Dealing with customers is never easy, especially in a B2B context; that's why you will need a proper B2B Sales Funnel. Unlike B2C, customers are more emotional appeals, and B2B Sale Funnels are much more complex, likely to be more rational and focused on value and ROI when making purchase decisions.
As technology evolves, B2B relationships will continue growing, creating new business opportunities and challenges. Understanding the B2B Sales funnel can be an excellent approach for targeting customers and maintaining competitive advantages.
Overview
| What is B2B Sale? | Business to Business - Enterprice Sale |
| Who invented B2B sale? | John Deere |
| What is the philosophy of B2B sales? | Sell by needs rather than actual sale process |
Table of Contents
- Overview
- What is a B2B sales funnel and why is it important?
- 6 stages of a B2B sales funnel and examples
- Tips to create an Engaging B2B Sales Funnel
- Frequently Asked Questions
- Bottom Line
- Frequently Asked Questions
Tips for Better Engagement
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What is a B2B sales funnel and why is it important?
The B2B sales funnel is a structured framework that outlines the different stages a potential customer goes through when considering purchasing a product or service in a B2B (business-to-business) context.
By breaking down the sales process into different stages, businesses can completely understand the buying process, which enables businesses to measure and analyze their sales and marketing efforts and improves the overall customer experience.
Plus, the B2B sales funnel helps businesses identify the key touchpoints and interactions that occur during the buying journey. This allows businesses to develop targeted marketing strategies and sales tactics for each stage of the funnel, increasing the likelihood of converting potential customers into paying customers.
However, some argue that this model is too simplistic and doesn't account for the complexities of modern B2B buying behaviors. As a result, many businesses have developed more nuanced and flexible models that take into account the unique characteristics of their target markets and customers.
6 stages of a B2B sales funnel and examples
Before making a purchase in a B2B context, a potential customer might go through different 6 stages, which are described via the B2B sales funnel model as follows. Note that the number of potential customers might decrease as they move through each stage.
Stage 1: Awareness
The purpose of the Awareness stage in the B2B sales funnel is to create brand awareness and attract potential customers who may be interested in your products or services. At this stage, the potential customers are not actively looking to make a purchase, but they may have a problem or a need that your business can solve.
This can be done through various marketing channels, such as door-to-door B2B sales, advertising, social media posts, Youtube videos, content marketing, and public relations.
Stage 2: Interest
The Interest stage in the B2B sales funnel is the second stage in the process of converting a potential customer into a paying customer. At this stage, the potential customer has become aware of your company and has shown some interest in your products or services.
Content marketing, webinars, or product demos can be effective marketing techniques to provide potential customers with relevant and useful information that helps them understand the benefits of your products or services
Stage 3: Evaluation
The goal of the Evaluation stage is to provide the potential customer with the information and resources they need to make an informed decision. This can be done by providing case studies, testimonials, trust badges, customer reviews, pricing pages, and product demos that demonstrate the value and benefits of your products or services.
By providing the right information and addressing any concerns or objections the potential customer may have, you can increase their confidence in your products or services and move them closer to making a purchase decision.
For example, let's say you are selling B2B services. During the Evaluation stage, a potential customer may be researching various service providers available in the market, comparing features, reading customer reviews, and evaluating which service features and prices best meet their needs.
Stage 4: Engagement
The Engagement stage in the B2B sales funnel is an important stage in the process of converting a potential customer into a paying customer by providing ongoing support to increase their trust in the business.
During the Engagement stage, the potential customer is interacting with your business in various ways, such as filling out a contact form, educational presentations, subscribing to your newsletter, or attending a webinar. This stage is focused on building a relationship with the potential customer and nurturing their interest in your products or services.
Stage 5: Purchase
Coming to the fifth stage, after finalizing contract details and reviewing pricing options, the potential customer is making a final decision about whether or not to purchase your products or services. It marks the end of the B2B sales funnel and the beginning of the customer relationship,
For example, the software company follows up with interested prospects who have completed the demo or trial, providing them with pricing information and personalized recommendations. To increase the purchase value, on the Payment page, companies might use Cross-Selling and Upselling techniques.
Stage 6: Loyalty
Finally, when it comes to the Loyalty stage, businesses can use various strategies to keep customers engaged, such as providing exceptional customer service. It can be an offer of loyalty rewards or discounts, B2B Email marketing, product engagement tracking, and regularly checking in with customers to address any concerns or issues they may have.
