16 articles in this collection.
Written by Veethi Telang
Sales Funnel Explained
Ever stopped and wondered why in the world some businesses make it big while others don’t?
It’s frustrating, yes. But, what exactly did they do right that the others don’t?
They got this mind-blowing list of customers from somewhere, and they keep on adding to it.
The question is – how did they get conversions when they were small? And, once they did, how did they continue to provide awesome service to them?
Customers, you see, don’t grow on trees (sigh, if only!). They don’t come to you out of nowhere. You need to attract them. You need to tell them what you’re offering, compel them to pay you, and then, keep delighting them with add-ons.
This entire process is nothing but a sales funnel – the cornerstone of any business, and a metaphorical path that an individual takes from being a prospect, to becoming a paying customer.
Remember though, that while the underlying concept of sales funnel is universal, its types may vary from business to business.
Since you’re a coach who has a set of courses or membership sites they want to sell, allow us to share some ideas with you on how you can get started on building a sales funnel – pronto!
Sales Funnel Stages
1. Lead magnet – A high-value product that you offer for free on the frontend to build your mailing list. We say free, because it’s hard to get money out of your prospects’ wallets based on just the first impression.
Example: A mini email course version of your flagship course. Say, your main product is on “Keto Diet”. Your mini email course could be “A complete 7-day detox plan for beginners”.
2. Tripwire product – Another high-value product that you offer to your prospects, but at a ridiculously low price. If they’ve already reached here, their trust in you is building gradually, and now, they wouldn’t mind shelling out a few bucks.
Example: A series of webinars addressing your customers’ pain points.
3. Core product offer – Herein comes your main product. The goldmine of content that they’ll receive if they’re ready to pay you. Naturally, it’s priced higher than all the other products in your funnel.
4. Bonuses – Nobody dislikes a bonus, do they? A teeny-tiny bonus on your tripwire or core product can really boost your conversion rates on paid products.
Example: An eBook on Keto recipes or a one-on-one session with a nutritionist.
5. Upsells – Any product that you offer during your customer’s ordering process is an upsell. Think about it – your customer reached till here and they’re already in a buying mood. Throwing in access to one of your online courses on CoachRack or a membership on MemberFactory for a few dollars more, is only going to increase their average cart value.
Example: Access to one of your membership sites if a customer purchases your flagship course.
6. Downsells – This one’s optional, but hey, we highly recommend that you add it to your sales funnel! A downsell is nothing but an alternate product at a lower price just in case a customer backs out from their purchase of your upsell offer. Downsells ensure that, no matter what, your customer isn’t leaving from your site without paying you anything.
Example: A month’s plan of Keto Diet with meal planners, nutrition guide, and recipes.
There’s absolutely no restriction to how many components you can add to or reduce in your funnel. Take, for example, two upsells instead of just one, three bonuses, 2 tripwire products, and no downsell - the combinations are countless. So, get thinking on what suits your business best!
There you have it! A kickass sales funnel for you to begin with.
As a coach, you already hold a repository of cool, insightful content. So, why restrict your imagination?
CartFog lets you build an enviable collection of small products that you can easily integrate into your core product, and create the sales funnel of your dreams. How, you ask? Keep reading the tutorials that follow.