Sim Aulakh, founder of EstablishCred, is a digital entrepreneur who specializes in helping businesses dominate their market by providing them a digital presence through the use of various types of sales funnels. This leads to lower acquisition costs thus leading to higher margins with the increased sales volume.
In a traditional business model, creating a sales funnel follows a simple formula. The marketing funnel typically correlates with the mindset of consumers at specific points of the customer journey and they would be guided along to the next stage. But the digital age has shredded that formula.
Sim Aulakh also states,
“Although the fundamental approach to marketing funnels has not changed, businesses do need to rethink how they communicate with customers and shift from the traditional model to a digital funnel experience. Consumer mindsets may not have changed, but the digital age has influenced purchasing habits”
In general, modern sales funnels should follow the principles of a typical customer journey; awareness, consideration, action, preference and purchase. But because customers are accessing content on a wide variety of online and offline platforms, together with various digital devices, the old-school sales funnel is outdated.
Sim Aulakh also advises the following:
“If you are looking to take your business to the next level, drive more leads, and close more sales, then incorporating a sales funnel is essential. In the fast-paced environment we live in, a well-created and clear sales funnel is the key to success in the digital world.”
Typically, a sales funnel is broken down into four key sections, Awareness, Interest, Decision, and Action. Each of these sections takes a potential customer through the journey from becoming aware of your brand to completing their purchase.
What are the benefits?
There are many benefits to incorporating a sales funnel into your business which Sim Aulakh highlights, with some of the most significant including:
– Simplifying your marketing
When you have an effective sales funnel, you can clearly see how your potential customers are responding to your marketing. This lets you create a step-by-step process to maximize your reach.
– Increase conversions
By having a more effective marketing strategy in place, you will be able to drive more interest in your products and services. In turn, this helps you to convert more sales and increase your profits.
– Accurately forecast sales
When you are able to clearly see how customers are responding to your marketing, you can create more accurate sales forecasts. This ensures you can better project growth and plan accordingly.
– Allows you to grow your business
With an increase in sales and a greater insight into how your customers are reacting, you are able to make more educated decisions on expansion and pricing, allowing you to effectively overcome any obstacles that might lie in your path.
When asked about consumer trends with purchasing, Sim states,
“The digital age has tipped the balance of power in favor of consumers. Modern businesses have to find effective methods of communication at all points within the customer journey and create a sales funnel that provides customers with solutions and convinces them to choose your brand over your competitors.”
In this digital world that we live in, it has never been more challenging to stand out from your competitors. A proven sales funnel can help you to maximize your reach, increase conversions, and boost your sales.