Assignment on Understanding Customer Value

Q1. What is a Sales Funnel?

The sales funnel (also known as a revenue funnel or sales process) is the buying process that businesses
take their clients through when they buy something. The process by which a corporation finds, qualifies,
and sells its items to purchasers is also included in the term.

The usual sales funnel is broken down into several parts, each of which differs based on the sales model.

a. Awareness: The first step of the sales funnel, sometimes known as "attention," is where a business
draws the attention of new audience members by marketing material and/or a desirable baseline
offer.
b. Interest: Here, the business will begin to build a stronger bond with its customers, becoming more
involved in learning about their aims and/or issues. You can start delivering preliminary answers
this way, allowing people to experience "fast wins" and become more engaged.
c. Desire: Consumers that have reached this stage of the sales funnel are convinced that they do, in
fact, have a greater problem that needs to be addressed. Furthermore, they're warming to the
concept of making a purchase to remedy the issue. At this stage, the company demonstrates how
their premium solution may help.
d. Action: Prospects decide whether or not to buy (or not buy) the brand's premium product or
service at the end of the sales funnel. You'll need to emphasise the worth of your offer as well as
the disadvantages of not purchasing it.

Q2: Explain the process of Lead Generation for an Ed-tech company like Byju’s?

Byju's is a place where students may learn and teachers can teach. Furthermore, it educates students,
making their time on phones and computers worthwhile.

A. Brand ambassador: The brand ambassadors who are linked with the brand are one of Byju's most
powerful marketing methods. It's indisputable that having a brand ambassador gives the company
a face.
B. Regional Campaigns: When a company conducts marketing efforts in India, it must consider the
many regions and languages spoken by the people. This allows them to communicate with
customers from various regions in their native languages.
C. Collaboration and Sponsorships: When a brand partners with other brands or sponsors events, it
has the opportunity to pitch different client bases of the brands with which it collaborates.
Collaborations and sponsorships are examples of how Byju's app advertises itself.
D. Video Marketing Campaigns: If a company produces a video marketing campaign, it must be
effective. Byju's used an ad campaign to connect with customers by linking the company with
India's favourite sport, cricket.
E. Search Engine Optimization: SEO is used by brands to increase traffic to their websites and generate
sales leads. However, it did not work for Byjus as well as other ed technologies such as Topper and
Vedantu. Other ed techs' SEO fundamental plan was far better than Byju's, which is why it couldn't
produce enough leads from SEO.
F. Digital Ads.: Apart from SEO, Byju's digital advertising approach, such as Google AdWords and
Facebook ads, failed miserably. Byjus' Facebook ads generated leads, but the leads were useless.
Byju's Facebook advertising are aimed towards students interested in their platform. However,
 students are not frequent purchasers. Parents were the most frequent buyers of the app, despite
their lack of interest in it.

Q3: What is a Cold Lead, Warm Lead and a Qualified Prospect?

a. Cold Lead: People or businesses who have showed little or no interest in your products and services
are known as cold leads. Because they don't know anything about you or your company, cold leads
rarely respond to emails or other forms of communication.
b. Warm Lead: Hot leads are qualified prospects who are interested in what you have to offer and are
eager to make a commitment. They are more likely to result in a transaction, and you can
determine how close your qualified lead is to making a purchase using precise criteria.
c. Qualified Prospect: A qualified prospect is someone who meets the basic requirements for
purchasing a product or service and has shown an interest in doing so. Customers spend the
majority of their time with qualified prospects identified by salespeople.

Q4: What conditions should a Lead fulfil to be categorized as a Qualified Prospect?

A. A Need: A highly qualified prospect requires your goods right now or shortly. If you offer widgets
with an average lifespan of eight years, for example, a good prospect is someone who owns a
seven-year-old widget rather than someone who purchased one last year.
B. A sufficient Budget: A qualified lead has the financial means to purchase your goods or service.
Don't waste your time pursuing someone who can't afford what you're selling; instead, move on
from the organisation that has already spent its annual budget.
C. The Authority to buy: A powerful prospect is self-assured and ready to act. Furthermore, the easier
and more simplified their decision-making processes are, the more likely you are to close a
transaction.

Q5: What all should you plan for before visiting a Prospective Customer?

Get to know your customers:

The experience your customers have with your product is crucial in generating leads. Begin by making a list
of your most important customers and determining what they have in common. Maybe they're in the same
business, or they have comparable financial goals or requirements.

Research your competitor audiences:

People who enjoy your competitors' product are likely to love yours as well. Find out who they are by
looking at competitors' social media accounts and researching their content, comments, and followers.

Ste qualifying Criteria:

Make a list of criteria to determine whether your prospects are worth your time and effort. If you work in
the B2B sector, your company's budget, industry, market, and other factors may be distinguishing factors.
These methods will save you time and effort by allowing you to focus on the most promising prospects. You
may quickly turn prospects into delighted clients after incorporating them into your sales plan.