Most of the people have a question in mind, “what is sales funnel/pipeline and why it is used?” When new business owners listen to anything about “sales funnel”, most of them do not have any awareness what you are speaking about or they regard they do not require one as they are about to initiate their business.
Well! How wrong they are.
Sales funnel are essential as it takes your client to the way of purchasing the process. Suitable sales funnels will make the visitors of the website into the email subscribers, and then email subscribers into clients or customers.
Here we are going to discuss a detailed guide to sales funnel, the stages a potential buyer goes through, what is the role of marketing in your sales funnel, and who and why you need sales funnel, what are the b2b sales pipeline stages as an essential part of business strategy.
So, let’s start!
Sales Funnel/Pipeline Definition
A sales funnel is not as daunting as it sounds. Basically, it is the methods through which the potential clients go through to be the clients. The word “funnel” is used as the shape of the funnel imitates the number of individuals that are going through the process of sales funnel.
While describing the shape of the sales funnel, the top portion of the funnel is widest. It is the process where the initial stages of awareness present. While the bottom section is for paying the clients.
The aim is to filter down your prospective clients into ones who are thinking about buying.
The Steps of a Pipeline
There are many sales funnel stages while moving further down the funnel. Let’s discuss the description of every phase.
Awareness: potential customers start to know about your products. For instance, there are blog readers who look for a solution to an issue they have.
Interest: These customers seem to be involved in your product. The example is email subscribers.
Evaluation: The potential customers start evaluating your products as compared to your opponents.
Decision: These customers make a decision to making a purchase.
Purchase: The potential customers become the actual clients.
Hurry! Time to celebrate your success!
It is all dependent on what you sell, your sales funnel may be a long process as compared to others. The services and products that are more in price may require a long sales funnel and points of contact than the inexpensive ones.
How Marketing Fits into Your Sales Funnel?
After discussing “what is sales funnel?” let us discuss how marketing fits into your sales funnel.
Marketing is significant in all the phases of the sales funnel. But, it is particularly essential in the initial phase, especially the phase of awareness.
Using paid advertising and social media, online marketing of your products is important during the phase of awareness as these are the places where potential customers can catch you and your products.
Who Needs a Sales Pipeline?
Every individual! Seriously, every person.
Every individual who sells a service or product needs a proper strategy of the sales funnel. Without having a strategy of best sales funnel, your efforts of marketing may not let you know as your potential customers are not clear as to what the next steps are in the buying process. You require nurturing your potential leads to the point where they know they cannot live without purchasing your service or product.
Why Use a Sales Funnel?
All the business want to improve their sales through sales strategy. Isn’t it right?
Planning out a sales funnel will assist you in being steady with marketing. It aids you to measure the development that you make in every phase. Evaluation of progress is vital because you can initiate identifying what step people fall off and initiate making alterations.
The great sales funnel make credibility and trust over time by offering valuable and incredible content. Having their trust will provide you, potential customers, a reason to purchase from you.
Stages of B2B Sales Pipeline which can Increase Your Sales
Do you have any idea of the B2B sales funnel? The sales pipeline is a set of stages and strategies which manage the movement of lead s from beginning to end. It assists in guiding the businesses through puzzling the maze on the journey of the buyer as it keeps the B2B marketing and sales associated, and scales the growth of revenue.
As far as it is essential, the B2B eCommerce pipeline is as complicated as the journey of the buyer because there is no strategy that fits in all. There are multiple ways how to do it and it is dependent on the needs of every business.
It does not matter what strategy your firm is using, there are three common stages of the sales pipeline: the lead nurturing, lead qualification, and a closed deal. These stages initiate right after your stimulation and capturing the interest of your audience during the process of B2B lead generation through content, events, and emails.
Stage No. 01: Lead Nurturing
The firms who have a program of lead nurturing gain more sales-ready lead but invest less than those who don’t have. This is the stage where you can build the trusts of people that assist the leads to conversions. It is similar to take the best catch on a date. While you have agreed the person to go out with you, you do not need to act hard violently. In spite of this, you need to guide your date seamlessly and smoothly to say yes to you.
Well, what you need to do now?
Similar to a person who tries to win a girl, you need to be there where your prospects are, willing to answer the queries. At this specific point, it would be your benefit if you concentrate more on the potential effect of your solutions as compared to hard-selling your service or product.
Stage No. 02: Lead Qualification
At this stage, you need to decide while the prospect is a marketing qualified lead (MQL) or a sales qualified lead (SQL). These two are quite similar as they are considered hot B2B leads. Hence, a Marketing Qualified Lead appears like the best lead, somebody who is more confident to hear the solution you are providing.
On the other hand, Sales Qualified Lead is the one who is ready to have a discussion. He has raised his hands and ready to go to the next stage. B2B examples include a devoted account manager who is allocated to the leads for qualifying them further.
This stage is quite essential and it is necessary to have some care and caution. Several pieces of research state that 61 percent of B2B lead generation marketers acquire leads to B2B sales. But only 27 percent are sales-ready B2B sales funnel leads, and 13 percent convert into chances. There is no need to lose that chance. Hence, it will give you benefit if you try to invest some time to understand the business conditions of your goal and comprehend the pain points they go through. You can utilize these issues to reveal how your product or service can give a solution to them.
If your prospect appears your service or product to be a resolution to their pain, you can close the deal. On the other hand, if they don’t, you can prepare that prospect out.
Stage No. 03: Closed Deal
If all goes well, the leads make a buying decision and be a revenue. But, here is a truth: only 6 out of 13 percent chances will convert to deals. It means the firms lose almost 94 percent of the sales. One out of four marketers does not have any idea about the rates of conversion.
Converting Chances to Revenues
The lifeblood of B2B growth is the sales pipeline and sales funnel B2B, but statistics reveal that as the leads go into the pipeline, the rate of conversion of making the leads into revenues become small. Now, the query becomes, ‘How do you make a successful pipeline?’ as mentioned before, there is not a solution for this, but you can involve different things into your sales pipeline to increase the percentage of your success.
These are the stages of the B2B sales funnel by which you can increase your sales and add value to your business.
Best Sales Funnel/Pipeline Builder
There are several platforms available through which anyone can build a sales funnel. Our recommendation is to use ClickFunnels. But it is costly for beginners. You can try available alternative to ClickFunnels which are providing great service also.
I hope you get the answer to your question, “what are b2b sales funnel stage?” This guide will be helpful to you. The proper sales funnel is the key to sale your business well, in addition to making a reliable relationship with potential clients.