One way to increase revenue is the ability to analyze all factors that lie within a management funnel. A management funnel will tell you things starting right from securing leads till the time a purchase or a sale is made which usually happens over a period of time.
A management funnel that represents a selling aspect is always made up of 4 processes. Awareness, Engagement, Evaluation, Purchase-in that order.
Before you can think of carrying out those four outlined processes, you need to check if you have your ground work ready to have a progressive idea.
Start by answering the following:
- Will your idea solve a real-time problem or a challenge?
- Do you know what your customer wants from you? Where can you find them?
- Is your product/service strong enough to sell?
These questions need answers even before you start putting things together for your little venture.
Let’s take a very simple small-scale product and analyze these perspectives,
‘Starting a small-scale vehicle rental business that will provide cars and scooters to tourists on rent.’
- Does it solve a real-time problem?
Yes! It does, by enabling tourists to enjoy going around the city at their own convenience. It allows them to explore a location without a guide.
- Do you know what they want?
They would want a hassle-free journey. They need to know a bit of driving to start off with. They would need supporting documents of registrations and permit given their citizenship in case of foreigners. Audiences may include travelers from within the country or non-residents. Target audiences found at tourist spots.
- Is your service strong enough to sell?
Yes! For all the reasons mentioned in question one.
Now that you have a good product or service in place, let’s understand what a marketing funnel can offer.
Awareness is attributed to creating noise around the product. The idea is to get people talking about the product or service yet to be launched. This will create a sense of ‘want’ or anxiousness around what the product or service could be all about.
Being creative and creating curiosity among customers is the primary focus here. The basic idea is to allow your target audience to know that you have something for them that will solve their problem. You can either advertise through media channels, seek OOH advertising, experiment with different strategies to choose your best course.
Engagement happens when the brand or the product has interactivity with the clients’ network. This step is important to know the demands of your audiences. Collecting relevant feedback through surveys and other things will grant you leverage. This leverage will help you understand expectations set by your audiences with which you can finesse the development in the right way.
Get a team of people who can actively spread the news across a different set of audiences. This stage is where you should play around positioning your company’s brand and product. This step will allow you to explore the welcoming aspects of a targeted audience.
Evaluate your product or your service against the best or the trending ones in the market. Understand what they are offering and what’s new in their market and how long are they already in the game. Test your product or service on a small scale before going live. Take into consideration all the feedback and the inputs you would get from a customer base. Implement the necessary changes before going live.
This is the last step in the funnel. Although the purchasing order is narrow, be assured that your sales will skyrocket if you have taken care of the above three points. Identify the selling points in a given region.
Conduct market research to understand customer pain points. Analyze the newness of the product/service to consider discounts and offers on first purchases. Get people talking about it, and before you will know it, your product or service will be selling on high scales.
The marketing funnel is important in any trending field for many purposes. It acts as a map that can guide the sales cycle in the most effective way. By knowing what you have, and what you can offer and what you can track, you can then obviously predict the market response.
On an ending tip, just know that for sales to take off, it’s going to take time. Patience, work consistency, coordination among other things are extremely important.