Google sales

5 Ways to Fix a Leaky Sales Funnel

By Jaakko Paalanen, Chief Revenue Officer at lead loader

B2B lead generation is an expensive business. If you have a leak at any stage of your sales and marketing funnel, it can be a huge waste, both financially and in terms of resources within your business.

But longer sales cycles, intense competition, and more communication channels have created complex funnels that make it harder to detect leaks and fix them.

While it’s nearly impossible to convert 100% of the leads you attract, businesses can streamline their marketing and sales funnel in several ways to maximize conversions and lower the cost per lead.

Understand what it takes to convert a prospect

It’s harder to reach a destination if you haven’t planned the trip. And it’s the same when you’re trying to convert a prospect.

Before you do anything, start by outlining the three main stages of the buyer-to-customer journey to fully understand the steps a prospect is likely to take to become a buyer.

First, there is the awareness stage. A buyer is aware of a problem or a solution they need, and they go in search of information to understand it in more detail.

Then there is the stage of interest and consideration. This is when the buyer confirms their problem and looks for someone to help solve it. That’s when they need to find you and when you need to demonstrate your ability to help – fast.

Finally, there is the decision stage which will inevitably involve your competitors. At this point, a buyer will become a customer and choose a supplier or partner based on many factors including expertise, price, and service.

At every stage of the journey, you need to put in place the right marketing and sales strategies to capture a buyer’s attention and turn them into a customer, before your competitor.

Identify leaks using data, not opinion

Data beats opinion, every time. When analyzing your marketing funnel, key indicators of a leak are the number of exits, bounce rates, and high traffic combined with a low conversion rate.

These three factors indicate that you’re targeting the right kind of audience, but you haven’t met their expectations or responded well or quickly enough to their search intent.

By using Google Analytics or tools that complement Google Analytics, these data points are easy to collect and analyze. Combined with experiences gained from interacting with potential customers and during onboarding, the data can provide valuable insight into lead leaks.

Also capture behavioral data

While web analytics tools like Google Analytics tell you where a leak is in your funnel, behavioral analytics tools reveal the cause of the leak. They will show you what attracts or repels a prospect’s attention on the page and how a prospect interacts with your site.

Behavioral tools include heatmaps, scroll and mouse tracking, and user feedback tools like surveys. This way, you can identify a user’s behavior on your website or on a particular landing page, i.e. your product pages, and make targeted changes that directly address reported issues or results that do not match your business objectives.

Target long-tail keywords to improve lead quality

Marketing and sales funnels can often be very heavy, which means you can generate a lot of leads, but your conversion rate remains low. A frustrating situation in which many companies often find themselves.

This is a clear sign that at the “awareness” stage, you are outperforming. And at the “consideration” stage, you are underperforming.

To address this imbalance, focus on so-called “long-tail” SEO, which uses content to target longer, more detailed search queries that buyers will often use as they move from the taking stage. funnel awareness at the consideration stage.

Essentially, your website content, marketing communications, and sales activity will match the questions buyers ask when they are most likely to convert. It will also give you a boost in organic performance because Google will reward your website for answering people’s questions.

Test small but meaningful details

Chances are you don’t need to make grand changes or undergo a complete overhaul to fix the leaks you identify in your marketing and sales funnel.

Instead, small details that may seem insignificant can be the root of the problem and quietly hurt your lead conversion efforts.

Something as minor as a poorly crafted call to action can be the source of a major leak. For example, software company Veeam changed a single world within its on-premises copy and then generated $15 million in just one month.

By replacing the word “quote” with the word its customers used, “price”, Veeam was able to increase click-through rates to its pricing page by 161.66%.

Obviously, sometimes the bottleneck is a technical detail or a small unassuming detail, so never overlook them!