Sales funnel in 2020, Track these KPIs to ILLUMINATE your business!
One of the irreplaceable tools for your business’ sales department is ‘Marketing Sales Funnel’. The funnel can help you determine when and where your sales process can lead your business.
But to avoid you from getting more confused with various guides on how to build a sales funnel for your business, we decided to bring something different, and something made for the future of your business in the upcoming year.
This short guide will include:
- Difference between sales funnel and marketing funnel
- Sales funnel 2020
- Sales funnel KPIs for 2020
Difference between business sales funnel and marketing funnel
The biggest difference between these two funnels is an environment in which they can perform well.
In most organizations, marketing, and business sales funnels both are handled by two separate teams which are obvious; but, since the middle of 2019, the trend is changing. These two concepts are integrating for the betterment of brand, business and its clients.
Apparently, there is a fine LINE between sales and marketing funnel which provides a better & personalized experience to the clients which they were not getting with the traditional marketing and sales functions.
What does Business Sales Funnel mean for you in 2020?
Your customers have changed their preferences and so the ways to catch them are changing.
The digital marketing funnel KPIs used to trace the success of your sales funnel are no longer feasible as they used to be.
Technology is one of the factors which has changed this time than we used to have in earlier days.
It would not be wise to ignore the tools to improve our sales, would it be?
The New Year calls for new strategies and it needs us to define new sales funnel KPIs for our sales cycle.
What sales funnel KPIs you need to track in 2020?
- Sales by contact – Outbound Method
Marketing sales funnel always works best when tracked efficiently.
Back in the old times, the sales team used to call the customers with a method which was known as, ‘a cold calling method’, and convince the customers to buy the products or subscribe to the services.
Now that the trend has changed and customers don’t choose to prefer receiving cold calls from marketing dudes, there are some other professional ways developed for the cold calling.
Here, a personalized experience is created for a calling method and customer is given confidence that he/she needs this product to fulfil a certain need in his/her life.
Well, tracking these calls will be important in 2020 and here are its benefits:
- Finding costs incurred for this calling method
- Determining which contact methods work best
- Determining for which method your sales reps are comfortable with
Tracking this method is always good to determine the performance of your sales representatives and lower the costs incurred during the method.
After tracking this method, you can decide on which calling method you need to drop and which to promote more in your organization.
- Social selling index (SSI)
As a brand, you must be selling on social media as it is an effective method you are following.
So, tracking the efforts you have invested in social media advertising is important as always in 2020 too.
The term Social Selling Index was introduced by LinkedIn back in time.
Social selling is effective for both the B2B and B2C markets when we consider getting and nurturing leads.
Measuring this KPI is important in the upcoming future in order to achieve:
- Better Branding
Social Selling Index(SSI) will define how good your sales rep’s profile is. Branding will include, having informative content in the profile, having endorsements for the skills they have etc.
- Better Connections
Your sales representatives should connect with your prospects on a better level. SSI system will help you achieve the accurate and important prospects only and excluding those who are not really interested.
- Better Engagement
SSI helps your sales reps to measure the quality of your prospects. This all depends on how engaging and relevant content your sales reps share with your prospects. If they respond to your informative content, they are liable customers for your business.
- Better Relations
SSI changes the way your sales reps contact your prospects, calling them for one time and then forgetting doesn’t work these days. SSI helps you determine how your reps take care of your prospects and help you discover new ways to build beautiful relationships with your prospects.
SSI will be a major KPI to track in 2020 in order to increase conversion rate and avoid wastage of many factors that keep running the sales funnel smoothly.
- Meaningful actions
Burdening your sales representatives with targets will demotivate them to another level you can’t afford.
Rather than assigning them some stupid targets, you can plan Meaningful Actions to be taken that will enhance their mood for working and automatically, they will start working for your goals.
Tracking the following items will help your sales reps to outdo in selling:
- Follow-up Emails
When you start measuring the performed actions by your sales reps, you can easily compare them with the targets achieved on a later stage.
- Sales funnel flow
Having a review of overall sales funnel you have right now is going to be important in the future too.
To be particular, you need to track the following things:
- The number of leads
- Qualified leads
- Response time of your sales team
- Closing rates
- An average time in which your lead converts to a paying customer.
This works best when you have a complex or long sales cycle.
Building and nurturing a sales cycle doesn’t mean you always have to spend a higher dollar on marketing, it’s about taking care of smaller things and emerging through your own comfort zone.
At Evincera, we provide a customized plan to our customers which work best with our digital marketing services and this is something no one in our competition in providing right now. Since last 2 years, we started helping our clients implement these techniques and results they have achieved are awesome.
Are you struggling with your business sales funnel right now? 2020 is the right year for your brand to evolve from this nervousness.
Contact our team to know more about how we can help you enhance your sales funnel.