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Developing a marketing and sales funnel process

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In previous tips, I’ve talked about the importance of generating leads (see here).  However, you cannot just simply get a new lead tomorrow.  Instead, you need to have a Marketing and Sales Funnel Process in place.  You need to start with identifying your target market (Suspects) and what their needs or wants are that you are solving for.  Then through your marketing efforts, you communite to this group by letting them know the specific way that you address their needs or wants.  Plus you need to provide an offer and a call to action that gets them to respond (watch this video to learn more).

After your target responds to your marketing, you want to pre-qualify them to determine if they are ready to purchase the service/product you provide and if they have the budget to match your price.  When you pre-quality them, they then become a prospect and you want to move them to the next stage of your process – this is when they ask to learn more about what you have to offer (for exampe they request for a proposal).

The most important thing about all of this is that you have a process in place and you are testing and measuring your numbers.  Measuring is important because if you have determined that you need 5 leads a month, you also need to know how many prospects you need and therefore, how many suspects you need to market to.  If you don’t know your numbers, then you are simply shooting in the dark and hoping you will hit your goals.  Conversly, if you know your numbers then it simply becomes a numbers game and you know how much activity you need to complete each month to hit your numbers.

This of course can sound a lot easier than it is to actually execute.  It does take time to build your tracking mechanism (I use excel for example and track my activity over time to understand what my conversion rates are).  With my conversion rate information, I can then determine how many suspects and prospects I need each week in order to reach my lead goals.  From there, I set up weekly Key Performance Indicators to hold myself accountable to doing the required activity.

About

I work with successful and emerging business owners who want to work less hours, make more money, reduce chaos, and improve their teams. I coach business owners to excel by learning to work on their business instead of in their business. Thus enabling them to take the business to the next level.