A sales funnel is a marketing term used to capture and describe the journey that potential customers go through, from prospecting to purchase. A sales funnel consists of several steps, the actual number of which varies with each company’s sales model.
The sales funnel is an important tool for any business to have. It helps you to track your customers from their initial contact with your company through each stage of the sale process, enabling you to identify and target potential buyers more effectively.
Your best customer might not actually be the one who places the biggest order (although every sales team loves to land a “big fish”), but rather those dependable, repeat customers who consistently place good sized orders. With business intelligence software, you can rank your customers based on the recency, frequency, and value of their purchases to determine exactly who the best customers are. And once you build an accurate profile of those most-profitable customers, you can better focus your marketing efforts to target similar prospects.
On the other hand, Business intelligence (BI) is a technology-driven process for analyzing data and delivering actionable information that helps executives, managers and workers make informed and data-driven business decisions. As part of the BI process, Mariketa team helps organizations to collect data using internal IT systems and external sources, prepare it for analysis, run queries against the data and create data visualizations, BI dashboards and reports to make the analytics results available to business users for operational decision-making and strategic planning.
Our unique approach to implement BI-based Sales funnel is an important tool to any business that wants to take data driven decisions towards increasing sales. The effective use of business intelligence (BI) by the sales and marketing team can lead to improved customer retention rates, higher revenues from up-sell/cross-sell campaigns, and enhanced levels of customer satisfaction. And at the end of the day happy customers mean more revenue for your company.
