Rapid changes in technology are amplifying the many revenue funnel issues that companies tend to run into. While some of these issues are not new, the rapid growth of new marketing and sales technology, combined with changes in buying behavior, are making them increasingly more complex.
Lack of Visibility
Many companies don’t have full visibility into what is happening inside their marketing and sales funnels. Dashboards in a CRM don’t show the entire picture and tend to be a snapshot in time instead of capturing what is moving and changing in the funnel.
Lack of Discipline
Sales and marketing leaders are often pulled in many directions. While some are outstanding at applying the proper discipline for effective funnel management, many others struggle to have the time to focus on it.
Lack of Process Focus
“Funnel” is just a synonym for the marketing and sales process that moves prospects or suspects through a series of steps to ultimately become a paying customer. Yet many companies don’t fully think it through as a true process flow with a clearly defined blueprint.
Marketing and sales teams don’t always communicate with each other the way they should. Lack of common definitions for steps in the revenue funnel process, combined with speaking the different language at certain points, leads to significant communication gaps about what is happening in the funnel.
Marketing vs. Sales Conflict
Sometimes these communication gaps can lead to open conflict. This is especially true when marketing and sales leaders aren’t on the same page and are not aligned around shared revenue goals they both have accountability for.
With the growth of marketing and sales technologies, marketers and sales professionals frequently are using different tool sets. Sales lives in the CRM and marketing lives in their marketing automation platforms.
The technology silos then create fragmented data sets that make it difficult to view the entire funnel as a holistic system. While marketing automation may sync with CRM, they also may provide different answers. This leaves companies without a single source of truth for what is happening in their revenue funnel.
Inability to Connect Top-of-Funnel Efforts to Bottom-of-Funnel Results
One of the biggest data gaps is apparent when it comes to connecting top-of-funnel efforts to bottom-of-funnel results. Many marketing teams do not have clear insight into which of their campaigns or programs are driving the best revenue results.
Changes in Buying Behavior
Combine these other challenges with the fact that buyers are changing how they make purchasing decisions, and the picture becomes even more confusing. Many buyers don’t engage with a salesperson until they are significantly further along in the decision-making process.
Buying Technology But Not Setting Up the Right Processes for Use
Companies today are frequently buying new tools without setting up the right processes internally for their successful use. For example, many companies have invested in marketing automation software but have not set up the right processes to maximize their use of it.
“New Shiny Object” Syndrome
Marketing and sales leaders often fall victim to “new shiny object” syndrome where they get excited about another new piece of technology and plug it in, thinking it will solve these problems for them. This usually is not the case because the challenges are about more than just technology. They also require adjustments to processes and people.
Incomplete or Inaccurate Goals
Many companies do not have a complete picture of their funnel goals. This can be especially true for goals for higher stages of their funnel. Without knowing what you need and when you need it in your funnel, it is difficult or impossible to maximize the revenue results at the bottom of the funnel.
Lack of Accurate Forecasts
Lack of complete goal setting also leads to incomplete forecasts. The traditional method of sales forecasting with subjective judgments for probability being applied to each sales opportunity is an outdated way to understand where the funnel is headed.
Lack of Time or Desire for Strategic Data Analysis
Your data always tells a story. Thoughtful analysis of funnel data can tell you what your goals should be and forecast where you are headed in the future. However, without new tools to assist with the analysis, it can be an incredibly manual and time-consuming process. Many marketing and sales teams don’t have the time or desire to fully dig into the story in their data on their own.
Learn How Revenue Funnel Science Addresses These Problems
Revenue Funnel Science is a methodology that helps with each of these challenges. Learn more about the Revenue Funnel Science Maturity Model to understand the steps that companies go through and they tools they use to fix these funnel problems and maximize their revenue success.