So what on earth is SMARKETING? Here’s a description from Wikipedia and from our own decades of experience, it’s the smart way to optimize your sales flow. Now let’s talk about your sales funnel.
The Internet and smartphone revolution have resulted in masses of consumers making a beeline for their computer or phone to research and purchase products and services both for personal consumption and professional use. Traditional advertising has declined rapidly. Now that the members of Generation Y (born 1977-1994) and Z (1995-2012) have joined the workforce and become administrative and procurement executives and even decision-makers, it is imperative that businesses create and maintain a strong online presence. This enables businesses to be seen, heard, and at least somewhat competitive, if not at the forefront of customer awareness.
The sales funnel refers to the process that companies lead customers through when purchasing products and services, and consists of 4 major phases:
Awareness – at this stage, the prospect learns about your existing solution, product or service. He might also become aware of a problem that he needs to solve and the possible ways to do so. This is when he visits your website for the first time, which he probably found from an ad, Google search, or social media. Naturally, he also visits the websites of your competitors.
Interest – the prospect has been actively looking for solutions to his problems, most likely on Google. With superior content and propositions, you entice him to contact you via email (online enquiry form), or phone/live chat if he wants speedy answers. In an increasingly competitive environment, businesses must respond promptly and professionally to stand out from the crowd and gain an early, and usually large, advantage.
Decision – the prospect has obtained a number of proposals within his allotted timeline (some businesses respond late or don’t even respond!) and is evaluating and comparing them. He may request for more information or start negotiating on the offer and price before deciding on what to buy and whom to buy it from.
Action – at this stage, the prospect is becoming a customer by finalizing the deal with you. He’s signing the contract and paying you.
It’s a fact that it costs less and is easier to retain an existing customer than to win a new one, so 2 subsequent phases are noteworthy:
Re-evaluation – When a product needs to be replaced or as a contract draws to a close, a customer will enter a re-evaluation phase during which he’ll decide whether or not to re-purchase the product/service and from whom.
Re-purchase – the customer re-purchases a product or service, hopefully from you.
Throughout the sales process, it’s important to minimize leaks and maximize conversions. Leaks can occur when the customer’s first impression of a business is not good enough – enquiries are not properly attended to or qualified leads are not followed up on.
SMARKETING can help your business in all aspects of your sales funnel to maximize flow-through and improve your bottomline. Contact us today to embark on a rewarding journey for your business!