December 9, 2008
Your Marketing Funnel
You've probably heard the term "marketing funnel" or similarily "marketing corridor". It's simply the path your prospect takes to finally buy your product. And what they both are in essence is conversion; everything that happens to make a prospect into a buyer.
On the Internet there are many variations on the funnel. That is to say, once a name and email address are captured, the path that brings the prospect to the "big offer" can take many forms.
This is crucial. Your copy may be awesome. Your offer may leave all competitors in the dust. And your means of driving traffic truly mind blowing. But if your funnel is too short, too long, too wide, too narrow etc. then your sales will be short of expectation.
What does that mean, too short, wide etc?
The shape of the funnel depends primarily on the price of your "big offer" (big offer being the thing you want to sell. Small offers are all the things along the way that you give away or sell for very cheap to prime your prospect for the big offer.)
High price = longer funnel; longer conversion process.
Bargain price = shorter funnel; shorter conversion process.
So, what does this funnel look like on the Internet?
The simplest funnel of all goes like this:
1. Drive traffic to your squeeze page
2. Make free offer in exchange for name and email address (squeeze)
3. Prospect checks his email Inbox and clicks the confirm link in the email you (Aweber) sent him and doing so takes him to your sales page where he sees your big offer.
4. If he doesn't buy he gets sent half a dozen or more emails that try to drive him back to the sales page to buy.
That's the simplest marketing funnel on the Internet I know.
Of course, this will not work for every product. Allowing your prospect to see your sales page this quick may be a big turn off and it's quite likely that he hasn't come to trust you enough to consider buying or even reading your big offer.
Gaining your prospects trust is key for the sale. And this is job of the freebie you gave him when he gave you his name and email address at the beginning. Often it's a free report.
Many entrepreneurs drop the ball here. They create a free report that is really lame - after all, it's free right! What do people expect! Your free report, or MP3, webinar etc. must BLOW THEM AWAY with how good it is.
You want them sitting there going, "WOW this is awesome - I'm SO GLAD I GOT A HOLD OF THIS!
Your prospect should admit that they would have paid $20 for this free report after reading it.
So, what effect does this have? Well, the next time (which would be in a day or two) your prospect gets an email from you - HE IS SURE TO OPEN IT AND CLICK ON WHATEVER LINK YOU HAVE FOR HIM!
Your first freebie was so darn good he is actually thirsty for your next offer.
What is your next offer? It might be your big offer. Like I said, it depends on your price. If you are selling something that is more expensive than your competition (all other things being equal)…then you'll need more time to convert / to show him that YOU are the one to buy from.
For illustration, let's say you need a longer funnel. So your next offer might be another freebie. Or maybe something under $20. The thing to understand here is that you are not trying to make money on small offers. In fact you are often taking a loss!
This $20 small offer should be clearly worth $50 or more. That makes it irresistible. And it must be irresistible to keep him going down the funnel toward your big offer.
Each time he takes a small offer from you he is more excited about what is coming next! This is crucial in order for him to snap up your big offer.
You might add an upsale to this next small offer. When he is checking out, you offer him something for $7 (remember: all these prices are relative and just used as an example…it depends on the price of your big offer).
If he goes for the $20 product + upsale…then he clearly trusts you and MAY be ready to see your big offer.
If he doesn't…then he needs more time to convert and you will send him another freebie.
Of course at the outset, you don't know if you have the correct funnel so you will have to modify it as you go and so see what brings in big response. Once you get it right, sit back and let the $ roll in.
Filed under Blog, Selling Techniques by Oliver Olsen


