How to Leverage a B2B Sales Funnel and Generate Greater RevenuePublished on 17th of October 2023
Businesses need to think carefully about how their clients are introduced to their products. The information gleaned will be useful for developing the company's branding strategy, gaining more influence in the industry, and generating more revenue.
In this article, we will explore how you can utilize business-to-business information to design a sales funnel and grow your revenue to the next desired level.
How to be effective at business-to-business sales
What is a B2B sales funnel?
The name of the game is to build a strong brand to communicate your product value and eventually generate sales. Business-to-business sales funnels can help you identify which areas of your business are growing (and how), so you can better determine where to allocate resources.
A marketing funnel is a map of sorts, to help visualize how customers might decide to buy your product or service. It starts with making them aware of what you offer and can take different paths depending on many factors. The end goal, of course, is to sell.
So, a successful B2B marketing funnel is key to increased revenue as the visualization is vital to your company's success. It outlines the stages-in-progression of a potential client's journey with your company, from discovery and engagement to purchase.
Brands that don't know how to market and sell their services often struggle and fail. Marketing funnels are a powerful technique for better sales, which is why it's so crucial to get this part right—it will help your company succeed.
The funnel is a very powerful tool that will help you get the most out of your marketing efforts. You'll save time and money and be able to scrutinize your approaches much more closely.
A funnel can help you get that marketing campaign into the black—and you won't need to throw too many blows before hitting your target. You'll be less likely to waste your time but be more precise with your marketing efforts, gleaning better results.
For instance, you might realize that your leads relate more to pictures than videos. In that case, you might decide to reduce your video uploads or stop making videos altogether.
Funnels show you the progress of your clients in purchasing your product, so you can uncover valuable insights by studying the funnel's data.
How to design a B2B sales funnel
There are countless variations for the traditional marketing funnel. However, the principles each template follows are more or less the same.
The AIDC (Attention, Interest, Desire, and Conviction) approach is a classic one but these days, most experts refer to it as AIDA (Attention, Interest, Desire, and Action).
Attention: Many people don’t know about the actual product. It’s important to make them aware of it.
Interest: To turn your outreach into sales, you need to move your potential customers from awareness to interest.
Desire: Aim to establish a personal connection with your customers. Providing something that excites them about the product will inspire desire and help convince them it's worth making the purchase.
Action: Finally, we turn that desire into action by providing landing pages, signups, and many other conversion tools.
A more expansive funnel template is below. This approach considers customers after the initial purchase, allowing for an easier transition into post-purchase consumer retention strategies that are focused on increasing the value of their experience with your brand.
Awareness: The moment someone first discovers your business, product, service, or offer. This first impression will set the tone for their journey.
Consideration: They seem interested in your offer but are still looking around, comparing you with the competition. They might as well be waiting for a special deal before locking in their purchase.
Conversion: This is the customer's final decision to purchase from your brand.
Loyalty: Here, you enjoy repeat purchases as the client finds it hard to buy from other brands.
Advocacy: At this stage, your current customers recommend you to potential buyers.
For the customer to commit, we need to reach out to them at every stage of the buyer’s journey. The motive behind this is that each stage is representative of a specific mindset, thus they will most likely buy and promote our product if we approach each one properly.
You need to keep an eye on marketing at all different stages of the funnel. It's important to generate leads, but you'll also want to guide them entirely through the sales cycle.
There are loads of clients that know your brand but haven't yet taken the step to buy from you, and there are even more that would be interested in your products if they just knew about them.
A good digital marketing strategy involves targeting leads when they're at different stages of the sales funnel, so keep this in mind when designing yours. You can try assigning user actions to each stage and seeing which approaches work best in different cases.
For Attention/Awareness, you need to get your product in front of the right people. Target and learn about relevant audiences, and design this phase to excite their sense of discovery.
The Consideration stage is to establish your product as the best choice of all available options. Target audiences with high intent and get them to consider buying your product.
As for Conversion, the goal is to convert consideration into action. The more barriers you can remove and the stronger your call-to-action is, the more success you will find.
The Loyalty stage is to turn buyers into repeat buyers. As long as the B2B client is happy with what they receive, they are likely to order from you again. One of the most impactful things you can do to increase customer retention and build brand loyalty is to reduce churn rates.
As for the final step (Advocacy), you should contact your current customers and try to get business referrals from them. Turns out that happy clients are great sources of new leads.
