Business

How creating a sales funnel will buy you a Ferrari

Whether you work in sales, marketing, recruitment or any other role that has a clearly defined performance goal – it’s likely you’ll have heard people talking about a ‘funnel’.

“Keep your funnel full” – “The funnel never lies” – “The funnel always performs” – there are plenty of claims that follow this mythical funnel around – but what it is? How can you create your own? And, the most important question anyone can ask – how will creating one earn you a brand-new Ferrari?

You’re right to be suspicious, promises of supercars are usually the thing of click-bait – but in this instance, I’m going to give you all the information you need – you’re just going to have to apply it. I’ve even broken it down into handy steps for you…

Step 1: Define your goals

Before you dive into creating a funnel – you’ve got to understand what the end goal of your role is. You might be required to get a certain number of appointments each day, perhaps you’re expected to contribute a certain amount to your company’s bottom line or maybe you have a minimum number of upsells when a customer buys a product.

It doesn’t matter what it is, if it can be quantified in a numerical value then it’s the going to represent the final figure in your conversion funnel.

Step 2: Decide on a time frame

How frequently are you expected to achieve your target? This is quite a good way of deciding on a timeframe that your funnel will span. Don’t worry, you don’t have to be accurate at this stage – choose a short period of time – perhaps a week or a month – you’ll be able to scale up later.

Step 3: Map the customer journey

In step 1 I used the word ‘conversations’ – and that’s exactly what a funnel illustrates:

Every conversion that a customer is required to make to take them from where they are now to a fully paid up client. Another way of thinking about this is considering it a ‘customer journey’.

Let’s use a generic sales role as an example:

  1. Salesperson cold calling or prospecting
  2. A meaningful phone conversation about your product
  3. Customer agrees to you visiting them
  4. Customer orders your product

This is just an off-the-cuff example – but the principle will remain the same whatever your process. Break down your customer’s journey into every decision, interaction, call-to-action and result that’s required.

Step 4: Build a website that drivers online sales

A website isn’t just a load of pictures, videos and fancy fonts you know! It can actually be one of your most important and powerful sales tools. It serves as a virtual equivalent of a physical business for the 3.2 billion internet users and can allow you to sell your products and services at anytime, anywhere. However, where most businesses seem to fail when it comes to websites is actually the design which is key for driving conversions and leads. This is why we would always recommend working with trust partner such as Think Zap who are one of the leading web design agencies in Glasgow.

Step 5: Apply the numbers

When you’ve got the customer’s journey or process broken down into steps and you’ve a timeframe decided upon – it’s time to start applying numbers to each step.

Let’s say your funnel is going to illustrate a week in your role. Print your customer journey and put it on your desk or in your planner. Every time a customer reaches a stage in your process put a tally mark next to that step. It’s absolutely vital you’re honest at this stage – miscalculating or trying to beef up your figures is worse than unhelpful and it certainly isn’t going to bag you this Ferrari. Being accurate now is the key to success.

Keep this process up for a day, a week or however long you wish. Generally speaking, the longer you record your results for, the more useful the data will be.

Step 6: Results

After your week, fortnight or month, you’ll have a set of data that’s ready for interpretation. Let’s say that over a week your numbers look something like this:

  1. Salesperson cold calling or prospecting – 100
  2. A meaningful phone conversation about your product – 40
  3. Customer agrees to you visiting them – 10
  4. Customer orders your product – 5

It’s perfectly normal for your numbers to dwindle from the very top action down to the bottom one – if they don’t, you probably already own a garage full of supercars and don’t need my help.

By writing down these numbers you’ve just gained a major insight that’s going to transform the way you work.

You now know your numbers

Let’s use our example numbers again. You now know that picking up the phone and dialling 100 times means you’re going to get 5 orders. Okay, there are some steps in between, but you’ve got a process to handle that. Customer behaviour is rarely (if ever) unique – people respond to similar marketing and sales processes – if they didn’t, advertising and demographics wouldn’t exist. Trust the process.

