Funnels are a tale as old as time when it comes to the marketing and sales processes. With changes to the way business is done, one may be wondering: are funnels still relevant as we head into 2022? We’ll be exploring just that in this article, and why we think it still matters, especially when used alongside your the flywheel.
The Sales Funnel
Sales funnels can be used for reporting purposes, to help teams see how a contact progresses towards becoming a customer, and how deals move towards becoming closed deals. This is still the innate way that sales occur, however, if you’re only relying on this, you’ll only be looking at an overview, essentially missing out on all the nuances.
The more data you have, the better insights you’re able to gather. Data pertaining to your processes, internal teams, and customer is essential when reporting performances and identifying spaces where you can improve. This is the information you’ll need to enhance the sales process for your business, from team performance to channel promotions.
When looking at your funnel report, you can see how customers passed through the lifecycle stages. This helps you determine the conversion rates throughout the sales process, whether that includes all stages, any stages, next step conversions, or cumulative conversions. Based on this, you can determine what your sales pipelines are, the probability of the deal stages, the top performers for closing deals, your lead nurturing performance, and your best lead-conversion marketing channels.
Funnels in 2022
All in all, your traditional sales funnel reports still matter in 2022 and will help you to identify and understand various sales opportunities. In fact, directing the funnel for individual prospects is key for marketers in the year ahead. This makes the process personalized and therefore provides the prospect with a greater reason to convert.
So, how can the funnel be optimized?
Consider the marketing funnel. Securing customers requires effort on behalf of the marketing team, who will need to dedicate resources towards nurturing them. One of the ways to nurture leads is through email marketing. The key is to be there and be supportive for leads on an ideally infinite basis as they make their way from prospect to brand-loyal customer.
Funnels are different for each type of industry - for example, the B2B funnel is known to be a lot longer than B2C funnels. However, marketers and salespeople will be the first to tell you that today’s consumers, especially the younger generation, are part of a very different market. They have more information at their fingertips and their needs and expectations have changed drastically.
Optimize the Marketing Funnel
When it comes to the marketing funnel, the goal is to convert a visitor into a lead and then a customer. When it comes to marketing, it involves various elements, from SEO to content, social media, and email marketing efforts that are directed towards providing these leads with an optimal experience that includes everything they need.
Through optimization, you can improve lead generation and conversion. The goal is to increase the number of people moving through the funnel since these numbers tend to taper off as you move along from stage to stage. Marketers have realized that while some leads may remain in their spot for longer before moving onto the next stage of making a purchase, for example, they still need to be nurtured for when they are ready.
If you understand each prospect better, you can segment them with accuracy, providing them with what they need to ensure that they don’t end up progressing along in a competitor funnel. To do this, you’ll need to build meaningful connections and trust, and utilize your communication channels to remain top-of-mind and relevant. This will help you increase the customer lifetime value in the long run.
Remember, you also need to cater to the needs of prospects as they move through the funnel. In 2022, leads are still moving through the core stages of awareness, consideration, and decision. The information and service you provide become more focused as these levels progress.
As such, marketers need to refine the following as they head into 2022, in order to improve their funnel performances:
- Buyer personas
- Content creation
- Lead magnets
- Social media marketing
- Email marketing
- Case studies
- Offers and promotions
- Customer service (communication touchpoints)
- User experience
The elements above need to be tailored to suit each stage of the sales funnel, and target the prospects accordingly. And, once the lead crosses the threshold and becomes a customer, the post-purchase experience needs to be smooth and efficient to encourage positive reviews and repeat purchases.
CRM Technology for Better Funnels
By creating workflows and setting up automation based on your segments, you’ll be able to optimize your marketing and sales funnels with ease. This is where the flywheel approach comes in, which makes the marketing, sales, and service seamless for both the business and its customers.
As a diamond-tier HubSpot partner with a range of award-winning campaigns under our belt, Nexa is a growth agency that can help you set this type of success up for your business. To learn more about how to improve your sales and marketing funnels (and more) in 2022, book a quick chat with us.
The overall verdict is: Yes, funnels are still important in 2022. The way we look at them may have changed to include more detail than ever before, but the overall shape and process are largely the same.