How to leverage a B2B sales funnel and revolutionize your business
A sales funnel can alleviate a lot of the pressure that comes with marketing. Without the funnel telling you how your strategies are performing, progression can be difficult to measure or optimize. It solves this problem by providing valuable data on traffic flow and leads’ responses for each stage.
The goal of these funnel reports is to measure, analyze, and better understand your clients' interactions with your product. This strategy is best for seeing how specific marketing campaigns are working and which stages are being problematic.
For instance, if your YouTube videos get more views from a specific country and these viewers purchase your B2B products, you should channel your marketing efforts there. Another scenario is when leads are stuck at the attention/awareness or consideration phase without converting.
Now, let's explore some points to take advantage of this great sales/marketing tool:
1. Save report
The funnel allows you to save your report as a starting point for maximizing sales. If you keep track of these reports, you'll be able to develop a successful strategy and analyze what methods were most effective for your business.
Funnels typically provide vital information, such as conversation rates and past purchase behavior, to help inform effective strategies.
Your report is based on the funnel’s data, so it's important that you store and catalog it. Saving and analyzing your funnel reports is imperative to this B2B marketing funnel guide.
2. Optimize report
Once you've produced your report, what you do next with the data is quite overriding. If you take the time to analyze the information, you can implement an optimization plan.
A funnel is good on its own but great when optimized. Follow the data to refine your techniques and see how you can better approach prospects and optimize at each stage.
Gather all your customer data and use it to improve current campaigns and for your next promotion. Customer entrances are the key to keeping them with you. Your data should provide enough information to keep you competitive and attract prospects and potential advocates.
One of the most common mistakes that B2B marketers make is not using the data they generate.
By refusing to work with your B2B funnel to optimize your techniques, you are undermining how hard you can work on building your business. Continue marketing to promote your brand and you will be able to create revenue.
Building a strong target audience for your business is an important part of strategic marketing. These future customers can make or break your business by influencing how many people buy and/or promote your product.
Your campaign report can help build more accurate buyer personas while refining the buyer's journey.
3. Separation of power
If possible, create an individual team to focus on B2B sales and lead generation. This will allow team members to devote more time to data analysis and marketing, with no distractions.
When you’re running a B2B company, the success of your business hinges on your marketing. How you do promotion determines the effect it will have on customers. If your staff is split up into different categories, the sales team’s focus will be on monitoring and analyzing incoming leads, prospects, buyers, and advocates.
This is common in multinational companies, so you should consider it if you want a successful marketing campaign. It results in effective teamwork, where developments are made for your customers. All qualified team members get involved to support the same task of taking customers through the funnel stages.
Using this technique will help reduce the workload on your staff and act as a form of checks and balances. When your promotions are not performing as well as they should be, this specified B2B sales team will be able to identify the specific areas of concern and offer solutions.
All sales efforts are reviewed by the team and adjusted accordingly to ensure higher conversion rates. They show you where your marketing is lacking and where to allocate your budget. They can customize the buying experience for each lead, so the ads and materials they interact with are targeted according to their interests.
Don't be limited to one strategy - create others. When you get B2B leads or design funnel stages, don't just focus on them. Instead, use them as the foundation of your marketing programs and work out different strategies on the side.
Leads exist for one reason—they're directions, not destinations! To refrain from limiting your access to a wide audience, embrace the power of improvisation and get creative with your lead generation and conversion techniques.
When your products are reliable, your consumers are less likely to want to switch providers. This means that they will appreciate it if you have a viable selection of promotional offers for them. Now, try to avoid using the same leads repeatedly as this will flag off a level of laziness or reducibility.
One of the things B2B marketing funnels offer you is to follow up leads with other leads. You know people aren't all the same, so don't make the mistake of using the same marketing strategy over and over again.
A funnel can be a helpful guide when creating new ads. If you've been working with the same tactics for a while, try something new and see what happens.
One mistake marketers make with business-to-business marketing is sticking with yesterday's strategy just because it was effective then. You have to be flexible enough to improvise, to get the most out of your sales and marketing efforts today.
Sales are one of the most important aspects of a successful business but can be difficult to get right. It is advisable to leverage the B2B sales funnel—this is a great tool for any marketing campaign.
Increasing your revenue won't happen overnight, but following good B2B leads will get you where you need to be. Make sure you use them fully to make the most of your effort and investment.
There’s a lot of focus on lead nurturing and optimizing the consumer experience so your clients don’t buy from other brands but rather go through your funnel.
Customer journey mapping reveals that customers don't stop buying after their first purchase. As a B2B company, you should focus your energies on providing your clients with plenty of value over time, so they can keep buying and even offer referrals.