What is a B2B Sales Funnel?
The sales funnel (also known as a revenue funnel) is the purchase process that businesses take their buyers through when they make purchases. The mechanism by which a company discovers and sells its goods to customers is also included in the term. A sales funnel for B2B depicts how the leads are gathered and passed through the various levels of engagement before they make a purchase or exit the funnel.
B2B sales funnel might seem similar to B2B sales pipeline but both are different from each other. B2B funnel stages are also very different from B2B pipeline stages. The funnel is associated with the customer’s point of view, while the pipeline is associated with the seller’s need to sell and meet revenue targets.
A sales funnel for B2B is a graphical representation of the number of prospects or leads available and the sales volumes between phases. The B2B sales funnel stages will help you understand where leads are lost. If you observe a poor conversion rate between two points, it means you’ve discovered a flaw in your sales cycle that needs to be addressed.
How is B2B Sales Funnel different from B2B Sales Pipeline?
The sales funnel is all about leads; it calculates the effectiveness of the lead generation activities. The sales pipeline is all about deals, and it analyses the quality of leads that you drive into the pipeline. The phases in the sales process that your prospects go through before becoming buyers are referred to as the sales funnel. On the other hand, a sales pipeline includes any step of the sales process that a salesperson goes through from start to end to close a deal.
Conversion rates during the sales process are seen in the sales funnel B2B report. The data is used by sales teams to optimize specific stages of the selling process and to avoid gaps in the funnel. The sales pipeline report displays lead activities during the selling process to assist sales teams in determining where to concentrate additional resources for higher revenue.
Essential B2B Funnel Stages
The Stage of Awareness
A B2B buyer is searching for answers during the Awareness stage of the B2B funnel. They need the required resources, knowledge, information, viewpoints, and perspective to resolve their issues. The issue may be as basic as a new manufacturer or as complex as digital frameworks that carry their daily operations. At this stage of the B2B sales funnel, there is no guarantee that the lead will opt for your business. However, the chances of them becoming your customer increases if you provide them with plenty of relevant information about your goods and services.
The Stage of Interest
As prospects progress to the interest level of the B2B funnel, they try to study your products in order to learn more about them. They are eager to learn more about your company to see if your products or services are suitable for them. Trust is built during this stage of the purchasing process. When your prospects express an interest in your product, it is crucial that you provide them with information to help them make a decision. The right information, proper guidance, transparency, and honesty will help your leads make a decision in your company’s favor.
The Stage of Assessment
You have successfully won the buyer’s interest. Now would be the time to demonstrate how your approach is best suited to their requirements. At this B2B funnel stage, the lead is excited to see how the product operates and how it can meet their needs. They can request a demonstration here. Your sales agent must be familiar with the lead’s company and able to demonstrate how the product or service will address their business requirements.
Also, it is better, to be honest, and say no if you think your products will not be able to fulfill the requirements rather than making a promise that you might not be able to keep.
The Stage of Purchase
The Purchase stage is the final stage in a standard B2B sales funnel. At this stage, it is vital to encourage confidence between the sales representative and the lead. As the B2B prospects get closer to the deal, they require more evidence that the product is a good match. The Order could be written, or perhaps the purchase commitment could be authorized. However, only because the transaction is done, does not imply that you have come to the end of the B2B sales funnel. Post-purchase interaction and maintenance services keep the customers satisfied.
When it comes to the sales funnel for B2B purchases, factors such as lead generation and proper marketing of the product/services are essential. The skilled and highly qualified team at Global Trade Plaza can help you with that. They are one of the top names in the online B2B marketplace and have helped hundreds of companies succeed and perform well in the market.