Why Online Business Owner Need Sales Funnels

One question I am asked all the time from my readers is what is a sales funnel and why is it important to have one? I guess that’s really two questions but they go hand in hand so I’ll tackle answering them together.

A sales funnel is a pathway through which you guide prospects into the depths of your business. Unless your prospects have unlimited funds, you will rarely find someone ready to purchase your highest priced consulting service. Likewise, if you’re planning a weekend retreat in a faraway land, very few will shell out $10,000+ unless they already know you and like what you have to say.

Hence the need for a sales funnel.

Anatomy of a Sales Funnel

No doubt you have seen pictures of funnels, where the widest opening is at the top of the funnel with the smallest opening at the bottom. The idea behind this graphic is that you’re attracting as many people as possible at the opening of your funnel and bringing them down to the smallest opening, where your most expensive product is offered.

Every step along the way, from the wide opening and downward into the funnel, you need to make offers to this audience and usually they are incremental in price. These offers make chronological sense to the consumer and after they purchase one product, they are more likely to purchase a second due to liking your content and your style of consulting.

What Can I Offer?

At the opening of your sales funnel you want something with mass appeal so you’re attracting a large number of people. It can be a freebie, a chapter from your book, a recording of an interview, anything that will showcase your consulting.

Once people have responded to that freebie, I prefer to offer low priced items throughout my funnel. These types of products give your audience a low risk way of experiencing your consulting skills and beliefs. These low priced items can include ebooks, workbooks, ecourses, or a membership site.

How Can I Get Started Creating Low Priced Items?

The key to creating low priced products for your sales funnel is that they should be quick and easy to create. You don’t need ghostwriters or a huge team to create the products I’m talking about. The idea is to pull your expertise out of your head and get it onto paper or video. No extra research necessary…it’s all about what you know.

Creating Products Your Clients Will Actually Buy

I’m a big believer in creating passive income for your online business but many online business owner don’t know what to offer or think that their one-on-one consultation services are enough to sustain their lifestyle.

Sure, your clients hire you for your specific skillset and specialty but wouldn’t you like to earn more in your business? Wouldn’t you like to cash in on the phrase, “Make money in your sleep”? Wouldn’t you like to reach more of your target audience who aren’t quite ready to purchase your big ticket consultation packages?

This is why you need products to sell in addition to your consultation services.

What Will They Buy?

A simple way to determine what your audience needs is to simply ask them. Create a survey with Survey Monkey and ask your followers on social media and on your email list to complete it. Maybe what they are looking for is a simple ebook or a workbook. Others may be looking for a class to resolve their particular problem.

Also ask your current clients what they need. This is especially important to retain them as clients after their consultation sessions end. What’s the logical next step for them to continue learning with you?

Identify Your Target Market

You have likely done this exercise already however it’s important to reanalyze your market and identify any changes that may have occurred. Have you stayed true to your initial business plan of attracting your target market or are your clients at a lower income level? How do you attract new prospects?

By creating lower priced products, you’ll attract people who aren’t quite ready to purchase a high priced item. However, these are still good prospects to have in your sales funnel because they can start slowly with your lower priced items and as their income increases, you can offer higher priced items, eventually leading to your highest priced product. While they progress through your products, they will see you as a credible expert and will trust this expertise, especially when you offer your higher priced consultation sessions.

How to Create Low Priced Products

Stay tune with my new guide whereby I’m sharing my best secrets and tips for creating 4 low priced products your clients will LOVE. We’ll talk about what to create, how to create it, and how to price it. Grab your seat by clicking the registration link here and get ready to create!

Make money while you sleep

Have you heard the phrase, “Make money while you sleep”? It’s a common phrase thrown around the internet marketing world that describes the power of passive income. Make a product one time but reap the rewards for years to come.

Passive income can benefit absolutely everyone, no matter what type of business you have. The key is to make the product creation as simple and as inexpensive as possible. This doesn’t mean your product will be cheap; it means you should focus on your area of expertise and solve a common problem among your audience.

