in which prospects become aware of the existence of a solution
– in which prospects demonstrate interest in a product by conducting product research.
– in which prospects or prospect companies examine competitors’ solutions as they inch toward a final buying decision.
– In which a final decision is reached and negotiation begins.
– in which goods or services are purchased.
– in B2B sales it’s common for offerings to involve contracts that need to be renewed. As a customer becomes familiar with an offering, and especially as a contract draws to a close, a customer will enter a reevaluation phase during which they’ll decide whether or not to renew their contract.
– in which a customer repurchases a product or service.
Both marketing teams and inside sales managers commonly adopt strategies, tools, and tactics aimed at optimizing each stage of their sales process.