What is a Sales Funnel?
Businesses utilize a sales funnel, often referred to as a marketing funnel or a conversion funnel, to conceptualize and comprehend the process of converting potential consumers into actual customers.
The comparison to a funnel is made because, similar to a funnel, many potential customers arrive at the top but only a small percentage of them actually make a purchase at the bottom. Typically, there are numerous steps in the sales funnel, such as:
Potential clients are at this stage when they first learn about a product or service’s existence. At this point, prospective clients have shown some interest in the good or service and are looking for further details.
Potential clients are actively deciding whether or not to buy at this point, and they can be evaluating the product or service against similar ones provided by other companies.
Intent: At this point, prospective clients have decided to buy and may be considering various possibilities before making a final selection.
Purchase: This is the last step, where the prospective client makes a purchase to turn them into genuine clients.
Businesses can enhance their marketing and sales efforts to raise their conversion rates and, eventually, income by comprehending each stage of the sales funnel.