Qualified prospect: Qualification is the most critical and demanding stage of the sales funnel. In the qualification process, you verify that the prospect has a need for your product, that the prospect sees value in your offering, that there is sufficient budget for a deal, that you have access to the decision-maker, and that there is an agreed-upon timeline for the sales process. The qualification process can be complex and lengthy, and can be managed with a Sales Call Talk Track and stakeholder management chart.
According to this research by McKinsey, a customer narrows down their options based on the initial consideration (brand awareness) and active evaluation (seek information about the products/services). When both of the former factors are in place, it leads to a purchase decision a.k.a sales, albeit just for that moment. This then needs to continue towards the next stages in the sales funnel, .i.e. customer engagement and customer loyalty.
sales funnel meaning
sales funnel design
By now, most marketers understand the importance of mending the traditional rift between sales and marketing. The mistrust and miscommunication that’s so often found between the two teams can act like an anchor on your company’s growth rate. In fact, organizations with good alignment between sales and marketing teams achieved 20% annual revenue growth in 2010, according to a study by the Aberdeen Group. By contrast, companies with poor alignment saw revenues decline by 4%.
Sales and marketing teams need to adapt to these increasing demands. They have to work more closely together. While the marketing team still hands leads to the sales team at a point in the funnel, they have to stay involved to maximize customer retention and advocacy. The sales team needs to be involved early on, providing the benefits of their customer knowledge to help increase qualified leads and conversions.
LinkedIn Sales Navigator – If you’re in the B2B space, then hopefully you’re actively marketing your brand on LinkedIn. With the LinkedIn Sales Navigator, you can take marketing on that social media site to the next level by finding lead recommendations that are tailor-fit to your business. It makes navigating through your sales funnel much easier.