Understand the sales funnel and how small businesses can compete with larger rivals using cost-effective marketing and branding strategies.

Key Takeaways

• Successful companies create a highly effective sales funnel to turn audiences into customers.
• Your business can do the same.

Opinions expressed by Entrepreneur contributors are their own.

Can small businesses outperform their larger competition? Recent history would suggest so. Take a look at Tesla. A successful company now, just a few years ago, Tesla was simply a startup with an idea to revolutionize electric cars. Arguably, larger car manufacturers had more resources to do the same, yet Tesla remains the market leader.

Google is another example. Impossible as it may seem now, when Google was founded 25 years ago, popular opinion had it that Yahoo was the leading search engine. Not only has Google taken that title, but the company's sites have also been ranked as the most popular multi-platform web properties in the United States.

How did these companies do that? Of course, they created products and services consumers wanted to buy. But they also created a highly effective sales funnel to turn audiences into customers. Your business can do the same.

Related: What Is a Sales Funnel? The Guide to Building an Automated Selling Machine.

Understanding the Sales Funnel

The sales funnel effectively describes the path your company's customers take from being a prospect to becoming a customer.

Picture a funnel: At the...

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