Two of the main concerns I hear over and over is from people telling me they don’t have time for marketing, and that they are frustrated because they aren’t converting interest into paying business. The good news is, the ‘Marketing Funnel’ can help you solve both problems.
So what exactly is a ‘Marketing Funnel’? If you picture a funnel, you know it’s wide and open at the top, and tiny and narrow at the bottom. As prospects go through the stages from ‘I want to know more about you’ to ‘You’re hired’ they effectively move through the marketing funnel.
Now lots of people make the mistake of offering something free at the top of their marketing funnel, and then having their key product or service such as bespoke training, one-on-one coaching, or consulting package at the bottom of their marketing funnel, but nothing in between. I should know, it’s a mistake I made myself for some time.
The trouble with this is, it’s asking your prospects to make too big a jump in just one go. When you are selling any form of ‘change’ that training, coaching, therapy or consulting provide, the risk prospects face in taking us on is not only a financial risk, but an emotional one too.
So the marketing funnel is a great business model. It helps you make your core proposition available at different price points, thus lowering the emotional and financial risk for your clients as they move further down the funnel.
The funnel system of marketing says that you offer what is one funnel away challenge your prospects and customers ever more elaborate products and services – and ever more intensive access to you – at ever increasing prices. In other words always offering people ways to spend more money with you. And whether you are selling training programmes to corporations, or personalised coaching to individuals, the theory still applies.
In a nutshell the funnel system says: attract new clients and prospects into your funnel, then find ways to add more and more value to them – and as the value increases, so does the price!
An example of the Marketing Funnel:
~Top of Funnel~
Free newsletter with valuable and usable content
~Middle of Funnel~
Teleseminar £25 Workbook £69 Home study programme £250-500 Live Workshop £295-£1997
~Bottom of Funnel~
One-to-one coaching £3000-5000 Business Consulting Programme £10,000 and up
The ideal marketing funnel should be a win for you and your clients. Many people who would not otherwise be able to afford your services get access to your expertise for a lower fee than hiring you one-on-one. The benefit to you is that the marketing funnel really helps you leverage your time earning much, much more money per hour.
First it radically cuts down your one-to-one selling time. Clients move through the funnel at their own pace. (As long as you have a system in place for encouraging through the funnel. And of course you can automate this. (My upcoming Launch Your Information Empire DVD package shows you how)
This way, by the time someone is considering your higher priced programmes they have already bought and used several of your products or services. All that huffing and puffing, convincing and persuading, proving and demonstrating, pleading and begging that currently drains so much of your precious time and energy – gone! There is no selling or persuading to be done. They already recognise the value you have to offer. They are effectively ‘pre-sold’.
The other advantage of the marketing funnel is that it helps prospects become paying clients much earlier in the process. Your income increases, and this new income comes from largely passive sources such as books, audio programmes or home study courses.
The Marketing Funnel Can Work For You Too
Take a moment or two to draw YOUR marketing funnel. See where the gaps are, and start thinking about what products you can add to make it easier for your prospects to sample your expertise and take a lower risk step to being a paying client.