What is a sales funnel and how to optimise it in your business?

PayXpert

PayXpert
Published 21/12/2021 · 3 min read

Increase the sales of your business with the best strategy

Do you know what a sales funnel is? It is the marketing strategy whereby you divide your audience according to their level of interest in your product or service. In other words, the sales funnel is all about identifying where your customers are in the purchasing process, so that you can tailor your sales strategy in a more specialised way.

"All right, so what does all this have to do with financial technology? ", you may be wondering. Simple: fintech solutions not only allow you to reduce your customer's pain points at checkout, but they also allow you to offer them a much more personalised experience, based on their preferences. This is how fintech accelerates the purchasing process for your new and existing customers: by offering them more and better features that will make your proposal irresistible.

What are the different stages of the sales funnel?

There are four main stages within a sales funnel, which you have to take into account when developing one (or more) sales strategies, targeted to the interests of your audience according to their level of interest.

  • Awareness: this is where, looking for a solution to a need, a potential customer comes across your brand. It may have been through word of mouth, an advertisement, or social media. They have not yet shown interest in buying or even considered you as a possible solution. It is the task of your communication strategy to know how to create interest in the buyer. Some keys? Know their main needs, their fears, and offer a solution that adapts to all these needs.
    For example, a potential client looking for ways to increase sales comes across your financial technology blog and starts reading a post about sales funnels.
  • Interest: This is the turning point where the customer starts to consider you as a possible purchasing option. How do you attract the customer's interest? Position yourself against your competitors with a practical, functional and customised solution. In other words: give the customer what they are looking for, in a way that none of your competitors do.
  • Decision-making: During the decision-making stage, your potential customer is comparing the pros and cons of your solution with those of your competitors. But it is not just about offering an excellent product or service at a competitive price. At this stage it is essential to take care of customer service, communication strategy and user experience (in short), to remain one of the relevant options. Keeping in touch with the potential customer, maintaining an active profile on social networks, offering specialised materials such as eBooks, newsletters or webinars are some ways to position yourself as an authority in the sector and a competitive option for the customer.
  • Action: the moment in which the client makes the decision and chooses you as the winning option... Or not. In any case, there is still hope. Maintaining contact with them through some of the strategies mentioned in the decision-making section will allow you to stay at the top of the most competitive options in case there is a re-evaluation of the purchasing process.

Optimise your sales funnel thanks to financial technology solutions

How to implement financial technology solutions in a sales funnel strategy? We want to show you how there are different tools you can use at different stages of the funnel to increase your business’s conversion rate.

  • Business intelligence: get specific data on your business transactions. Know where your customers are, what their average ticket or preferred payment method is. This way you can offer customised services according to your customers’ preferences. In other words: position yourself against your competition by showing your customer that you know what they need.
  • The best payment gateway: once the customer has decided on you, it is important to take care of even the smallest details of the purchasing process. Show them that you care by providing them with a multi-channel payment gateway with a wide range of alternative payment methods. This way you not only ensure that they will find their preferred payment method, but also that they can choose how to make the payment: through a phone call, pay by link, or a modern android point-of-sale device.
  • Ensure the highest security in payments: one of the other major factors that allow you to optimise the conversion of your sales funnel, is the security in payments. At PayXpert we want to help you ensure your customers the greatest peace of mind and protection of their data. How? Through tokenisation, an innovative method that, unlike traditional encryption, prevents data from being intercepted in each payment by third parties.

The possibilities offered by fintech are increasing. We want to help you make the most of them, thanks to our expert tools and solutions. Visit our website to learn more about them, or contact us and get advice from our team of experts. You are very close to making a great investment for your business.

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