Entrepreneurship is one of the most sought-after occupations in the world. Everyone wants the American dream, right? For those of you pondering a business idea, and wonder where you should start, we will begin with one of the most important aspects: sales.
For an online business owner, a sales funnel is probably the most important marketing tool you have. And yet many entrepreneurs – both new and established – have no clear understanding of what a funnel is or how it works.
As you well know, failing to fully understand this critical part of your business means fewer sales, lower profits, and ultimately, an unstable business.
Here is everything you need to know about sales funnels:
A Simple Sales Funnel
At its most basic, a sales funnel consists of free content, which typically requires nothing of your readers. Many sales funnels begin with blog posts, YouTube videos, Facebook content, and other information readers can access at no cost. This is the “top” of your funnel.
Next, you’ll have an attractive offer that requires a very small “payment” of sorts – typically an email address. You’ve seen this type of offer on websites all over the internet, and probably even signed up for some. This is the free ebook or guide, video series, checklist, workbook, or other valuable content that is available in exchange for “opting in” to an email list.
Once on your mailing list, you’ll then present your readers with a series of low-cost offers. Perhaps you have a low-priced ebook or a trial membership.
Customers who purchase your low-priced product move further down the funnel, and are presented with more, higher priced products. As they continue to buy, they move closer and closer to your top-end offers, which make up the bottom of your funnel.
How Your Funnel Works
If you wonder what your funnel as looking like, well, a funnel, it’s easy to see that your free content—at the top—is consumed by the largest number of readers. Below that, your extreme low-cost item (available only for the cost of an email address) attracts a smaller subset of the true freebie seekers. Next, your low-priced products bring in yet a smaller group.
Finally, as you near the tip of the funnel, only the loyalest of fans and customers will purchase your highest priced offers.
Your job, as the business owner, is to ensure that your funnel leads buyers naturally from the top, free offers all the way to the bottom. The more buyers you can keep in your funnel, the more money you will make.
Most new—and even established—business owners can easily envision the top of the funnel, but if you truly want your business to grow, you must master the entire process, and that starts with understanding what a funnel really is and how it works.
End Words
Love what you just read? Subscribe to our blog to get these amazing insights delivered right to your inbox. That’s not all… We also have some amazing resources for you to check out to help get you started. Whether you need a course to help you plan your product or tools to give you that little extra boost, we have you covered.
Are you looking for a community of entrepreneurs, like yourself, who love to encourage one another and help each other succeed? If that sounds like you, then come join our free Facebook group. We look forward to seeing you there!
Feel free to check out my website, where I give free resources. tips and tricks and amazing podcasts.
Affirmations are great to help you change your mindset to be more positive. Take the ones that can be applied best to you and write them in places where you can see them every day. You can also record your voice saying them and listen to them every day.
