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Growing and expanding your business is one of the keys to long-term success. It’s also a way to diversify your revenue streams and reduce the risk of dependency on a single market or product. And of course, more growth means a greater potential for profits and the ability to invest in your team and company.

But the road to successful expansion is not easy, and it takes a lot of planning. A key to business expansion is creating an efficient sales funnel that can handle the flow of new customers.

A well-designed sales funnel can help you increase your conversion rate and boost your customer lifetime value. And a better customer lifetime value, in turn, means increased profitability.

To create a solid sales funnel, it’s important to understand the sales process and how your company interacts with prospects at every stage. The first step is awareness, where prospects become aware of your brand and what it has to offer. This is typically achieved through digital marketing tactics such as PPC ads, social media, and content campaigns.

The e-commerce site example above, for instance, would start with a social media campaign that drives traffic to its website and entices people to sign up to its email list. This gives it a new lead, and the brand can now start nurturing them with educational content that helps them make an informed purchase decision.

Next, the leads move into the interest phase where they’re actively considering a specific product or service from your business. At this point, your prospects might be researching the different options available to them, or comparing prices online.

This is where your sales team can help to educate and engage prospective customers through webinars, podcasts, whitepapers, and case studies. And it’s at this point where you’ll want to implement a drip campaign that nurtures the lead so they remain engaged with your brand throughout their consideration and purchase process.

The last step of the sales funnel is action, where a prospect decides to buy. Once they’ve made their decision, they can move through the purchasing process and you’ll have a new customer! But that doesn’t mean your funnel is closed – you can continue to nurture these new customers with special offers, loyalty programs, and personalized content.

Keeping a clear view of your sales funnel helps you keep track of your performance and identify any gaps. By filling these gaps and optimizing your sales funnel, you can ensure that leads are being nurtured from the top of your funnel all the way to the bottom. Nurtured leads have been shown to result in 47% more sales compared to non-nurtured leads, so it’s vital that you work on removing any barriers to conversion and improve your overall conversion rates.

Learn how To build sales funnels

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Check out my recent post on sales funnels and what I think about them. Are they still worth it?

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