Friday, September 30, 2005

The Sales Funnel

I have been doing some study on the sales funnel, what it is, what to do with it and why it is important. Since I am a high Visual I needed a spiffy graphic to help me understand it. Here is one I found that really describes it in simplistic terms.

What became apparent to me is that you need to first identify who fits into section "C" or what is your niche and who is your target audience. Then you need to find them for section "B" and make them aware of your product or service. You will then need to facitilate a process to allow them to be in a position to buy it from you "A."

On a tape that I have been listening to it even suggests that you attach a dollar value to each of the potential customer so that you can track the potential dollars you can earn. When you don't get the sale, you can see what that might have cost you. The goal is to then debrief and see why it didn't happen and then determine what each transaction cost you. The best part is you can really learn from this and create strategies for the future on how you handle future opportunities.