Today, we’re talking about building a simple sales funnel. This framework can be applied to both B2B and most B2C businesses to help you think more strategically about distribution and sales.
1st Stage. Distribution — How many people are discovering your product or encountering your outreach? I recommend allocating 75% of your time to the distribution channels that are currently working for you, while dedicating the remaining 25% to trying new approaches.
2nd Stage. Expressing Interest — How many of the people who find your product are interested in learning more? Indicators of interest might include subscribing to a newsletter, downloading an app, or signing up on your website.
3rd Stage. Product Testing — How many people are trying out your service? This might involve launching a paid pilot or the successful completion of a mobile app onboarding process.
4th Stage. Customers — How many people become reliant enough on your service to either pay for it or use it on a daily basis? How long do they stay as customers?
When you break down your business into these distinct stages, it’s easier to see where you need to improve.