So, it is easy to assume that everyone knows what a funnel actually is.
It is quite the ‘buzz’ word in online marketing at the moment.
So, what is it I hear you ask?!
Basically, it’s a series of steps you create to guide potential customers as they become familiar with your product or service, then decide if they would like to buy from you.
People aren’t always ready to buy your product or service yet when they come into your funnel, or perhaps didn’t even know that there is such a product or service?! This is why a sales funnel is very important.
It gives you a chance to turn what is most likely a ‘cold’ lead into a ‘warm lead’ and possibly a sale.
So, now I hear you ask, how do they work, and (more importantly) how do they make you money?
The truth is that there are many different types of funnels and you need to pick the one that will make the most difference to your business depending on a number of elements like:
- What kind of product or service you are selling
- What industry you are in
- What you want your initial leadmagnet to be
- What message you want to get across
- What medium you are using ie. videos/webinars, audio like podcasts, written emails/blogs or a book etc
There are also different stages of a funnel.
- Top of the funnel (TOTF)
- Middle of the funnel (MOTF)
- Bottom of the funnel (BOTF)
You need to grab their attention, gain their interest, build desire, then encourage or add ‘calls to action’, to invite them to buy.
Get this wrong and you’ll waste piles of time and money trying to promote your product or service—with few results.
But get it right and you’ll see significant growth, revenue, and profit.
Examples of TOTF marketing tools include:
- Ads (TV commercials, Facebook ads, Google search ads)
- Social Media posts
- Press releases
- Cold calls or in person sales meetings
- Guest posts
You are basically finding ways to drive cold new traffic to your business.
The funnel is wider at the top so more people will come and decide if they want to learn more about your business and if they do, they will progress to the middle of the funnel.
Examples of MOTF marketing (or second stage of the funnel) are:
- Educational videos on your site
- Books or Ebooks
- YouTube videos
- White papers or guides
- Tender submissions
- Follow-up phone calls
- Product demonstration videos
This is taking the Customer from cold to warm through education and building the relationship.
Examples of BOTF Marketing Tools are:
Tools we use in the BOTF include:
- Sales pages and videos
- Direct response mailers
- In-person sales visits
- Tender presentations in person
- Consult calls with a “close” at the end
The bottom of the funnel is where you invite people to take ation or buy from you.
In a few specific industries, you can sometimes get away with creating one amazingly good sales letter—and still make money.
But this is exceptionally rare.
The very best sales letters in the world convert at about 2% to “cold” traffic.
But to an audience that’s been “warmed up” with each stage of a funnel will generally convert far better than this.
It is about testing and measuring and tweaking your results at each stage though.
Once your sales funnel is built out and performing, you may not need to do anymore.
You still need a great product, good customer service and a positive experience for Customers to buy from you as no funnel will overcome a terrible product or service!
Also, repeat purchases are what you are really after….as once you secure a Client it is far easier to hold onto them and give them more options to buy from you (or perhaps offer other people’s products and services that make sense as an add on to your own) than have to start all over again attracting more.
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