The Funnel concept and flipping the funnel
In this modern aeon of society, any salesperson would have a limitless budget to market his/her business to find new customers for their products. The salesperson can buy offline and online advertising for their growth or run promotions and campaigns to bring traffic towards their products. The most basic thing is to understand that the possibilities for getting new customers to range from cold calling names to buying lists of those customers who can drive new businesses to their website.
Increasing sales isn’t an easy job. You need a great marketing plan to approach the customers and get them to buy your products. Before finding new customers, you must understand your customer’s needs and concerns, what is currently trending, what are facilities you offer and what your competitors are offering. Building trust and understanding is the basis of every relationship so you as a seller need to understand your customer and earn their trust. To understand your customer and their needs, you have to break down the whole process in a series of continuous steps which the customer will have to go through. This series of processes create a funnel.
A Funnel is a journey travelled by a customer from being a usual viewer to a devoted customer of the product. This funnel concept includes visiting the website, checking the product and its features, trying the free trial and then finally purchasing the product. It is also concerned with product development and is based on the customer’s buying perspective. To design the best funnel for your customer you must get rid of the issues and the loopholes that are disturbing your customer. The funnel should include the areas of interests of the customer. This concept will make the customers compelled to try your products and you can become successful.
If your company has a slogan that is eye-catching and ensures the people that your company is concerned for them, the customers will check out your products. It also highlights your company’s first impression and abilities. For broken funnel steps, you must try to understand the customer’s perspective again and redesign or try to use what encourages them. Even if all of this does not work, you should consider Jaffe’s phrase “flipping the funnel”.
Flipping the funnel means spending fewer resources on gaining new customers and spending more on acknowledging and retaining the current customers. If you make sure that the current customers are satisfied then they will reach out to their known ones and share their product experience which will bring you more sales. You have to use the information of your existing customer to develop a target audience and drive their way to your products.
To check whether flipping the funnel is beneficial or not, you can compare how much you are receiving from your customers to how much you are investing in them. The hardest part of flipping the funnel is changing the company’s organization and culture. Your company must commit to staffing customer service call centres even on the weekends, answering emails promptly and maintaining a system for monitoring the social handles daily to keep it updated. Your company has to recognize and reward outstanding customers. Rewarding and recognition does not always mean giving away free products, at times it just means a simple welcoming gesture, thanking them and saying comforting things.
You can also try various schemes like special offers or one day free trial for the best customers. Such schemes attract people and can make your product popular. Some products may be appealing to a particular group of audience but they may not be liked by another so to eliminate this issue you can conduct surveys. A survey is a list of questions that are aimed at extracting data from your customers. It includes questions regarding your products and customer’s reviews. The surveys will tell you about your weaknesses, strengths, opportunities, threats and they give you an overall look of how your customer thinks about your product.
Proper and convincing management is a must to fulfil the final step, i.e., to catch and cover up all of these things. It seems hard to start a business by yourself but once you get started with it, you will be used to it and can even learn from your mistakes.