Every business owner wants to have an efficient sales process, but with so many different models out there, it can be hard to know where to start. I’ve created a straightforward sales funnel management procedure for business leaders to institute. It’s called the 5-10-50 sales funnel process, and if you’re stuck for ideas, it might be just what you’re looking for.
What Is the 5-10-50 Sales Funnel Process?
The 5-10-50 concept is an actionable guide for your written sales process, and your business’s personalized sales funnel. It will show you where to spend your energy and how to focus your messaging. It’s perfect for business owners who are strapped for time and have difficulty following up with new leads. All you’ll need to do is make three lists.
First, the 50. Make a list of 50 potential prospects that you believe match your target market very well. Identify the key decision-makers, their company background, who they are connected to in your network, and any other useful information that will help you sell to them.
Research them completely. Decide how you will solve their problems and pique their interest. Your goal is to find a way to reach them. Your messaging should focus on how you can solve their problems better than your competition.
Next, the 10. This is usually a subset of the list of 50 consisting of prospects that have demonstrated interest by reaching out to you or people you have nurtured a relationship with. They are typically early-stage potential customers. These qualifying leads require a different tempo, messaging, and contact frequency and are further down the sales funnel process.
When you contact these individuals, your messaging should be a bit more personal. These are people you have a connection with, and you need to foster that connection if you want to make the sale.
The final 5 are prospects that are high-confidence future customers. They are much further down the sales funnel than the previous 10. You have a better relationship with them, your confidence in them is higher, and your messaging should be all about guiding them to purchase.
The 5-10-50 process should be in your CRM system if you have one. If not, this should be an active list that you review very frequently. When someone falls off the list, either by becoming a customer or turning down your pitches, a new name must be added to each level as needed.
Following this process will help you hit regular touchpoints with your leads who are most likely to convert while making sure you keep a broad audience of prospects to focus on down the line. It’s a foolproof way to ensure that a constant stream of potential customers will always work its way through your sales funnel.
Do you want to work on your own 5-10-50 sales funnel process? A business coach can help. Please fill out my contact form and join me for a complimentary coaching session to work on your funnel management process.