A Sales Funnel Chart is an inverted pyramid chart
used to illustrate the steps in a sales process, from lead generation to
completed sales.
A business is bound to lose some number of potential customers
at each step in the sales process and this is represented by the narrowing
sections as you move from the top section (the widest) to the bottom section
(the narrowest.)
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A sales funnel chart is typically used to
outline the steps in a sales process; it shows how a customer makes it through
the various actions that ultimately lead to a final sale. If the chart is also
combined with research data, meaning quantified measurements of just how many
leads are lost at each step of the sales process, then a sales funnel can be
used to illustrate where the biggest bottleneck is in the sales process.
A sales funnel chart can also be used to
quickly communicate your business's sales process to new members of your sales
team or other interested parties.
Best Practices:
Describe your "lead generation"
method: How do you generate your first leads? When you're trying to sell your
product, what's the first thing you do in order to reach customers? Do you
email them? Call them? Put up a billboard and wait for them to call you? Write
down your lead generation method as the starting point for your sales process.
Walk through the steps a customer takes
through your sales process: Starting with your lead generation method, begin
walking through the steps that a customer takes in your sales process—outline
them in sequential order, all the way from lead generation to closing the sale.
Review the steps in your sales process:
Once you've outlined the steps in your sales process, review it and make sure
that they are in the correct order.
Build the Sales Funnel: Once you're sure of
the order of the steps in your sales process, put them onto the sales funnel,
beginning with lead generation and ending with closing the sale.
Establish measurable metrics for each
section of the funnel: Once you've established your sales funnel, you can begin
identifying metrics to measure just how many potential sales are lost at each
section of the funnel. These metrics will help you identify which parts of the
sales process need the most improvement in order to improve your lead
conversion rate.
Analyze the metrics: Once you begin
capturing sales process data, you can begin performing analysis on which stages
of the sales funnel need to be improved.
Refine your sales process: Based on your
analysis, determine which sections of your sales process need the most
improvement, determine methods of improving those sections, and then implement
those improvements
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