What is the Sales Funnel?

The Sales Funnel is one of the most fundamental concepts in selling. So, in this video, I want to answer the question What is the Sales Funnel?
The Book of the Course!
Sales Skills: A Management Courses Introduction
This book gives a broad introduction to the topic, for managers and professionals who don’t want or intend to specialize in sales and selling. And as a fast start for someone needing to make a start in selling, for whatever reason.
Get the kindle Exclusive book from: https://geni.us/TL5BKeD
Watching this video is worth 2 Management Courses CPD Points.
See below for details
Sales and Selling Skills
This video is part of course module 8.4.2
Program 8: Managing Customers and Clients
Course 4: Sales / Selling Skills
Section 2: Sales Fundamentals
Other videos in this section include:
Why People Do and Dont Buy https://youtu.be/kmgsLNnSzzc
Sales Success: & Sales Do's & Don'ts https://youtu.be/AGTRdbZ9g8k
5 Components of a Powerful Sales Attitude https://youtu.be/--Ilv0x1lYo
How to Qualify Your Sales Prospects https://youtu.be/HOiuzz9bwPA
LESSON NOTES
The sales funnel is a metaphor for how the number of people reduces with each stage of the sales cycle, from a vast number of possible prospects – your ‘suspects’ - to small number of actual buyers.
There are different articulations of the sales funnel.
I base mine on the sales process in earlier videos in this program. Start with The Sales Process - a Summary of the 9-Step Selling Process https://youtu.be/iPZNem-Xguw
1. Prospecting - Awareness
2. Qualification - Interest
3. Diagnosing - Understanding
4. Presenting - Evaluation
5. Consideration - Negotiation
6. Commitment – Purchase
Beyond this are additional stages where:
• Your customer adopts your product or service
• You develop the relationship – account development
• Your customer grows in loyalty and commitment to your brand
RECOMMENDED EXERCISE
Each organization has its own variant on the sales funnel.
1. What are the steps in your organization's sales funnel? (2 MC CPD Points)
2. For each step, what can you do to maximize the number of prospects that pass through to the next step (and to minimize the number you lose)? (10 MC CPD Points)
DOWNLOADS
Free Resources
CPD Tools - https://gum.co/MC-CPD
Paid resources
Management Courses Onboarding Kit - https://gum.co/MC-ObK ($3)
RECOMMENDED READING
There are many books that introduce sales and selling. These are the ones I have, and can recommend:
To Sell Is Human https://geni.us/L2EQmt
The Only Sales Guide You'll Ever Need https://geni.us/AEAVD5
The New Strategic Selling https://geni.us/Zt2Z9n3
SPIN Selling https://geni.us/Ir5xu
The Psychology of Selling https://geni.us/AjR8AA
Links to our book recommendations are affiliated through Amazon and help support our free videos
Managers Need a Basic set of kit to do your job well. Here are my top recommendations: https://kit.co/MikeClayton/manager-s-work-kit (the links are affiliated)
MANAGEMENT COURSES CONTINUING PROFESSIONAL DEVELOPMENT (CPD) POINTS
You can record your Management Courses CPD points on our free, downloadable CPD record log.
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Each video has two levels of MC CPD points. For this video:
- If you simply watched the video, record 2 MC CPD points
- If you also carried out all of the recommended exercises, score a total of 14 MC CPD points
CHAPTER MARKERS
00:00 - What is the Sales Funnel?
00:40 - The purposes of the Sales Funnel model
01:09 - Different articulations of the sales funnel
01:42 - Prospecting - Awareness
02:04 - Qualification - Interest
02:19 - Diagnosing - Understanding
03:00 - Presenting - Evaluation
03:16 - Negotiation - Consideration
04:02 - Commitment - Purchase
04:24 - Additional stages in the sales funnel
05:03 - Summing up
#ManagementCourses #Sales #SalesFunnel