All businesses need a sales funnel. A sales funnel is the process by which suspects become customers. There various methods used in a business to implement this but whether you have 10, 100, or a 1000 customers, all had to start somewhere on their journey to become your customer.
At eos Growth one our objectives is to implement an effective sales funnel and structure it to reflect how the business operates and model the various sales cycles.
There are several steps to a sales funnel, usually known as the top, middle, and bottom of the funnel. The typical sales funnel is divided into multiple steps, which differ depending on the particular sales model implemented. One of the most common ways of dividing a sales funnel incorporates seven phases. The first 5 cover uncovering prospects and turning them into customers:
- Awareness Phase – in which prospects become aware of the existence of a solution.
- Interest Phase – in which prospects demonstrate interest in a product by conducting product research.
- Evaluation Phase – in which prospects or prospect companies examine competitors’ solutions as they inch toward a final buying decision.
- Decision Phase – In which a final decision is reached and negotiation begins.
- Purchase Phase – in which goods or services are purchased.
The prospect becomes a customer once the first purchase is made.
Additionally, two additional steps factory in where there is an expectation of additional business such as offerings that involve contracts that need to be renewed:
- Reevaluation Phase –. As a customer becomes familiar with an offering, and especially as a contract draws to a close, a customer will enter a reevaluation phase during which they’ll decide whether or not to renew their contract.
- Additional purchase Phase – in which a customer repurchases a product or service or buys others offerings from your organization.[2]