By fostering customer loyalty, businesses can retain customers and generate positive word-of-mouth referrals and recommendations, which can help attract new customers and grow their customer base.
Tips to Create an Engaging B2B Sales Funnel
#1. Personalization is becoming increasingly important in the B2B sales funnel. According to a report by Salesforce, 80% of B2B buyers expect a personalized experience when interacting with vendors. Use customer data to personalize emails, offers, and content to make potential customers feel valued and understood.
#2. Engaging your customers with social media posts, like live polls and online gift takeaway events with AhaSlides Spinner Wheel during Black Fridays seasons or holidays.
HINT: Gain customer insights by using AhaSlides Fun Quizzes and Games!
- Use AhaSlides to create fun and engaging polls, surveys or games related to your product or service.
- Share the quiz or game with your audience via email, social media, or your website. Encourage participation by offering a prize or incentive.
#3. To offer effective educational presentations for customers, utilize video tutorials and, blogs, FAQs pages on your website to give comprehensive guides and useful information like how it works and can benefit them.
#4. Integrate Cold calling B2B into your sales funnel. For example, the sales team creates a list of potential leads and begins cold calling to introduce the company and its products or services.
#5. Create exceptional purchasing experience: Leverage Omnichannel selling to give customers positive and seamless purchasing across multiple channels and touchpoints, including online, mobile, and brick-and-mortar stores.
Frequently Asked Questions
What is a B2B sales and marketing funnel?
The B2B sales funnel is closely connected to the marketing funnel. While the marketing funnel focuses on generating leads and raising awareness, the sales funnel focuses on converting those leads into customers. A successful B2B sales funnel requires effective marketing strategies to attract and engage potential customers.
What is the difference between a B2B funnel and a B2C funnel?
The main difference between a B2B and B2C funnel is the target audience. B2B funnels focus on selling products or services to other businesses, while B2C funnels focus on selling to individual consumers. B2B funnels typically have longer sales cycles and involve multiple decision-makers, while B2C funnels are often shorter and more focused on emotional appeals.
How much does it cost to create a B2B sales funnel?
The cost of creating a B2B sales funnel can vary depending on factors such as the business's size, the sales process's complexity, and the tools and resources needed to implement the funnel. Costs may include expenses for marketing, advertising, software, and staff.
What is a full-funnel strategy in B2B?
A full-funnel strategy in B2B refers to a comprehensive approach to the sales and marketing process that involves all sales funnel stages. It encompasses lead generation, lead nurturing, sales enablement, and customer retention.
What is the top-of-funnel content B2B?
It refers to content that is designed to attract and engage potential customers who are in the early stages of the sales funnel. This can include blog posts, social media content, ebooks, webinars, and other types of content that provide educational or informative value to the audience, without necessarily promoting a specific product or service.
What is the bottom-of-funnel content B2B?
This can include case studies, product demos, free trials, and other types of content that provide specific details about the product or service being offered.
What are the 4 key elements in the funnel?
Awareness - creating awareness about the brand or product
Interest - generating interest and educating potential customers
Decision - helping potential customers make a decision
Action - converting potential customers into customers.
Is a sales funnel a CRM?
A B2B sales funnel and a CRM (customer relationship management) system are not the same thing. A CRM can be used to manage customer data and interactions at all stages of the sales funnel.
Who needs a B2B sales funnel?
Any B2B business that wants to attract, engage, and convert potential customers needs a B2B sales funnel. It helps companies to streamline the sales process, improve lead generation and nurturing, and increase the overall efficiency and effectiveness of the sales and marketing efforts.
Is funnel a SaaS?
SaaS (Software as a Service) refers to a software delivery model in which software is licensed and accessed online. A funnel refers, on the other hand, to a typical b2b sales process that describes the stages a potential customer goes through when making a purchase decision.
What is a B2B Sales funnel example?
The same software company creates a white paper or ebook that provides in-depth information on how their product can solve a particular business problem. The company promotes the ebook through targeted ads and email campaigns.
Is a B2B sales funnel also a Sales pipeline?
B2B sales funnel and sales pipeline are often used interchangeably to describe converting leads into customers. While the sales pipeline focuses on the internal process of closing deals, the sales funnel considers the entire customer journey, from lead generation to conversion.
Bottom Line
Many external factors might influence the B2B sales funnel, such as the economy, industry trends, and competition. Thus, businesses need to be agile and adapt their sales and marketing strategies in response to these changes to stay competitive.
Ref: Wisestamp
