My understanding of a funnel is a chart that looks like a funnel and has stages and each stage has different people in it. That’s all cool.
My problem is the word being thrown around everywhere in every context ‘sales funnel’ ‘conversion funnel’ ‘lead gen funnel’ ‘nurture funnel’ and then in my mind i try to makes sense of things with that diagram in my head.
Even click funnels has nothing that looks, feels and talks abt tha funnel i know on their site
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A funnel in that context means that there’s a fewer amount of people who end up in the next stage.
A good comparison is like a competition. In the first stage, you have a bunch of competitors. The next stage is just the winners, essentially half of the first stage. By the end of the competition, you are down to 1 winner, which is a fraction of the total amount of competitors. This is the principle of a funnel.
Another example is a job interview. If you are hiring for a job, you might start off with 500 people who applied. Then you phone screen 200 of them. Maybe 50 of them you decide to bring in for a real interview with the manager. After that, maybe 10 of them move on to the 2nd interview with the team. By the end, you may have 1-2 people who you decide to extend an offer for employment.
Essentially a funnel represents stages of a process that are hierarchical in nature, where there are fewer elements/people in each consecutive stage. There can be different kinds of funnels, this is just different names for the different types of process. As long as you have a process, you can create a funnel out of it if you have numerical values.
You could even have a graduation funnel for University. For example, let’s say 1,000 people are enrolled as a 1st year freshmen. 850 Continue on to become Softmores. 600 continue on to Juniors. By the end, maybe 450 continue to become a senior, and 300 end up graduating.
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