Customer Acquisition process and Sales funnel

 A business cannot exists without it's customer.  Customer drive the revenue, the ultimate goal of every profit centric organization. That's why it's important for every business to grow it's customer base while continuing to serve existing customers.

The process of identifying potential customers and acquiring them using various tools and techniques is called customer acquisition process. The customer acquisition goes through a various phases of customer journey, often referred as customer lifecycle.

Various staged of customer Lifecyle before, during and after the period active transactions are listed below. As the customer goes through these stages, potential customer to actual customer conversion narrows down in numbers like a funnel. The sales funnel is marketing term for the journey potential customer goes through.

Lifecycle stages and corresponding sales funnel stages are listed below:

Customers are likely to have multiple competing options when it comes to products and services you offer. Sales funnel helps systematically drive your potential customers through various stages. Creating and optimizing sales funnel can take multiple iterations and significant amount of time but it's critical to survive and stay ahead of the competition.

The stages in the customer funnel, also known as the sales funnel, typically include:

·       Awareness: This is the stage where potential customers become aware of your brand, product, or service. They may discover your business through advertising, social media, search engines, or word-of-mouth.

·       Education: In this stage, potential customers begin to research and evaluate your product or service, and those of your competitors. They may compare pricing, features, and benefits to make an informed decision.

·       Conversion: This is the stage where a potential customer becomes a paying customer by making a purchase or signing up for a subscription or service.

·       Engagement: In this stage, you work to keep your customers satisfied and engaged with your business. This may involve providing excellent customer service, offering promotions or loyalty programs, and creating a positive customer experience.

·       Closing Deal: If your customers are satisfied with your product or service, they may become advocates for your business by recommending it to others or leaving positive reviews. This can help to attract new customers and strengthen your brand reputation.

It's important to note that the customer lifecycle is not always a linear process, and customers may move back and forth between stages or skip stages altogether. Understanding and managing the customer lifecycle is essential for creating a successful business strategy and building long-term relationships with your customers.