What is a Sales Funnel Analysis?

Have you ever truly thought about the journey your customers, patients, patrons, clients or even charitable donors take to find you and purchase from you? The sales funnel is also called the "Buyer's Journey" and it is essentially the path a buyer takes to find you, consider you and ultimately to buy from you from Awareness to Interest to Consideration to Purchase (Buy).

Marketing professionals (and you do as well though you may not be aware of it) analyze your sales funnel based on several factors (your type of business, target market, pricing etc.). Here's a run down of what we do:

  • Step 1: We review and analyze how your Buyer finds you (becomes aware of your company or your products and services). This could be multiple ways and it's not just Facebook.

  • Step 2: We review what kinds of things your Buyer is interested in. We ask lots of questions starting with what is a problem the Buyer is trying to solve? What has triggered their interest in your product/service/company?

  • Step 3: What are the factors that impact their decision? Is it pricing, availability, self-concern, etc.? What does your competition offer and are they aware of it?

  • Step 4: We look at the process of buying. What was the ultimate decision and what was the process of buying from you like?

This buyer's journey can be an easy one or a nightmare. It surprises me everyday how much I see businesses make buying a nightmare - from not providing timely estimates to not even responding to customer inquiries, the list goes on. In a previous post we wrote about the types of journeys your buyer may take to get to you - "Is your sales a nightmare or an easy one?"

Marketers add an additional layer to the Sales Funnel - throughout each stage we look at what may impact the potential buyer in a positive or negative way. What obstacles might they come across? What are the touchpoints do you have with a potential buyer throughout the process? At what point might you lose a potential buyer and why? Some call it a flywheel and refer to it as "Attract, Engage and Delight" and use that to look at each phase. You can also do the opposite; throughout the process are you unattractive, disengage or enrage?

Lastly, we look at how to create a "loyalty loop." In other words, once you have a Buyer, do they come back for more or do they refer you to others? How do we repeat the cycle with fresh new buyers and create organic growth?

Contact Mari Peterson at mpeterson@marketingoutpost.com or 828-419-6961 if you're interested in conducting a Sales Funnel analysis for your business. The fee is $250 and takes 2 hours. We encourage you to bring your sales team and leadership. It's an eye opening experience that will change how you attract, engage and delight your Buyers!

#salesfunnel #buyersjourney