Do you keep hearing the expression “sales funnel” all around? But what would a funnel have to do with sales? It may sound like Chinese to you, but in the digital age it’s a concept you NEED to know.
We can also apply it directly to trade shows, so today we want to introduce the concept (or review it if you already know it) and relate it directly to trade shows. Stay tuned to find out how this concept is used at trade shows and how you can start applying it too. You can read the article or watch the video episode on our Youtube channel:
What are sales funnels
The sales funnel refers to a funnel by the shape of the sales process. As you know, in every company there is a large number of potential customers, yet not all of them are interested in our products or services and only a small part of those interested end up being real customers.
There are different ways to explain this process, but in the end they all come to say the same thing. We are going to explain it to you in the way that we think is easiest to understand and the one we find the most useful.
How to create sales funnels
To understand how to create a sales process like a funnel you have to know its different parts.
- TOFU (Top of the Funnel)
In the first phase, the upper part, also know as TOFU or Top of the Funnel, we are in contact with a greater number of people who present a certain need. In this part, we get the contacts and their corresponding filter or classification.
Although not all companies give this filter the importance it deserves, it is one of the most important parts, especially in the era of personalization. We are telling you this loud and clear: you cannot talk the same way to a person who knows your brand as someone who has never even heard of your company in their life.
- MOFU (Middle of the Funnel)
Afterwards, the MOFU or Middle of the Funnel takes place. Here we analyze the needs and try to maintain the interest by providing the information we consider most relevant to the type of person we have analyzed in the previous step. As time goes by and they get to know our offer, some will stay and want to know more, while others will decide not to show more interest, hence the width of the funnel decreases.
- BOFU (Bottom of the Funnel)
Finally, we find the BOFU or Bottom of the Funnel, where only a percentage of that group will decide to buy, while others will not buy or will buy from the competition. Even if this happens, it is important to maintain those contacts as they may end up being customers in the future.
Sales funnel vs pipeline
Many people confuse the sales funnel with the sales pipeline. Although they have in common that they reflect the flow of potential customers throughout the entire sales process they are two different concepts.
The difference is based on the fact that the Sales Pipeline is a concrete sequence of actions that the salesman or saleswoman has to perform in order to move the prospect from lead to client. Each time a stage is completed, the prospect moves on to the next stage.
Sales funnel example in trade shows
At trade fairs we have to enhance the work of the commercial team to the maximum so the most appropriate thing to do is to leave the lead generation and the filtering to the trade show staff , who are used to doing this kind of task. Lead generation is one of the most important parts.
When a potential client stops at the stand and shows some interest, the lead generators or trade show hosts and hostesses will determine if it is an interesting contact to connect it directly to the corresponding sales man or woman (either by product or by geographical area) or to the person that can dolve their question (marketing diretor or technnical team). That’s why it’s very important to have bilingual hostesses and waiters with a great image, since they will make the first impression on your audience.
The next step would be to provide more relevant information, focusing on the benefits and characteristics that can make the person make a final decision. The closing is not usually given at a fair but from Event Life we always recommend you to make a special trade show offer with a deadline so that the person has our product or service in mind.
Your sales funnel experience
And this is all for today’s post. Tell us what your experience has been with sales funnels!
Do you have this concept in your company to maximize sales? Do you have a clear and defined process for your sales? Do you have trade show staff to speed up the sales process? Leave us a comment about what you do in your company so that we can share opinions.
On the other hand, if you have a topic you want us to discuss in the blog, write it down and we will be happy to discuss about it in future posts.
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