What is a sales funnel?
A sales funnel is the symbolic representation of the sales process, used for decades by salespeople in every industry visualize the path from cold lead to paid client. It’s especially important to understand if you’re starting a credit repair business.
A successful salesperson knows that sales are a numbers game. The object is to get as many leads as you can into your sales funnel, then the strongest leads, after much cultivation, finally become successful sales.
It’s always awesome when someone magically contacts you of the blue and wants to sign up for your service, but that’s a rarity. Generally speaking, leads are like planting seeds. They don’t just grow by themselves. They need a lot of follow up and communication. How do you keep this all organized? That’s where software comes in handy!
Here’s the super simple way that many successful credit repair businesses organize their sales process and from within Credit Repair Cloud:
- A LEAD is a LEAD until you’ve communicated with them and they show interest.
- Once you’ve communicated with a LEAD and they show interest, change the status to PROSPECT.
- When a PROSPECT is ready to sign up, change their status to CLIENT and pat yourself on the back.
Keeping it simple like this is usually the most productive and most profitable.
At every conversation, make notes in the leads profile and set scheduled reminders to follow up at a later date. It’s a lot of work, but the rewards are great, because each paid client on a recurring plan is very valuable to your business.
Not sure what to say to potential clients? That’s a whole different subject. Here’s an article about creating a killer sales script for credit repair.
Want to rapidly increase the number of quality leads that enter your sales funnel? Start to build up referrals. Here’s how:
- Put on a nice suit and meet with every mortgage broker, loan officer, auto dealer, CPA and bankruptcy attorney in your area and offer them a commission for each “paid” client that they refer to you. It’s a win-win for everyone. They make a commission, they sell more homes and cars, and you get a nice stream of quality leads who are ready for your services.
- Once you have a client, remember to educate them as part of your process, so they can better understand the credit system and give them awesome service so they will refer their friends.
And of course, along the way, drip mailings and articles on your site help to establish you as the trusted expert these leads will turn to when they’re ready to get help with their credit.
Fresh, new, original content on your site will improve your Google ranking, which will also begin to send even more leads to you. And be sure to add a web lead form to your site so it can become a lead generating machine. If you’re a credit repair cloud user, you’ll find this in My Company>Web Site Tools.
Remember, the #1 rule about sales: don’t be discouraged. A princess must kiss 100 frogs to find her prince, and you may need to talk to a dozen or more leads multiple times before one of them becomes a paid client, but those numbers will improve over time as you slowly establish your brand, as you establish yourself as an expert and build referrals. That’s how the sales funnel works.
Sound like a lot of work? Yes it is, now let’s talk about the rewards when it pays off. Everyone’s rates are different, but here are some hypotheticals for you:
- If you have 300 clients each paying you $79/month, that equals $23,700 each month in recurring revenue. Give them awesome service and they will tell their friends.
- If you reach 1000 clients paying you $79/month, that’s $79,000 month in revenue.
We have software users with thousands of clients, making millions of dollars a year. It all starts with the simple sales funnel.
We wish you all the best for your business, and if there’s any way that we can assist, please reach out.