The 5 Phases of the Sales Funnel

As a financial advisor, understanding the five phases of the sales funnel is critical for creating successful marketing campaigns. Far too often, advisors think that spending money on direct mail or running a seminar will result in closed clients. However, this all or nothing approach is not effective in the long run. To maximize the results of any marketing strategy, advisors must understand the five phases of the sales funnel.


The First Phase is Traffic Source.

This phase involves identifying how to get your message in front of qualified prospects. Advisors can use a variety of methods such as direct mail, radio, Facebook, or centers of influence. The key is to measure the results and choose the best traffic source for the specific goal. For example, eight out of ten baby boomers are on Facebook, making it a better choice for digital advertising than Twitter.


The Second Phase is Lead Generation

This phase involves converting a person who sees the ad into a lead. Advisors need to analyze their marketing message and offer to determine whether it is the seminar that didn’t work or the mail piece that didn’t work. Dissecting the lead generation strategy and looking at the various elements is crucial to understanding which parts worked and which ones did not.


The Third Phase is Lead Development

This phase involves nurturing and educating the lead to increase their interest in meeting with you. Just because someone opted in for something does not mean they are ready to meet with you. Advisors need to develop a strategy to get their buying temperature up to the point where they are ready to meet.


The Fourth Phase is Conversion

This phase involves converting the lead into a client. Advisors need to have a process in place to ensure the lead is interested in becoming a client, and they need to make the transition as smooth as possible.


The Fifth and Final Phase is Retention

This phase involves keeping the client happy and engaged. It is easier and cheaper to retain a client than to find a new one, so advisors need to invest in this phase to ensure long-term success.


In conclusion, understanding the five phases of the sales funnel is critical for creating successful marketing campaigns. Advisors need to analyze each phase to determine which parts worked and which ones did not. By doing so, they can create a more effective marketing strategy and increase their chances of success.

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