We often connect with New York event planners who need help growing their businesses and improving their sales strategies. And one topic that seems to be elusive for many involves sales funnels. There is a lot that goes into developing an effective sales funnel and strategy. And today, we’ll help demystify the sales funnel by answering some of the most common questions about them.
1. Is a Sales Funnel the Same as a Sales Pipeline?
You might be confident that you understand what a sales funnel is, but you might not realize the differences between the funnel and the pipeline. Both are used interchangeably, although they have different core meanings.
A sales funnel is the marketing concept that tracks the buyer’s journey as prospective clients engage with your brand through to a conversion. Because the initial engagement represents a wider audience when compared to those who opt-in to work with you, it creates a funnel design.
A sales pipeline is more specific and refers to the sequence of actions that need to take place before any prospects move through your sales process.
2. Does My Event Planning Business Need a Sales Funnel?
If you’re interested in earning revenue with your event planning business, then yes, you need a sales funnel. It’s what will separate the small business model from the scaling business model. Typically, if you have a pretty consistent flow of leads, you can benefit from a sales funnel strategy. And it only takes one sales funnel to get started with your company growth!
3. What Are the Sales Funnel Stages?
Not all sales funnels are structured the same. However, most involve five pivotal stages.
Awareness: In this stage, you’ll use platforms and messaging that intend to make people aware of your event planning brand and business. You’ll target a core audience and use this stage to make a proper introduction. Examples include:
- Social Media
Interest: Once you’ve made a target audience aware of your business, you’ll use this second stage to pique their interest in learning more about you. Examples include:
- Social Media
- Lead Magnets
Desire: Upon piquing their interest, you’ll use this third stage of messaging to create a desire to hire you. These prospects are those who have an event to plan and are actively seeking event help. Examples include:
- Discount Codes
- Case Studies
Action: Nurturing your lead through the first three stages will lead prospects to this point, at which your messaging should tell them what to do to opt in and convert. Examples include:
- Special Offers
- Insider Tips
- Bundled Packages
- Follow-Up Emails
Re-Engagement: This phase of your funnel looks to retain customers who’ve already worked with you. Just a 5% bump in retention rates can translate to 25%-95% profit increases. Examples include:
- Referral Programs
- Webinars & Tutorials
- Upsell Campaigns
- Re-engagement Emails
4. How Should I Start Making My Sales Funnel?
To begin developing your sales funnel, start by analyzing your core audience’s behavior. Create personas and understand how they make event planning decisions. Then create a series of messages that follow the stages of the funnel. Build a landing page and craft an email drip campaign. Keep in touch and keep up with engagements as they happen.
Imagine what your event planning business can do with the right sales funnels in place! Learn more with our ongoing blog series. And make sure you get to the annual Event Planner Expo to network with the industry’s best for more inspiration! The waitlist is starting now for 2023!