Online marketing requires capturing the attention of potential customers and convincing them to take a closer look at your resource or project. The transition from finding information to making a purchase or investment occurs through several steps. A sales funnel is designed to pique interest, build awareness, and improve the chance of a sale or investment happening.
What Is A Sales Funnel And How Is It Used In Crypto Industry?
A sales funnel is a multi-step process through which prospects become customers/investors/community members. Every stage of the funnel is set up in such a way it brings the user one step closer to making a purchase, investment, or other commitment. It is up to an individual business or brand to make their sales funnel as engaging as possible to keep prospects moving through the stages and increase the number of users undertaking the “action”, be it investing, contributing, engagement, or otherwise.
The concept of a funnel applies because it starts out very wide - approaching as many people as possible - and eventually narrows down until companies are left with the people interested in their project or product. There will be an inevitable decline in users between stage 1 and stage four, although effective funnels will keep this drop-off as low as possible.
The cryptocurrency industry is thriving and evolving, making it more challenging for new projects to stand out among the crowd. Everyone wants to find their target audience as quickly as possible and convert prospects into users. Using a sales funnel is the most straightforward way of doing so.
Stages of Sales Funnels
A stage funnel consists of the following stages:
- Awareness: Brands will target many potential prospects who are looking for a solution to an existing problem or shortcoming. Standard tools to reach this audience include content marketing, email campaigns, social media marketing,display advertising, press release announcements, etc. Cointraffic has established itself as a go-to provider for banner advertisements, press releases, native advertisements, and working with the upper layer of a funnel to build and increase awareness for your crypto project.
- Interaction: Some users will engage with the crypto brand and seek more information. Although not every prospect will reach this stage, the interaction phase will help shape the crypto brand's future community. An interaction between brand and prospect can occur through social media channels, a live chat, email, Telegram, Discord, or other channels.
- Interest: Prospects show an increasing interest in the crypto project and will actively seek answers to questions. It is an important stage of the sales funnel, as the experience will determine if the prospect becomes a customer/investor/community member right away.
- Action: The prospect undertakes action, either by purchasing, investing, or becoming a full-fledged community member through social media channels. However, if someone declines the opportunity at this stage of the funnel, there are still other marketing tactics to change their mind down the line.
Analyzing the data from your sales funnel makes the difference between success and failure. A sales funnel generates many metrics and aspects to analyze and tweak, including:
- Audience behavior (initial response to the sales funnel and subsequent stages). An excellent way to analyze behavior is through on-site metrics, bounce rate, etc.
- Audience attention (are prospects intrigued by what they see? Video advertisements and infographics tend to make people pay more attention)
- Direct the audience (a call to action and a landing page are key)
- Lead generation (Keep creating new leads to add to the funnel. Native advertising is a powerful tool for this step)
- Maintain relations (transforming prospects into customers)
- Conversion rate (divide customer conversions by the total number of site visitors/social media engagers/etc.)
Like all marketing efforts, a sales funnel is an ever-evolving creature. It remains crucial to analyze data and critical metrics to adjust the funnel where necessary. While one can use marketing automation tools like Salesforce, Pardot or Adobe Marketing Cloud, it is often better to have a dedicated partner with expertise across these fields.
How To Create A Sales Funnel?
It is not overly complicated to build a sales funnel. Anyone serious about turning prospects into customers/investors/community members will need a funnel. Thankfully, there are many ways to begin this building process, although the overall approach remains the same across all industries, including cryptocurrency.
- Build a landing page: prospects will learn more about the project, its purpose, and products/ services. Visitors may come from a press release, banner advertising, or another marketing effort on the internet. A landing page needs to convey a clear and concise message, as it is the primary frontier to impress prospects. Make sure the landing page collects contact information from all visitors.
- Offer value: it may seem simple, yet this is the hardest step of the sales funnel. Prospects want something in exchange for providing their contact information. One can offer a free token airdrop, an e-book, whitepaper, or other informative content to capture this data.
- Educate your prospects: People coming to your landing page need to learn what the crypto project is about and why they should pay attention. Nurturing prospects is essential, and education is the best approach. Sending out regular emails or social media messages is a great way to build relationships with potential customers/investors/and community members.
- Close the deal: make the prospect an offer they cannot refuse. A product demonstration, sign-up bonus, giveaway raffle, free trial, or discount codes are all viable tools.
- Keep Communicating: Whether a prospect became a customer/investor/community member or not, keep engaging with them to build a two-way relationship. Regular engagement builds loyalty and ensures your crypto project remains in the back of their mind, as they may become a customer or investor later.
- Optimize the sales funnel: As mentioned before, a sales funnel is a treasure trove of information. Use that data to improve and optimize the funnel and ensure long-term success. Evaluate every layer of the funnel and go from there. Make sure to tweak the landing page, call to action, and overall communication.
Conclusion
Building a sales funnel will directly contribute to the success of your crypto project. Every step is designed to build awareness, ring more attention to the project, and ensure people engage with the information provided. Whether you want to grow a community, attract investors, or sell a product/service, using a sales funnel is essential.
Finding the right partner to maintain the sales funnel will improve your long-term success chances. Cointraffic specializes in marketing, promotion, and advertising by working with the most reputable news outlets and publishers to increase project awareness.