These numbers take luck out of your day. You know exactly what you’ve got to do to get the result you want. Happy with 2 sales a day? Pick up the phone 40 times and go home early. Want to beat the smug high-performer who’s always hitting 4 orders? Pick the phone up 100 times and get 5 bits of business tucked away…

Your numbers = your Ferrari

If you want to aim for big rewards you’re going to have to apply money to your numbers. Let’s say you’re paid a commission of £200 for every complete order – let’s also say that you want your Ferrari in 12 months-time.

  • Ferrari F12 Berlinetta cost – £241,963
  • Commission per order – £200
  • Orders needed to buy Ferrari – 1210
  • Phone calls needed to achieve 1210 orders – 30,250
  • 30,250 orders divided by 261 working days – 116

So, a Ferrari now doesn’t equal £241,963 – it equals picking up your phone 116 times each working day.

Too many calls?

Clearly, the numbers are going to be your own – but if you work out your Ferrari numbers and it’s physically not possible – then you need to look at your funnel again…

We know that out of 40 meaningful conversations with your potential customers 10 of them will agree to meeting you – and for every 10 people you see you’ll get 2 orders. So why not look at that conversation that you’re having with 40 people and see if you can improve it?

Expand the funnel!

At any time, you can squeeze more life out of your current funnel.

There’s no advice I can give you here on how to make yourself, your business or your conversation more appealing to the people you speak to – but let me assure you; it’s possible. Listen to the best people in your business, read some theory, get on some courses, pay someone better than you to do the calls! Whatever it takes, you can get more life out of what you’re doing – and when you do, your top line numbers shrink.

So, in the case of your new Ferrari – do your homework and boost those appointments from 10 to 20 – suddenly every figure above that is cut in half!

Your new Ferrari now requires you to pick up the phone 58 times a day…

  • Build the funnel
  • Understand the funnel
  • Expand the funnel

…and what you do with the ensuing success is entirely up to you.

Self-awareness – the ultimate life-hack

You want to be more successful? Have more free time? Be rich beyond your wildest dreams? Find love? Make your relationships flourish?

You’ve just found the answer.

Establishing a good level of self-awareness is the first and only domino you need to push to set things in motion when it comes to any of your goals – I promise you that one way or another, increasing your self-awareness will make everything you want will fall into your lap.

But there’s a catch:

Unlike those quirky ways of sorting your fridge or chopping a pineapple, this life-hack is going to take time – and effort.

Not ready for time and effort yet? No problem… bookmark this page and come back when you’re serious about achieving your goals…

What is self-awareness?

Before I go answering questions on what self-awareness is, it’s vitally important that you understand what it isn’t. So open up your copy of Mac Office 2016 and lets get ready to make some notes!

Ok, ready? well first of all It’s not:

  • About becoming ‘one’ with the Earth/a divine being/all of humanity
  • A kooky idea that’s only for people in therapy
  • Going to lead you to abandoning your job
  • An impossible goal

I just wanted to clear those things up. People can have some funny perceptions.

Self-awareness is for anyone who’s interested in knowing a bit more about those mysteries about yourself you can’t seem to get a handle on. Don’t know why you’re missing promotions? Not been able to hold-down a relationship? You procrastinate when you should work?

Let me make something absolutely clear to you:

These are not mysteries. They’re not even that hard to overcome. They’re all based on your behaviour. You’ve just got to know what it is that makes you behave in the way that has you getting what you have – rather than what you want.

Hacking your subconscious

Ever heard that thing about how humans “only use 10% of our brains” – or some other random but small figure?

I’ll save you a visit to Snopes – it’s not true. Let a brain surgeon lop the top of your cranium off and he or she would happily point at what each bit does.

All your brain areas are active at all times – however, as a species we don’t have access to everything that the brain holds at any one time. That’s not how it works, we couldn’t handle that much info. Instead, in basic terms, we’ve got a conscious and an unconscious.

Your conscious mind deals with your actions, the subconscious deals with reactions. I’m over simplifying here – but you don’t need a psychology PhD to work toward self-awareness.

And here’s the thing:

The VAST proportion of what we do is a reaction to stuff that’s going on around us – which means we’re almost entirely operating from our subconscious. Think about it – we don’t choose our mood, we don’t choose how productive we feel – If you want to change the way you behave, you’ve got to drag your behaviour out of your subconscious and into your conscious awareness.

