The Funnel is a way of describing your prospect base that was used by ACT and GOLDMINE as their basic premise. The problem with both of these 2 most popular packages in my opinion is that they include so many additional functions in order to sell their product that the basic intent of their system gets lost by users with little or no training and even veteran users
Imagine a funnel, like a megaphone with a large open side on one end and a small open side on the other.
Many businesses find themselves in business for 30 years and the sales department has only about 20% of the potential market due to turnover, record keeping paper (outdated due to many cases in unusable), and not understanding of general policy. funnel theory clickfunnels pricing comparison.
The premise: The large side represents how many potential accounts you are about to be able to sell. The small side represents the prospects who are ready to make a yes / no decision on a quote or offer a bid for you and a percentage of them.
1. Increase the funnel by marketing, cold calling, meetings, conventions, inbound phone calls, etc.
Premise: The more in the funnel,
2. Increase the number of prospects at the small rim of the funnel, thereby (making the assumption that your closing ratio remains the same) you get more sales.
3. Skew the funnel with leads This is done by accessing your funnel lead base and marketing (a cold call / direct mail, etc.) to a proven segment of the market with a higher closing ratio, or customers where your add-on product is for use.
4. By whatever means including skewing the funnel and teaching modern sales tactics to the field reps, you increase your closing ratio
1. The more leads in the funnel If you do not have a way So you must generate advertising direct on each phone and mail and email.
2. The more information you gather about a funnel lead brings you closer to a sale. You can not sell an account You can not determine the value of the account to you without knowing what size the account is, what the potential they have to be a client, or information that would make them non-desirable as a customer If you do not have this information, and a way of using it
3. The more frequency of calls to your best market segment You must have information about this market segment and identify it.
4. Price is meaningless in many cases You must present yourself to situations where you are the only bidder or have identified the needs of the customer correctly and prove both in speaking to the prospect and backup in print that their needs will be best addressed by your company If you do not save this information for future use [assuming no sale] you put yourself back in time to do it all over again and lose the ability to skew the funnel based on the information you collected.
5. You must have a way of reporting the funnel You must have a list of prospects You must have a list of each field rep’s active accounts. You must have a way (mail merge, email blast) of the information collected on the target market.
6. From # 5 you must have a way of determining if the inner funnel leads are sold or lost or postponed. This gives you a closing ratio which is the heart of the funnel. To explain, you must log an history that is a quote given, and has an history of which resulted in sales (otherwise you can not compute a closing ratio). Monitoring activity of leads (the number active), the prospects on the inner edge with quotas, and keeping track of field rep closing ratio over time gives you a pulse.