(SHORT
NOTES FROM STRATEGY TOOLS:
Marketing
Strategy at http://www.mindtools.com)
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| smbcollective.com |
The Sales Funnel
We use the metaphor of a funnel (wide at
the top, narrow at the bottom) to monitor the sales process. The metaphor of the funnel is used because
people drop away at each stage of a long sales process.
The Sales Funnel shows roadblocks and
times of standstill, and if there are an insufficient number of leads at any
stage. This will show where sales people
should focus their attention and efforts to keep sales at the desired level. The funnel can also point out the
improvements need to be made within the sales process.
Steps to Use the Tool
- setting up sales funnel reporting is to understand sales process fully
- Brainstorm sales process sales and marketing people to make sure it is correct and comprehensive
- identify key sequential steps in the sales process, and create status codes
- classify prospects by the status codes
- work out the number of prospects of each status, and calculate the change since the last month
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