Understanding the Stages of Your B2B Sales Funnel

29 June 2020

Sales funnels are essential for guiding customers through the purchasing journey. Learn more about each B2B sales funnel stage to create a funnel that converts.

Kompass International

By Kompass International

29 June 2020

B2B sales are in the $5,000 and upwards range. This means there is big money at stake and if your B2B sales funnel isn’t cutting it — you’ve got to make some changes.

Many businesses are generating leads as quickly as possible but they forget about the importance of a sales funnel that converts.

Continue reading this article to learn about the stages of your B2B sales funnel so you make sure you’re getting the best results.

Must-Know B2B Sales Funnel Stages

As you’re thinking about the sales funnel stages, make sure to remember that you’re no longer in control. The consumer is in control and can gain access to just about any information they want BEFORE you even contact them.

Gated information about your company is a thing of the past. You need to keep in mind that they are likely to have a good idea of what they want before they speak to one of your sales professionals.

Awareness

Before someone can buy something they have to become aware of it. Whether that is through your social selling campaign, pay per click ads or some other means of getting the word out — no awareness means no sales.

People usually become aware of your company’s product or service when they are searching for a solution. This isn’t always the case since your company could be running a campaign to let people know there IS a solution out there. This might be the case for a new solution to a problem that otherwise had to be worked around in another way.

People that need or want your product or service can then go on to the next sales funnel stage which is interest.

Interest

This person has seen your ad, read an article on your blog and is now getting deeper into the information.

This is often where businesses position their sales force. As soon as they see someone is interested in their product or service, they pounce on the customer with a sales call asking them if they are ready to get started.

While this might have been necessary in the past when consumers didn’t have access to all of the information they do online, it is no longer necessary. Not only is it no longer necessary but it can actually hurt your company’s efforts to make the sale.

Pushing for the sale during the interest phase won’t get the sale and may cause them to go look for another solution altogether.

During the interest phase, they are gathering information on their own. They’re looking at product features, benefits, and customer reviews. They don’t want a sales phone call.

Consideration

Once your company’s product or service has drawn attention and interest, the lead is now advancing to the consideration phase. During the consideration phase, a B2B lead takes all of the information they’ve gathered throughout the interest stage and shares their research with the other people in the company that will be part of the decision process.

They may also have other products and services they are showcasing as well so it is not a done deal yet.

Intent

When the lead reaches the intent stage they are ready for the sales call. They have exhausted their ability to research and now need a product demo or whatever the next step is to test your product or service.

Once the lead and the other people involved in the decision-making process have decided this might be a valid solution, they can move on to the evaluation stage where they will determine whether this is the right solution or not.

Evaluation

The evaluation stage is where everything is on the table. They’ve almost decided they want to go with your product or service but they aren’t quite sure yet.

What are the terms? How much is the product or service?

Make sure the lead understands whether terms are negotiable or if they are set in stone. Setting expectations before going into the evaluation stage of things is going to make it less awkward and can save a sale that might have otherwise gone to the competition.

Purchase

After your team has shown them the terms and drawn up the contract, they’ve made the decision to make a purchase.

Congratulations!

You’ve converted the lead and they are now a customer. While you’ve done a great job up to this part, you should never think that the sale is over.

The onboarding of the customer is highly important since they still have time to go back on their decision. Your company likely has a policy regarding how long people have to go back on their decision.

When you onboard your new customer properly, you won’t have to worry about them leaving your product or service. During the sales process, make sure to walk them through each step.

You should also have any necessary training available to them. You may assign them, someone, to be their product expert in case they need any help implementing the products or services.

Your goal is to make your product or service an integral part of their business. When they use the product regularly, they will continue to use it instead of letting their subscription slide or asking for their money back on their purchase.

Streamline Your Marketing and Sales

Now you know more about the B2B sales funnel and its stages. You likely see some things that you need to change in your current sales funnel.

Are you looking for ways to streamline your marketing and sales? Do you want a way to make prospecting faster and easier? Talk to us at Kompass.

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