How a Sales Funnel can help you Boost your ROI by 500X?

Are you running into a service business or running an e-commerce store? What is your main goal? What steps are you taking to accomplish the goals?

Wait! So many questions at the beginning.

But all of those are necessary.

If you are into the internet world, then you should know what’s happening here.

Let’s understand this with an example…

Let’s assume Bob owns a business that sells cosmetics products; Bob has a listed 100’s of products on the site and gets thousands of visitors every month.

But the order count is barely 3 digits.

His campaigns are running so well, he has a wonderful social media presence, all his efforts are working nicely, and he has highly paid influencers with him. In short, he has an astonishing digital Marketing strategy that is helping him to bring an amount of traffic to his site.

But he is still wondering why he has very few sales.

Let’s discuss the possible reasons for fewer sales for a cosmetics e-commerce store:

• Poor navigation or design
• Very few options to choose from
• Products are out of stock very often
• Product pricing is too high
• Sales Magnets are missing
• Reviews of the products are inappropriate
• Order placing process is very lengthy
• After-sales support is bad
• Product Quality is not up to the mark
• The website doesn’t have a proper sales funnel

Reasons for low sale volume can be anything. As ecommerce specialists, we have to jot down each and every possibility that could be there.

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Once we are down with all the possibilities, we have to frame an executable strategy that works and is affordable to businesses. Let’s consider any ecommerce Brand Sales Funnel building and understand the hall.

What is a Sales Funnel?

The sales funnel includes the various stages which come across the conversion; we can say it is a life cycle or a journey of a customer from being a prospect to a consumer. It is also known as the Consumer buying cycle.

What are the stages of the Sales Funnel?

 

• • Building a prospect base

Prospects are those who are looking for the products or services you are offering in marketing. To acquire these prospects, we run various marketing campaigns just to attract them to our website or our brand. These prospects are our potential customers. There is standard ratio of conversion we used to consider was 10%, but due to serge in competition now, this conversion rate is challenging to accomplish; hence you have to work blood and sweat to reach a 10% conversion rate. Simple campaigns are outdated now.

• • Providing a hook on the platform – Website / App

Once prospects land on your platform, they start finding the things that they were looking for, and if they find that thing easily, then they will stay a bit longer on-site, but if they don’t, they might leave the website right away. To hold them on your site you need some Hooks or CTA’s

For Example:

“Exclusive deal just on your Cart!”

“Grab Advantage of secret offers crafted just for you”

These types of CTA’s give a personalized feeling to the Audience and force them to stay on a website for a bit longer.
But only holding them to your website is not enough; to convert them, you must go the extra mile.

• • Develop a feeling of FOMO.

Wondering what this FOMO is? Well, it’s interesting to do with your visitors, which ultimately helps you increase conversions. FOMO stands for FEAR OF MISSING OUT…

Yes, you read it right. Fear of missing out is the old-school strategy, but it still works very nicely.
In your childhood, you might have seen TV Advertisements either early morning or late at night of TELEBRANDS, SHOCJ, and HOMESHOP18 companies. How they create the urge to buy a product is by creating urgency or in the form of Product Sales Counters, Stock Left Counter, Advertisement Timing Counters, etc. All these contain numbers, and human psychology is always attracted to numbers, so why can’t we display such things on our platforms? Of course, we can.

For example:

“Offer available only for 5 minutes / complete your purchase within 5 minutes to grab the offer.”

“Place your order in the next 30 minutes and get a gift for free.”

All such things tempt visitor, and they are more likely to take the action you are waiting for, which will generate revenue for your business and helps you acquire a customer.

• Asking an after-sales feedback

Once the product is delivered to your customer’s place, they might have some thoughts about it. Why can’t we ask about them as well? Ultimately, it will help us become aware of the customer’s persona about our services. For after-sales feedback, you can craft an MCQ-based jot form and a space for detailed feedback, which will be quicker to fill; also, to get more fill-ups, you can incentivize them with a coupon for their next shopping. This act will lead to mutual benefits.

• Keeping them in the loop

Ecommerce stores are not less than buzzing bees; every day, there is a new sale, new offer, and products going live; how about telling about it to the people who have once crossed the path of your site and would love to visit again? This act of email marketing would help you to bring tons of Organic sales if strategized correctly as per the season and audience segmentation.

Conclusion

The customer journey is as hard as the process of coal turning Diamond; even a single deviation could hinder the process and turns it into ashes; hence to make sure everything goes smoothly, a strategic lineup is vital. Along with a robust digital marketing strategy, a pivotal funnel is evident to attract, convert & retain visitors. To implement such a sales funnel, one has to be very specific about their offerings and methodological approach; otherwise, despite working hard, results wouldn’t be cherished.