The Top 5 Sales Funnel Mistakes
You’re probably familiar with the concept of a sales funnel. What you may not know is that several business owners and salespeople use this funnel incorrectly. Are you one of them?
Here are the top 5 sales funnel mistakes:
- Too Much Lead Generation, Not Enough Lead Management
Leads are great, but it’s not enough to have them just for the sake of having them. You want to make sure you’re acquiring qualified leads. These are people that have both a need for your product/service and the means to buy it. Such prospects are attained through targeted lead generation.
Once you have these eligible leads, take time to effectively manage them by nursing them through the sales funnel. The longer you wait, the less likely you are to convert them into sales. Pushing these potential clients to the side to focus on further lead generation will only result in a lower conversion rate.
- Not Properly Monitoring and Measuring Your Sales Funnel
All too often, companies focus on only the very top and very bottom of the sales funnel. They give little thought to the in-between stages. This concept is called a funnel for a reason. Somewhere between the initial visit and final sale, you’re going to lose people.
How you handle this situation is what really matters. Monitor your funnel to see where leads are being lost. Look for trends. Measure how many prospects tend to drop off between stages. Then, use this data to fix any issues you see. Continual improvements to your sales tactics will lead to higher sales.
- Not Providing Proper Sales Training
Sales training should be given to more than just new hires. Even the most experienced salespeople and small business owners can benefit from a refresher course. Consumers, industries, technology…everything changes. Therefore, it’s crucial that your entire sales force is up-to-date on the latest information. Miscommunications between sales representatives and potential customers can be detrimental to your business.
- Relying Too Much on Technology
There is only so much that technology can do. While CRM software is an asset for most businesses, there’s no substitute for an intelligent and responsive strategy based on actual human experiences. As a businessperson, it’s important that you understand the inner workings of your sales process.
You should be able to interpret what is happening at each stage and make appropriate adjustments. Certain CRM tools can be of assistance, but they shouldn’t be relied upon entirely.
- Having No Patience with the Process
Humans are often impatient; we want results overnight. Unfortunately, that’s not how the sales funnel works. It’s highly dependent upon your prospects. While some people are quick to make purchase decisions, others like to draw out the process and consider all the alternatives.
For this reason, it’s important that you understand your ideal consumers. What are their needs, concerns, and typical pain points? How do they respond to various sales strategies? Once you can answer these questions, begin adapting your sales funnel accordingly.
Feeling a little lost or unsure about the use of sales funnels? Don’t worry. In our upcoming blog posts, we’ll discuss the proper way to build a sales funnel and how to go about filling that funnel. You won’t want to miss it!