Where to begin

People are generally better at giving other people advice than absorbing good advice into our lives. This is all down to objectivity – it’s far easier to get a good impression of how a person can work toward their goal if you can ‘rise above’ what’s happening and get more involved with strategy than the day-to-day struggles and reactions.

So, if you’re going to conquer your awareness – you need to break free of the day to day and start to observe yourself as objectively as possible.

Fortunately, we don’t have to tackle this alone – here are some tried and tested methods to elevate your awareness:

  1. Ask for feedback at work

Talking to people you work with for opinions on your attitude, work and general character is a great place to begin changing your perception. The key here is that people are honest with you – but making sure it’s done in a formal and constructive manner is important to ensure you’re not subjected to scathing criticisms!

Ideally, having a HR staff member facilitate is great – that way some mediation is achieved. If you’re a manager or occupy a senior position people might not be forth-coming in the stuff that they perceive to be critical (which in itself might be something to reflect on!) – so having a process and some pertinent questions really helps to achieve something positive.

Reflecting on what’s been said or noted is then vital. Some people can feel like anything but praise is a wound – but that doesn’t need to be the case – would you rather know what people think and act accordingly to adjust anything that you’re not happy with – or stroll through life unaware of the barriers you’re putting up?

  1. Talk to your friends

In a similar manner to work based feedback – feedback from friends and loved ones is another important part of shining some light on the behaviours, attitudes and perceptions you’re not currently aware of.

While the formality of the work based exercise might not be appropriate – you’ll find friends are more likely to share their observations of you and your behaviours from the safety of your current relationship. Again, honesty is important – so letting someone know you’re looking to expand your perception will stop them from just appeasing you with compliments!

  1. Work out what kind of personality you have

You might have seen tools like Myers-Briggs or the Enneagram that are used to distinguish your specific personality type. They’re generally a series of tests or thinking exercises that put you into a specific category or combination of categories.

From there, you can look at the typical behaviours and attitudes that someone in that category might embody. They’re not always perfect – but considering the points is a really useful way of thinking about what truly drives you and makes you tick.

  1. Mediate

If you’ve turned your nose up at the thought of meditation – you don’t know enough about it! Meditation isn’t something that’s reserved for monks on mountain tops – quite the opposite really. In his book, ‘Tools of Titans’ self-development guru Tim Ferriss charts his discussions with the most successful people he’s interviewed – from Hollywood A-listers to billionaires and professional athletes – and the overwhelming majority of them practice some form of meditation and attribute it to their success.

Clearing your mind of the daily ‘noise’ can be an exceptional way to elevate yourself to a more objective standpoint. Effectively you’re slowing your busy brain down – and in doing so, giving yourself a chance to look at your actions with a less judgemental frame of reference.

Ultimately…

Awareness is all about information – the more of it you have the better you can strategise. Sure, you might not like everything that comes to the fore – but if you want to improve you’ve got to know what your strengths, weaknesses and idiosyncrasies are.

You wouldn’t expect a sports coach to tell a team how to improve if he hadn’t seen the game or spoken to any of them – and you shouldn’t expect to improve your life without all the knowledge that goes toward making it what it is today.

Six UK-Based Offices with Innovative Design

Regardless of whether you’re looking to further your career within an office environment that plays around with conformity, or you’re in charge of a business looking for inspiration from some of the big players in the tech industry, there are plenty of office spaces that could have you looking at your current setup and implementing some changes.

Today’s office space is much different to that of the baby boomers. Gone are the grey environment and sterile environment, and introduced are colourful furnishings and bespoke working areas that look to ignite creativity, but which companies do it best?

You wouldn’t be far wrong in assuming that some of Silicon Valley’s finest have the best offices, and this can be the case when it comes to online giants such as Facebook and Google, but the United Kingdom has also taken notice of current trends, and is able to showcase some impressive office space.

Auto Trader

Auto Trader is a publication that has pioneered the art of selling used cars. Based in Manchester in its steel frame buildings, the layout of the office is a car enthusiast’s dream. As well as allowing employees access to car-themed meeting rooms, there is also a series of real cars situated in the office.

