Social Media Sales Funnel
In an age of media fragmentation, reaching target market “marbles” takes time. In an age of social media, target market “marbles” have to be invited back into the bag. That, too, takes time.
Time costs money. To cut costs, how can companies automate the target market marble-collection process?
In some ways, the sales funnel automates it for us.
According to the sales funnel theory, while many prospects may fill the large opening at the top of the funnel of the conversion-to-sales process, only a few reach the narrow opening at the end of the process and become customers by buying a product or service.
When I go to a business networking meeting, let’s say with 100 people present, I may be able to shake hands with 10. If my handshake-to-conversion ratio is 10 to 1, from that business meeting, I may get one new client. The sales funnel allows only the few to emerge from the many.
According to Wikipedia, a quarter of the world’s population has Internet access. A quarter of 6 billion people is 1.5 billion people.
When I add a post to a blog, or an update to Twitter, or a video to YouTube - offer new information online in some way - I reach out a virtual handshake to a potential 1.5 billion people. With a 10 to 1 handshake-to-conversion ratio, I may get 150 million new clients.
Offline, I may meet 100, but online I may meet 150 million, simply by offering new and useful information?
Dozens of factors limit this simple metaphor and simplistic example and make the numbers inaccurate.
But the concept is sound. Offline I connect with the few and online I connect with the many?
That’s a lot of marbles entering the sales funnel.
***
Parametric Social Media Sales Funnel image created using Wolfram's Mathematica by Alex Edelman. If you're interested, here's a high-resolution .pdf of the Mathematica Notebook.
Comments