Bank Marketing: Sales Funnel 101
Marketing is about taking someone by the hand and leading them to buy your product or service. But since people naturally drop out at every step, that journey is less of a path and more of a funnel.
The idea, of course, is to reduce the number of people who drop out. And the first step to doing that is measuring how your current funnel is doing.
If you’re aware of how your sales funnel work, and want to jump to maximizing it’s efficiency, click here.
SALES FUNNEL 101
Sales funnels come in many flavors, but typically they all boil down to these 6 steps:
AWARENESS
This is who has seen you. This is the number of people who have encountered your brand and are aware that you can help them with a need they have. These are easily trackable as the impressions from your web ads and social media.
Keep in mind there’s a second form of awareness. Is your customer aware they have the need? When you use marketing messages like “Are you paying too much for your auto loan?” you’re increasing their awareness of their problem AND awareness that you offer a solution to that problem.
ACQUISITION
This is who has come to visit you. Their impression of you led them to click a call to action and visit your landing page, typically.
ACTIVATION
This is who shopped you. Once on your site, they took a deeper dive by viewing product pages or filling out an application. The lower the bounce rate you see on Google Analytics, the higher the activation.
REVENUE
This is who gave you money! They officially converted and became a customer.
RETENTION
They bought more! This could be opening more accounts or adding loan products for example.
REFERRAL
They are helping to pour people back into the top of your sales funnel by referring others. Peak marketing as occurred!
SALES FUNNEL PINCH POINTS
It’s natural to expect people to drop off as you move to the next step. Not everyone who comes to your site will fill out an application. But the key is to look for severe pinch points in your funnel. If you’re doing a great job of acquiring users to your site, but hardly any are going any deeper, you’ve just identified a pinch point. Once you correct that obstacle, all the steps below it will see higher numbers too!
So now, it’s all about identifying those pinch points. All that takes is a little organization. And we’re about to make that very easy for you (for free, incidentally).
Read how to Analyze Your Sales Funnel for Free with this Tool.
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