Is Your Business Leaking Profits?
Small fixes can lead to big rewards.
Every business has a sales funnel whether you know it or not. And every sales funnel has leaks, especially if you’re unaware of your funnel in the first place.
Stop losing time, money and customers. Identify the leaks that are sapping your profits and reap the rewards of a more efficient business.
It’s unrealistic to believe you can convert every single prospect into a customer, but if you commit to identifying and plugging all the leaks in your sales funnel, you can rapidly increase profits without any new investment in your business.
And to identify these leaks, you need to have a clear understanding of your sales funnel and how it works. Your sales funnel is basically the distance between a prospect hearing of or visiting your business and that prospect leaving your website or business, and consists of three main stages.
In some industries, the sales funnel can last months.
Regardless, getting to know each individual stage will help you convert more prospects and generate more pure profit for your business.
Are you allowing your potential customers to slip right through your fingers and into your competitors’ hands?
Just like a leaky faucet that drips constantly and adds to your water bill, your sales funnel leaks are costing you money on a constant basis.
A leak today is a leak tomorrow if it goes unchecked.
Think of your business as having three main faucets, each with its own set of leaks and each costing you untold amounts of money.
Let’s take a closer look at these three faucets to give you a starting point from which to launch a strategy to plug and optimize the leaks coming from these individual faucets.
The 3 Stages Of Sales Funnel Leakage
- The Traffic Faucet – The traffic faucet is the top of your sales funnel and is all about discovery and deals with the steps leading up to a prospect discovering your business. A huge opportunity for most local small businesses is optimizing their online presence, as more and more consumers are researching online prior to making any buying decision. Claiming social media profiles, publishing content on your website, developing better display ads and improving window displays are all ways you can eliminate your traffic leaks.
- The Lead Faucet – The lead faucet is the middle of your sales funnel and is all about contact and deals with the steps leading up to a prospect contacting you with a serious inquiry. Again, the best opportunity for local small businesses is improving the forms and calls-to-action on their websites, but you can also improve your lead rate at your business. Improving the sales training of your staff, creating better promotions and providing more product information are great ways to reduce lead leakage.
- The Conversion Faucet – The conversion faucet is the bottom of your sales funnel and is all about purchases and deals with the steps leading up to your prospects actually making a buying decision. Most businesses have plenty of traffic and leads but lose a ton of business during this stage. The best way to eliminate conversion leaks is to provide superior products and services, but implementing and sustaining a robust customer database with a backend system of products should be your main focus regardless of what you sell.
If you want a more efficient business that converts more prospects into more customers with little or no extra investment, it all starts with identifying and plugging the leaks in your sales funnel.
Over the next few days, we’ll look more in-depth at each of the three stages of your sales funnel and go over a number of ways you can eliminate the leaks that are costing your business big bucks.