Today, we’re talking about building a simple sales funnel. This framework can be applied to both B2B and most B2C businesses to help you think more strategically about distribution and sales.
1st Stage. Distribution — How many people are discovering your product or encountering your outreach? I recommend allocating 75% of your time to the distribution channels that are currently working for you, while dedicating the remaining 25% to trying new approaches.
2nd Stage. Expressing Interest — How many of the people who find your product are interested in learning more? Indicators of interest might include subscribing to a newsletter, downloading an app, or signing up on your website.
3rd Stage. Product Testing — How many people are trying out your service? This might involve launching a paid pilot or the successful completion of a mobile app onboarding process.
4th Stage. Customers — How many people become reliant enough on your service to either pay for it or use it on a daily basis? How long do they stay as customers?
When you break down your business into these distinct stages, it’s easier to see where you need to improve.
Best of luck out there.
Sterling Road invests in idea stage and pre-seed B2B startups based in the US, Canada and UK.