Employees that work at Auto Trader are very complimentary about the business and its office layout. Among the testimonials given are that the company gives employees the confidence to flesh out their ideas, as well as giving them a real sense of empowerment that helps them make some innovative discoveries to help propel the business forward.

Innocent Drinks 

Founded in 1998, the smoothie company is now mostly owned by drinks giant Coca-Cola. The smoothies come in a range of flavours and have really gained traction among the health conscious in the United Kingdom.

While many offices are more infused with technological influence, the Innocent offices are a little more organic. Paying tribute to a traditional English fair, the office space provides lots of space, as well as a friendly and relaxing atmosphere that really allows employees to flourish.

As well as being staffed by some truly brilliant minds, there is also a lot of focus on progression within the company, proving just how much the staff mean to the business.

Smarkets

Smarkets is an online betting exchange that was founded in 2008 and has offices in London, Malta and Los Angeles. While you would be right that many betting exchanges are plentiful, Smarkets stands out to its advanced trading platform that looks to face off against some of the bigger industry leaders.

With such bold goals, you would assume that Smarkets would be enforcing tiring schedule, but nothing could be further from the truth. The office premises not only make for an amazing view of the docks in London, but there are also a series of treats laid out for employees. These perks include catered meals, free snacks and as much table football as you can handle.

The company appears to have its focus on creating a real community as opposed to a workforce, and this is evident in the open plan offices and absorbing décor that helps members of staff really flesh out their ideas.

Google

There’s no denying how much impact Google has in relation to its office design, but its London premises show it’s not scared to absorb the local culture to make employees feel more at home. The open plan structure and innovative furnishings are still part of the office layout, but introduced are plenty of couch space, bunting, retro furniture and a series of picnic tables. As well as ensuring the Google brand is infused with the design, the company has also ensured it has included some creature comforts to get the best from their employees.

Those who work for Google only ever report good things, in that the company encourages employees to think outside of the box and look to break conformity. Google is all about breaking new ground in the world of technology, so it should come as no surprise that it tries to obtain the same from their team members,

Splunk

Splunk is an American technology company that produces software for analysing big data via a web browser. Its offices based in London are open plan, and introduce a quirky design that also feels homely. While it can be assumed that graffiti doesn’t belong in an office, there’s something about the cheeky addition to Splunk’s décor that really showcases where it stands as an employer.

Splunk is evidently doing something right, because those who work at the London office are quick to point out how motivational staff are, with it feeling more like an extended family as opposed to workmates.

Red Bull

The Red Bull brand probably doesn’t need any introduction, but to those who aren’t familiar with the Austrian company, the produce an energy drink that has the highest market share within the industry. The brand has become so popular that it has even launched a series of sporting events carrying the Red Bull logo.

The office space is open and inviting, encouraging more co-working, which in turn, allows for some inventive brainstorming. There is also a mixture of business and pleasure. While there is no shortage of working areas, there’s also a big slide that can transport you from level to the other. As well as ensuring the brand colours are represented, the curvature of the can the drink is served in is also present in the décor.

This is only a snapshot of some of the original and evoking office space situated in the UK, and shows that just like Silicon Valley, working environments in the UK are becoming more evolved and welcoming.

Streamline Your Business Communications

Even though the way we communicate may have changed, communication remains an integral part of any business. Whether we’re dealing with in-house communication, or looking to give customers information such as who are the best MLM companies currently https://mlmcompanies.org/best/, having the right tools to hand ensures that we are conveying information in the right way.

Just because running a business can involve a lot of communication doesn’t mean that they way we work has to be complicated. While answering phone calls will still occur, there are ways you can look to improve how you communicate with others, while ensuring its implemented in the most effective way.

Carry Out Projects in the Cloud

While we may have access to professionals, getting them all in the same place at the same time can be problematic at times. This can mean that projects take longer to complete, simply because all parties have not had a chance to look over the project. Working in the cloud offers a more streamlined and proactive solution.

