It goes without saying that a speedier funnel leads to more conversions, meetings, and "closed won" sales. If speeding your funnel was simple, every business would be doing it, but the lead to conversion speed is a complex metic to improve.
1. Map Your Funnel
Combine your marketing automation system and Salesforce to map out your funnel. Using the two, marketers will be able to see what activities a prospect makes to progress them farther down the funnel, as well as activate appropriate messages that speak to the prospect's current stage of the purchase process. Salesforce can help with data visualization, reporting, and velocity tracking.
By taking the initial step to map your funnel, your team will be able to standardize their procedures, resulting in predictability, a baseline for your funnel velocity, and a conversion rate between each stage.
2. Implement Lifecycle Stage Tracking
After you've mapped out your funnel, it's time to start implementing lifecycle phases, which are the functionalities inside your funnel that you established when you finished the funnel mapping exercise.
Teams may understand the rate of conversion between each stage by using lifecycle phases as a method in their organization. Is there a significant movement in a region of the funnel that shouldn't be there? Obtaining this information may help detect when a company's funnel is leaking, and examining conversion rates can help the team better understand what procedures need to be improved to enhance conversion.
3. Tracking Funnel Velocity
After you've set up the Lifecycle Stage Custom Object, you'll need to add date attributes to each lifecycle part so you can track when a lead moves on to the next stage of the funnel. The differential between the date when the lead enters one stage and the date when they enter the following stage is used to create the velocity measure. Understanding whole funnel velocity gives organizations insight into how long it takes a lead to progress from Prospect to Customer.
Tracking funnel velocity provides the team with baseline data so that when changes are made to marketing and sales processes with the purpose of speeding through the funnel, they can refer to a before and after measurement to objectively answer answer the question of whether or not they have actually accomplished their goal.
4. Automate Key Stages of Transition
Teams may focus on automating critical transition phases in the funnel as leads travel from one step to the next after lifecycle stages and funnel velocity tracking have been established to stimulate funnel acceleration and monitor the before and after impact.
Depending on your funnel, there may be a few significant transition stages, some of which may have a greater influence as the process improves than others. When you use automation to speed up key parts of the sales process, you'll see a faster overall funnel velocity.
Concluding thoughts and observations
More conversions equal more closed winning sales, therefore speeding up your funnel can help you close more business. Making process improvements at each stage of the lifecycle helps you to boost revenue while using the same number of resources. Partnering with the experts at Saba group can grow your business and get you to the next level please do not hesitate to reach out to us.
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