Let’s review why online business owner need to create a stream of passive income

  1. Supplement your income when a client cancels their contract. No one wants to think about losing a client (or two!) but it happens. Instead of panicking at the idea of finding a new client to fill that space, you can approach the task calmly, knowing you have passive income to fill that gap temporarily.
  2. Expand your name recognition and attract new buyers from your target audience. The world is a big place and you always have the opportunity to reach new people in your target audience. Using your products as a giveaway or pricing it on the low end will entice these newcomers to learn more about you and your practices.
  3. Attract speaking or media engagements. Event organizers and reporters are constantly searching online for speakers or interview subjects. If you have products as part of your business and have a consistent marketing plan, the media will likely find you faster in their online searches. Adding these events to your media profile will immediately elevate your authority level, too.
  4. Lead your prospects through a sales funnel, ultimately leading them to your more expensive business packages. A sales funnel is a must-have because people want to know about your practices prior to paying hundreds or thousands of dollars on a package. Showcase your expertise with smaller, more inexpensive products first, then entice those buyers with your higher priced packages.
  5. Use products as part of your overall marketing plan. When you have products, you can run promotions which garner lots of attention on social media. Offer a freebie, a bonus if they buy a package, or offer a chapter of your ebook as a teaser to entice them to buy. Unique promotions will attract attention from new prospects in your target market.

Ready to create your passive income empire? Stay Tune with my new guide that I will be sharing the 4 best low-end products that your audience will buy up in a heartbeat. I’ll share tips on how to create them, how to price them, and how to know WHAT your audience actually wants. Grab your seat by clicking this link here. Get ready to create massive income!

Improve Efficiency For Your Online Business

Efficiency is the Key to a Stress-Free Business

Who doesn’t love automation? Shopping carts and membership sites automate your sales and content delivery. Email autoresponders automate relationship building. And calendar apps automate your schedule, putting an end to the frustrating back and forth of setting appointments.

Not only does automation save you time, but it helps ensure quality and consistency as well. Just imagine how confusing it would be to your customers if you didn’t have a shopping cart, but instead sent them an invoice for every purchase, and each invoice was a different cost. Or what if your 16-week group coaching course sometimes arrived by email, and sometimes in your Facebook group, and sometimes not at all?

Now these might seem like silly, over-the-top examples, but this is why automation tools exist—to keep everything running smoothly and as expected.

Can you automate everything? No. But you can implement this same level of efficiency and consistency by creating systems and workflows.

Document Everything

What would happen if your project manager or executive VA were no longer able to work? Could you easily (and quickly) train someone else to take over? For too many small business owners, the answer to that question is a definitive NO.

When all the instructions for completing a task reside only in one person’s head, you’ve set yourself up for catastrophe. Sure, in the event that someone becomes ill or wins the lottery, you would probably recover, but how long would that take?

Rather than risk struggling with logins and procedures, make it a point to document every task in your business, from how you manage your email to how a new product is launched. That way, if your best VA decides to elope with her Prince Charming, another team member can step in and cover for her.

Seek Out More Efficient Systems

Just because grandma always kneaded her bread by hand doesn’t mean that’s still the best way to do things today. Now that new stand mixer takes all the work out of bread making, while still keeping the flavor in.

Where can you make your business more efficient, while still keeping the personality and brand your clients love and trust?

Consider:

  • A hosted help desk solution with “canned responses” to the most common questions. Click a button and answer in seconds instead of typing out a 3-paragraph response.
  • Document templates ensure everything is formatted in a way that matches your brand, and will save you hours on every worksheet, resource guide, and even sales pages and blog posts.
  • Duplicate your repeatable projects inside your project management system, change the dates and key details, and instead of spending 30 minutes assigning tasks to your team, you’ll spend 30 seconds.

It might also be time to upgrade your tools, if what you’re using is no longer as efficient as it could be. For example, if your autoresponder can’t move customers from one email funnel to another based on their behavior, you’re missing out on sales. Consider upgrading to Active Campaign, Ontraport or even Infusionsoft to make your sales process more automated.

Take a look at your business and the tasks you and your team perform every day. Where can you be more efficient? What tools would help you maximize your time? Making changes in these areas will add hours to your day, and greatly reduce your overwhelm and stress levels as well.