CHAPTER 1
What Is A Sales Funnel?
We make use of the metaphor of a sales funnel (wide at the very top, narrow at the
end) to monitor the sales process.
Towards the top of this funnel, you've got 'unqualified prospects' - the people you
believe may need your service or product, but to whom you've never spoken. At the
end of this funnel, many delivery and sales steps after, you've got those who've
received the service or product and have also purchased it.
The metaphor of a funnel can be utilized because prospects drop out of different
stages of an extended sales process.
Using the sales funnel, and by calculating the number of leads at every point of the
procedure, you are able to predict the number of prospects who'll, over time, become
clients.
A lot more than this, by taking a look at how these amounts change with time, you
are able to spot issues in the sales pipeline and just take corrective action early.
For instance, in the event that you spot that not many mailings were actioned during
a month, you may be expecting that, in a couple of months' time, sales may dry out.
The following month, you can ensure that more mailings than usual are sent.
Utilization of the Sales Funnel shows obstacles and dead time, or if they're an
insufficient quantity of leads at any point. This knowledge enables you to decide
where sales agents should focus their attention and efforts to help keep sales at the
required level and, also, satisfy targets.
The funnel may also explain where improvements have to be implemented in the
sales procedure. These might be as straightforward as introducing extra sales
coaching or making certain sales reps put adequate emphasis on each step of the
process.
The very first stage in establishing sales funnel reporting would be to brainstorm the
sales process together with your sales and marketing people to make certain that it
is correct and comprehensive.
Out of this, find out the main sequential parts of the sales procedure and, from these,
generate status codes. Then, label your leads using these codes (this is easier when
you've got a sales contact management system). Finally, calculate the number of
prospects of every status and calculate the change from the last month.
As you develop an image of sales funnels from every month, you can begin to
comprehend where you are able to enhance your sales process. Obviously, a
product is required before you can start to sell anything, and this is what we will discuss in the following chapters.
CHAPTER 2
What is Internet CommerceWhat is Internet Commerce?
The idea of internet commerce is about going online to complete business better and faster. It is all about giving clients controlled use of your pc systems and allowing them to serve themselves. It's about making your organization commit to a significant online effort and integrating your website with the essence of your business. Should you do this, you will notice results!
The web is a feasible alternative to all of the conventional ways of conducting
business. Can't meet in person? Send an e-mail with a photograph attached. When
it's time for the customer to purchase the merchandise, make use of a secured
server for charge card and, sometimes even, digital cash payments! The
opportunities and situations through which internet business can be done are
limitless.
In the wonderful world of internet commerce, the area where you conduct business
is Websites. Most businesses exist already offline. Adding an internet site
represents a way to improve their business. For Online start-ups, the website may be
the only place they conduct business.
To do business, additionally, you need a method to accept orders and action
payments. In a store, clients simply discover the products and services they need,
enter a queue at the till and pay the shop clerk. In internet commerce, orders need to
be placed and items shipped. Orders are often handled through interactive, internet-based forms
Clients in a store pay by cash, check, or credit/debit cards. Online clients can't pay
by check or cash, only through electronic means. Internet commerce transactions
have to occur through secure electronic connections and special merchant portals
for processing payments.
Delivery fulfillment, in the wonderful world of internet commerce, is harder than in
conventional stores, requiring shipping and transportation much like catalog and
mail order companies.
In both regular commerce and internet commerce, you need to locate a method to
attract clients to you. This is epitomized by your online marketing strategy.
On the internet, one simple way to do this is via Google Adwords, where you
research keywords related to your site that attract significant numbers of monthly
searches. Google will then rank your site higher in their listings when a user enters
that keyword into a search and you pay Google a certain amount for every click you
receive.
You can also market your site by writing articles related to it and posting these (with
a link back to your site in your bio) on well-known article directory sites like
EzineArticles.com. These sites are free and usually rank well in search engines.
CHAPTER 3
What Can I Sell?
Everyone who sets up an internet business has to address the question: What
should I sell? And just about everyone appears to incur 2 classic errors at first:
They sell what everybody else is trying to sell: electronics, designer clothing, and
DVDs. What they find is a marketplace already saturated with these products and
the suppliers usually don't work in small quantities. To create any profit at all, they'd
need to buy huge quantities.
They sell what they know and love. Regrettably, unless there's a significant demand
for what they know and love, they will be stuck with lots of products they are able to
appreciate but can not move.
The following 'hotspots' could keep you connected with what individuals are buying,
what things are up-and-coming, and what things are declining in popularity. If your
opinions all originate from a couple of places, you are limiting yourself so expand
your thinking. You may consider taking a look at one of these simple hotspots for
inspiration:
Newspapers. You will get a concept of what's on the minds of consumers simply by
reading the lifestyle section, the business pages, or taking a look at the adverts the
big stores are putting out.
Consumer Publications. You will find countless magazines based around specialized
products and services, specific hobbies, and special interest markets. They have
been a good resource for building niche products.
Shopping Arcades / Bricks-and-mortar stores. Communicate with the salespeople, and discover what is being sold. You may also source your suppliers for the boxes.
Obtain the wholesaler's name, ring them and get the name of their local distributor in
your town.
Trend-spotting sites, such as Influxinsights.com, Trendhunter.com, and
Trendwatching.com.
The entertainment industry, films, and television fuel product trends. Knowing what's
being released in the movie industry, you can begin sourcing related products and
services prior to the trend beginning.
Imdb.com maintains a list of movies that are going to be released in the coming year.
So, if you are aware now that particular movies are going to be released, you can
begin stocking up on related products prior to them becoming expensive, like
Superman, Batman, Star Wars, and Curious George.
It's wise to own a notebook for product sourcing, be it a hand-held notebook or a
PDA, to record your thoughts when they come to you. Ninety percent of the ideas
you don't jot down can get lost. When you are visiting these hot spots for ideas, if
you notice hundreds of ideas for products to market, you will not have the ability to
recall all of them. You need to write them down in your product sourcing notebook,
then return to them and begin researching.