sales-funnel

Vocabulary Word

Definition

A 'sales funnel' is a business term, similar to a real funnel. At the top, potential customers learn about a product or service. As they move down the funnel, some people drop out and only a few reach the bottom to make a purchase.

Examples in Different Contexts

In customer relationship management (CRM), managing the 'sales funnel' involves tracking the progress of leads and opportunities to nurture them towards a sale. A CRM manager might discuss, 'Effective management of the sales funnel within our CRM system allows for targeted marketing and follow-up activities.'

Practice Scenarios

Sales

Scenario:

Let's strategize to approach our prospects. Maybe we need to provide additional benefits to get them over the fence.

Response:

Maybe we should offer a limited-time discount. It might incentivize prospects and bolster our sales funnel.

Marketing

Scenario:

Our new campaign is generating interest, but we need to create more compelling content to move consumers to the next level.

Response:

I agree. Our content needs a refresh to ensure consumers remain engaged and continue down the sales funnel.