SALES FUNNELS & LEADS
Looking to boost your sales efforts? It can pay to map out your sales process and estimate the amount of activity you need to generate your target sales. You can do this using a sales funnel.
What’s a sales funnel?
It’s a visualisation of how many leads you need to convert into jobs.
First step: set your target. Do you want make 10 sales or 1,000? What’s the quantifiable goal you’re aiming for? Next step: work out how many leads you need to make that target. This means looking at each step of the sales process and working out your conversion rate at each stage. Working backwards from your sales goal, and factoring in your conversion rate enables you to estimate how many leads are require to generate the sales you need.
This is called your sales funnel, as illustrated below.
The funnel above is divided into a number of sales stages common to creative industry companies (yours may have more or fewer stages). You’ll see that at each stage, there’s a drop off of 20 companies. Your conversion rates between stages might be more or less than this.
The real virtue of drawing up one of these for your business is to work out the scale of the lead generation task. This is often the number which is underestimated by businesses. But once you know it, you can start strategizing to achieve the number of leads you need to fill your funnel with.
Best of all, you can do this right now. Grab a pen and paper and draw yourself a funnel. Factor in some estimated numbers for each of your stages. Test out you estimates over the next month and tweak where required.
Do the results please you or terrify you? Get in touch to talk it over, and to discuss ways of boosting your lead generation efforts. We’d love to help.