There's plenty of software out there to support your sales funnel and help you sell faster and better. Use these tools to quickly gather customer data, follow up on your prospects and analyse sales results. What should your sales funnel look like and which software do you need during every phase?
Visualise your funnel
Use a tool like Mindmeister to visualise your sales process. This will make it easier for your co-workers to keep your funnel on top of their mind, all the time.
Attract leads and collect contact details
In order to sell, you need to find potential customers. Use marketing to attract online leads, and talk to people at networking events. Gather new contact data with web forms or use subscription lists during fairs: this way, leads will leave their contact details in exchange for a request, for instance, if they need more information or would like a quotation.
In this stage, potential clients are aware of your offer but aren’t seeing the value for their business yet. This is your time to shine - that is, as long as you’re carefully saving their data. Use online CRM like Teamleader: you can enter the data manually, or even more convenient: link your web forms to a centralised database. Whenever your website visitors complete a form, their contact details are automatically linked to your CRM.
Qualify your leads based on data you gathered, online research and conversations you have with them: you know best which leads have the most potential and which criteria they have to meet.
Your leads now showed a slight interest in your offer, so why don’t you send them some extra relevant information? Use automated email campaigns, for example - they’re dead easy to set up if you use Mailchimp or Campaign Monitor. And whether you are or aren’t using marketing automation: you have to keep it personal. Did your lead download a brochure about jewellery? Don’t send emails with book offers, but spark their interest with your knowledge of special jewellery, the manufacturing method and the corresponding price tags.
Follow up on prospects and convince them
People want real, human interactions. Make sure you contact them personally: identify the decision maker and follow up using individual emails, calls and meetings. Keep up with all your points of contact using lead management: Teamleader offers you an overview of all your sales actions and makes it easy to track the status of every deal.
Define clearly when and how your sales team should dive deep into a deal. Identify when exactly a lead(or marketing qualified lead) turns into prospect (or sales qualified lead). At this point, potential clients acknowledge the added value of your offer, e.g. by requesting a quotation or free consultation.
All these touchpoints with customers affect their purchasing decision. You will now know if the deal is closed or lost, so finding new clients shouldn’t be your main concern any longer - it’s time to put your energy in retaining your existing customers.
Get more valuable insights
Use your sales funnel to identify why, when and how your leads convert. The conversion rate represents the amount of prospects that transfer from one phase to the next one in your sales funnel. Calculate the conversion rate by asking yourself:
- How many potential clients is your sales team qualifying? And how many of them want to receive more information about your company?
- How many prospects are requesting a proposal? Who converts in a paying customer afterwards?
You need this information to improve your sales process. After all:
- The conversion rate helps you forecast your expected turnover.
- You can estimate how many leads you need to reach your targeted revenue.
- You will have more insight in the different phases of your funnel: what is going well and which stages should you improve upon?
Eventually, not all leads become customers. That’s not all bad, as long as you’re examining why. Assess what went wrong: did you maybe get a bad response after a call? Question (lost) leads using surveys and interviews, or analyse their online user behaviour.
Google Analytics is an essential tool if you want more insight in your numbers. Hotjar complements that information, showing you how people interact with your website. Let’s assume that you discover through Google Analytics that there’s a high conversion rate, while you don’t have that many website visitors. A possible action could be: refining your marketing tactics to increase your lead intake.
What do customers really think about your company? Discover these different methods to measure customer satisfaction.
Use Teamleader to understand how your leads are converting into prospects. You will see which quotations you’ve sent and how your prospects reacted to them. Why have or haven't they accepted your quotations? In the overview section, you will see all current deals, their funnel stage and how fast your sales team responded to those deals. You can set your own sales targets and track your progress over different periods of time.
To get more actionable insights, Teamleader provides useful statistics that help you learn from all your sales results.
Metrics to measure your funnel’s success
How can you measure the exact bottom line of your sales funnel? The following numbers are important:
- The amount of deals in your funnel shows how many deals were successful.
- Calculate the average deal size to estimate how much a new deal will approximately generate. This forecast will also help you determine the costs of preceding sales and marketing efforts.
- Close rate: how much effort do you invest in closing a deal and what is your return on investment? The close rate shows you the amount of won and lost deals.
- Sales velocity: how quickly do prospects move through your sales funnel? Measure how long it takes you on average to close a deal and estimate the amount of prospects in your pipeline that will convert soon.
Why don’t you try out Teamleader?
Use Teamleader to follow up on your sales funnel, from lead to client. Store all your customer touchpoints in a clear overview, helping you follow up on sales opportunities, quickly but thoroughly. Would you like to know more?