The Conversion Funnel

Two terms you should know =

  • “Top end” of the funnel = the upper most portion of the marketing funnel which gets filled with prospects & leads
  • “Bottom end” of the funnel = the lower end of the conversion funnel which hopefully converts leads into customers

So if you are using social media marketing to fill the “top end” of your funnel, then your goal across marketing & sales is to then “nurture” those leads into actual converting customers.

So rather than post a picture of yet another conversion funnel, I like to think about it in the following way:  (1) order of operations  ;  (2) time commitment.

Let’s pretend we are using social media to fill the top end of our funnel.  Then the order of operations looks like the following…

Visitors from Social Media –> Prospects –> Leads –> Conversions

In regard to #2, time commitment, it’s important to understand “time allocation.”  This means that if your company has a sales team, then that sales team should be prioritizing the closing of people at the bottom end of the funnel.

People who are not ready to convert should be “nurtured,” usually by discussing with the marketing or P.R. departments so that the company can “nurture” leads down the conversion funnel.

Even if your company does not employ a sales force, the mental framework of the conversion funnel is an excellent way to understand what order to approach potential customers, especially in regard to what materials to send them & how much time to allocate to various leads, depending on how close they are to conversion.

Because time is the second most precious asset in a company next to the cash on its balance sheet, the ability of the marketing/sales/P.R. departments to both (1) coordinate together to maximize conversion efficiency  ;  (2) correspondingly maximize the allocation of each divisions’/teams’/members’ time is a crucial component to company success.

Management across marketing, sales, & P.R. must effectively put in place systems to maximize communication & efficiency in order to optimally run an operation that successfully adheres to the concepts of the conversion funnel.

 

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The Conversion Funnel