Dealing with a project in-house or via email can work, but it can eat into valuable time. Working from the cloud means that everyone can view real-time updates about the project, regardless of where they are. So, if you have an urgent change or query, then you can normally have a resolution in place sooner rather than later, with everyone reading from the same page.

Look at Other Communication Methods for Customers

There are many customers who swear by speaking to someone over the phone, and there’s not much you can do to convince them otherwise. However, this doesn’t mean you should assume that the same applies to all your customers.

There are those who can’t bear with waiting on the phone, and would rather use the Internet to contact the company. This allows a company to lay out many different channels of communication to help answer queries and resolve complaints,

Some may choose to have a chat feature installed on the main website. This will allow customers to speak to you via chat as opposed to a telephone. While this can be more beneficial for both parties, you need to ensure that there are no issues with your website. It can also be a good idea to ensure your current hosting plan allows for such updates. If you do plan on running chat on your website then I would always recommend that you look at these 12 best hosting providers, who will all be able to provide you with scaleable hosting plan for your business.

Another method can be the use of social networking. Even something as simple as a business page on Facebook can allow a business to communicate with customers in a more effective and timely manner,

Update Your Email Procedures

The use of email has been popular for some time, and in some instances, it can be the most effective way of communicating with others. However, the quality of the information contained within an email can vary, and the communication process can be halted as the recipient has to ask questions about the information sent to them.

This can be avoided if you employ a template that everyone must follow. For example, if you’re referencing a phone call, it can be more useful to include the time and date, as opposed to the day the phone call was made.

Ensuring there is as much information contained within the email in the first instanced ensures that there is less time spent on questioning the email, and more time spent on the resolution. Of course, you will always get some questions, but having a routine and ensuring specifics are included means this happens less frequently.

Consider Call Routing

Although more and more people are choosing the Internet as their preferred portal of communication, there are those who will still choose to contact a business via telephone. If only have a basic telephone system, then finding the right person for the employee to speak to can be problematic.

Call routing is easy to instil, and allows you to route calls to the correct department or employee. You simply give the customer a list of options when they call, and then ensure that all options are routed to the correct department. This mean a more streamlined operation for the business, and a better experience for the customer.

Send Updates Via SMS

One of the reasons why businesses can become inundated with queries is due to customers looking for an update in relation to the purchase. It could be that the information was sent via email, but the customer doesn’t have access, whereas others will just call to ensure that their order is being dealt with. This is where automated SMS updates can come in handy.

Evidently, you will need to obtain the customer’s mobile number to send updates, but they can be a great and cost-effective way of updating the customer, while looking to reduce the number of incoming queries.

Review Your Voicemail Regularly

Even the most streamlined of businesses can miss out on some calls during the busier periods, so it’s often the case that some customers will leave a message. It’s important that voicemail is checked frequently and time is set aside to communicate with the customers.

Every business is different, but it can be advisable to check your business voicemail at least once a day. Overlooking the task could mean that the customer is calling back again and again, which means that your communication can come to a standstill.

Review How Customers Contact You

Some customer may contact you via telephone, whereas others may send queries using an online form. While offering several channels of communication to the customer can be beneficial to them, it’s important for a business to establish where the queries are originating from.

If the majority of queries come into your social network accounts, then it makes sense to ensure that someone is logged in to quickly offer a resolution. Similarly, if you’re regularly receiving phone calls, it can be worthwhile ensuring that somebody is able to man the phones during the busier periods.

Streamling your business communications not only ensure that you have more satisfied customers, but it also allows you to shift your focus onto other projects within the business.

3 Tips on How Startups Can Get Investors For Their Business

While only a number of startups are lucky enough to fund their business on their own it is often clients who have helped them along the way. However, for most businesses, having investors are vital to keeping them off the ground and grow towards expansion. In this guide, we will discuss useful tips to build your strategy can find quality investors.

Here are 3 tips on how startups can get investors for their business.

Find the Right Investors


The first move is to take a closer look at your contacts. Who do you know and how would they be able to help turn your business idea into reality? Consider a new type of networking known as “spider webbing.” This is where you can pitch business ideas to other entrepreneurs, investors, and other connections. You have to pitch to as many people as possible and prepare to deal with rejection during the early stage.

