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As a business owner, the best way to expand your business is by employing any of the marketing techniques used by top brands.
One of such marketing techniques involves the building of a sales funnel, which helps to generate leads, as well as convert these leads to paying customers.
This is achieved by retaining the attention of your prospects throughout the sales journey until they are influenced enough to make a purchase. However, building the perfect sales funnel involves five key elements, which are explained below.
Let's begin with...
Offering a Lead Magnet
The perfect sales funnel should have a lead magnet, which is basically something you offer your prospect so that they are encouraged to provide you with their contact information.
Whatever lead magnet you use must be able to offer your client great value, as well as provide a specific solution for them. Although lead magnets are usually free, they are the gateway to enjoying many paying customers.
Below is an example of an effective Lead Magnet from Lead Pages.
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A Tripwire is another element which the perfect sales funnel should have. It involves offering a product or service at a very low cost with the goal of converting leads and increasing the number of customers you have.
An effective Tripwire used by Spotify is providing their new users with a couple of months on their service, for $0.99 only. Other effective Tripwires you can use include:
- