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Sales Funnel Optimization with Hiten Shah


  

Hiten Shah, Co-Founder of Quick Sprout, KISSmetrics and Crazy Egg, is a proven sales and growth expert. His years of experience founding, advising, investing in or working with startups have crystallized into a wealth of knowledge about how to grow a successful company.

If you have the time, watch the video below to hear Hiten reflect on how he thinks about sales funnels. To help you out, we’ve outlined the major points below for your easy perusal, as well as provided some foundational information about sales funnels to further illuminate Hiten’s point of view.

Hiten explains that essentially, a sales funnel is the “step-by-step process of things your user or customer does to accomplish a goal.” You may not think that your customers go through a process, but Hiten asserts that you’d be wrong—he says that every business he’s seen, whether offline, online or mobile, has a sales funnel.

What’s tricky though is that even businesses that are doing the same thing will have different funnels. Their customers’ behavior varies from those of their competitors, so naturally the steps in the funnel are different, too.

If you’re not measuring your funnel and your key metrics, you’re not able to improve your business.
— Hiten Shah

Hiten breaks it down for us, explaining why it’s so important to understand and optimize each and every step of your funnel. As he says, “The earlier you take people’s money, the faster you’ll make money.” Plus, you’ll be able to learn more about your customer—you can’t understand what your customers are willing to pay for until they’re actually paying for it.

Now that we’ve covered Hiten’s main talking points, let’s dive a little bit into Sales Funnels 101. We consulted these two great articles:

The folks at Prodality summed it up well: “The sales funnel, also commonly known as the purchase funnel or marketing funnel, is a customer’s journey from the moment a brand or product attracts his or her attention to the point of action or purchase.”

This journey will typically look like this:

Awareness > Opinion > Consideration > Preference > Purchase

The aforementioned HubSpot piece explains that a lot of companies struggle to refine their sales funnel because of a lack of agreement between the sales and marketing departments. Don’t underestimate the negative impact this can have on your company’s growth! According to a study by the Aberdeen Group, companies whose sales and marketing teams were aligned achieved 20% annual revenue growth in 2010; companies with poor alignment saw a 4% decline in revenues.

In order to reach a consensus, you should define a marketing qualified lead (or MQL). A MQL is a customer that is:

  • ready to talk to a salesperson
  • a good fit for the product/service
  • interested enough for it to be worth your time and resources

From here, you should be able to work backwards and identify the different stages of your company’s unique sales funnel—and begin the important work of optimizing each of those stages.


This is just the 1st in a series of 10 videos Hiten Shah created with us. To learn more about content marketing, check out the rest of the videos!



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Copyright Infringement?


  

Got questions? Ask thousands of world class expert mentors from Clarity.fm!


What are the legal ramifications of aggregating / scraping a third party onto a business listing site?

If a pizza shop shares photos of their business (and their pizza) on Facebook, Google+ and other large platforms. What are the legal ramifications of aggregating all of these photos onto a ‘master’ platform (external website).

Is this legal? (Attribution will be given).

Does anyone have experience (specifically the terms of Facebook and G+?)

Elizabeth Potts Weinstein, Small Business Attorney & Entrepreneur, answered:

(I’m an intellectual property law attorney.) If you use the embedding features of Twitter/Facebook/G+, you can embed a post on an external website and it is probably within the terms of the original license the user gave to the social media site. However, if you download the photos from a social media site and then post them on your own website, that’s copyright infringement. Attribution isn’t enough to get around the fact that you don’t have a license to use the photos.

About Elizabeth Potts Weinstein
Small business attorney, helping you create a *real* business from your big ideas. Entrepreneur. Mom. Writer. Explorer of the wilderness. Host of This Week in SmallBizLaw. INFJ. Because law can be used for good. I usually take Clarity calls on Wednesdays and Fridays.


Do you have some of your own expert insight to add? 

Curious to know how the experts would weigh in on your own entrepreneurial dilemma?

Log in to Clarity and explore the Answers forum for yourself!



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