Consider Potential Investor as Part of the Team


Think of your investor as someone you would like to include in your team. Consider their knowledge, insights, and experience to help include them in your strategic plan. Listen to your investors to help avoid any pitfalls that may damage the business.

Ideally, you will want a mix of investors that can boost you’re your confidence and provide support while still able to challenge you to push further. Look for investors of different ages, genders, and races. This will encourage a diverse target market and allow your investors to reflect on the audience of the company.

Determine Factors


There are 3 factors that go into choosing your investor. Consider the connection – can you talk openly and deal with a crisis? Function – does the investor have the proper background to help guide you? Focus – is the investor ready to make the investment to oversee how the company is progressing? Don’t be afraid to see what your investor can bring to the table.

Conclusion

Gain advice from people you trust and have the proper knowledge in negotiating your investment terms. Whether it is a lawyer, entrepreneur and other professional, allow your business to be flexible.

Top 4 Legal Mistakes Startups Make

Launching your own business is a brave decision that may change your life. However, the odds may be against you if you do not have the right foundation on how to help your business grow. In fact, generating revenue is a priority that is often a rare commodity. In this guide, we will discuss some of the most common mistakes business make and how to prevent your brand from making them.

Here are the top 4 legal mistakes start-ups make.

Being Incentive

Most entrepreneurs want to be able to handle their business all on their own. However, it is extremely rare to capitalize on a business idea without the aid of other influencers. Building core team members are considered as a major investment as they are just as motivated as their founder. As the business continues to grow, founders who exclude their shares of the profit will ultimately force core team members to leave and use their knowledge to compete against you.

Intellectual Property

Most common IP rights are trademarks, copyright, patents, and basically everything that comes from the owner. It is these rights that will work for owners to protect their business name. By misunderstanding IP, the value of your business will fail. That is one of the most dangerous things you can do for your business.

Patents

Having a patent means you must claim a legal right to territory. Most businesses choose to keep their formula and launch in market share. Consider the information you disclose and with whom. This is especially important during the early stage as the idea is to disclose the idea without giving away its value.

NDA

With a product idea or business model, you might take extra precautions. It is important to limit the number of patients you discuss your business with as Non-Disclosure Agreements will take effect is the confidentiality is breached. Be sure cautious with potential partners

Have you or someone you know undergone some of these legal mistakes? What advice can you offer? Comment below and let us know!

5 lessons Self-Funded Startups Can Teach Businesses

Self-funded businesses have the power to grow beyond the idea of selling the company. With many successful companies, it is important to stay prepared for the long run rather than investing on short-term. In this guide, we will discuss useful lessons that many self-funded start-ups used for success and what other businesses can learn from them.

Here are 5 lessons self-funded startups can teach businesses.

Constrain Finances

While businesses often feel the need to spend their finances, spending more than you should often lead you with no financial statement to fall back on. Self-funded start-ups and business must focus on delivering value to the custom, drive revenue, and create growth before expecting to make a profit of their own. This means businesses must expect time for product testing hours on R&B and collaborate with partners on new platforms.

Take Advantage of Creative Resources

Businesses are driven by necessity. That is why it is important to spend on necessary items that will shape innovation when it comes to the core functions of the business such as recruitment and marketing. Instead of spending money on recruiters, invest time and money in sponsoring events, community projects, and panels. This is a strong way to build employer brand both authentically and organically.

Build a New Business Model

It is important to find a point of difference in how you build the best team with the right source of people. To gain the most affordable team with the best expertise, consider hiring through outsources. Clients will need engineers to deliver quality, but don’t be afraid to work with a team that is located all over the world. Not only will you benefit from outside talent, you can gain help in a competitive market.

Embrace Technology

As a fast growing industry, this leaves the business with hours of manual entry, paperwork, and energy. Take advantage of today’s workflow technology using tools to help improve the quality of the company and interactions with customers.

Conclusion

With focus consistency and investment, businesses can improve their brand through trust, leadership, and reputation and take their business to the next level of growth.

Infographic by: online.nec.edu