The definition of the sales funnel (also known as a revenue funnel or sales process) refers to the buying process that companies lead costumers through when purchasing products. A sales funnel is divided into several steps, which differ depending on the particular sales model. One common sales process is divided into seven phases including:
•Awareness Phase – in which prospects become aware of the existence of a solution
•Interest Phase – in which prospects demonstrate an interest in a product by conduction product research.
•Decision Phase – in which a final decision is reached and negotiation begins.
•Purchase Phase – the prospective customer will finally make a purchase and will provide you a sales.
•Referal Phase – in which a customer will refer you to their friends, family or anyone that will be looking for the same product that you are offering.