According to the statistics, the global B2B industry was valued at $7.72 billion in 2021, and it is expected to grow by 18.7% from 2022-2030. Enhanced marketing and sales strategies have become essential for B2B brands to stay ahead of their competitors, and B2B sales require a more strategic and methodical approach. Therefore, B2B businesses should use B2B sales consulting tools and focus on creating an effective sales funnel to convert potential clients into paying clients. Continue reading this post to learn more about how the B2B sales funnel works and how it contributes to business growth.
What is a B2B Sales Funnel?
A B2B sales funnel is a stage-by-stage model that B2B companies follow to turn prospects into paying customers. It is also known as the engine that powers the B2B sales process. The key objective of the sales funnel is to demonstrate how customers interact with their brands and what specific steps are important to persuade them to make a purchase. Boosting the Return on Investment (ROI) of the company is the secondary objective of the sales funnel. The sales funnel divides the purchasing process into smaller steps aimed at increasing sales.
Stages of Successful B2B Sales Funnel
A sales funnel is a crucial element of the B2B business plan of every B2B firm, as it makes the sales process effective and efficient. The important stages of a B2B sales funnel are –
1. Awareness
The first step in the B2B sales funnel is awareness. It’s the point when a customer learns about your brand for the first time, usually through an inbound marketing channel like a blog post or social media post. The awareness stage for sales and marketing teams is about promoting the brand, sharing guidance and solutions to typical customer pain points, and starting to gather leads. In this stage, the visitors cannot be termed as prospects as they don’t have information about your product.
2. Interest
You’ve captured a buyer’s interest and assisted them in finding a solution to a problem. They are interested in your brand, your products, and how you can improve their business or job experience, but they are not ready to make a purchase yet. This is known as the interest stage. The goal of this stage is to develop a relationship between a potential consumer and a brand. To do this, you need to consistently offer content via various channels and offer free trials or demos to slowly move them into the next stage.
3. Evaluation
This stage is also known as the decision-making stage. Your target buyer has probably researched your competition and is aware of your brand at this stage. The next step is to make a purchasing decision. As a result, they will try to learn more about your brand and ask about your pricing and packaging choices. This is the time to discuss why your service or products are the best and how they can meet their demands. To persuade potential customers, you can use sales websites, calls, educational webinars, or business tools.
4. Purchase
The action stage is the last stage of the B2B sales funnel. Because you correctly cultivated your prospect, your lead is now prepared to be converted. Now, it is time to use reviews, testimonials, package bundles, product training, and special offers to persuade customers to purchase your product. If the deal is closed, your prospects will now become paying clients. However, the sales process is a cycle that never ends. The first few weeks after making that sale are crucial for building a long-term engagement with your new customer.
Top Benefits of the B2B Sales Funnel
Here’s why every B2B firm should have a sales funnel –
- Identifying a promising lead is easier with a B2B sales funnel.
- The B2B sales funnel helps increase the lead conversion rate.
- Comprehensive B2B sales funnels help build trust and relationships with leads.
- Sorting and ranking the leads becomes smoother with the help of a B2B sales funnel.
- B2B sales funnel will keep you focused and help streamline your marketing strategies. It will ultimately help push customers through the sales cycle.
Sales Questions You Should Ask at Each Funnel Stage
The sales call that feels like an interrogation does not get results. So, the sales representatives should ask questions that elicit long answers rather than yes or no. The perfect questions for each stage are –
1. Top of Funnel
In this stage, salespeople deal with outbound leads who do not know about the solution you offer –
- Please describe your major business issue.
- How is this creating a problem for the company?
- How does it affect your day-to-day operations?
- How are you addressing this pain/problem right now?
- What would it signify if we could solve this issue?
- What will happen if we ignore it?
2. Middle of Funnel
In this stage, people want to talk about the solution and potential outcomes –
- Can you clarify what you hope to achieve by introducing (tool/category)?
- Which KPI would you like to see improved if I could wave a magic wand?
- What factors do you consider when making purchases?
- What factors are most significant to you as you assess vendors?
- What is lacking from your current solution?
3. Bottom of Funnel
In this stage, you should ask sales closing questions –
- What happens between getting the green light and signing the agreement?
- What other details do you require from us in order to proceed?
- What potential roadblocks stop you from moving forward?
- Do you see a scenario in which you move forward before [date]?
The Bottom Line
The well-structured B2B sales funnel helps understand how buyers move through the customer journey. It is a crucial element of every B2B business that makes the sales process smoother. Keep the stages mentioned above in mind while building a successful sales funnel for your business. You can also contact B2B sales consulting experts at Company Expert to get professional help for improving the sales efficiency and effectiveness of your B2B firm. We take a pragmatic approach to transforming the sales processes, talent, and tools to help you drive double-digit sales growth. Get in touch with us to learn more about how we can help you build a sales funnel.
You may also like:
- Lead Generation Ideas for Each Stage of the Sales Funnel
- What are The Different Stages of a B2B Sales Cycle?
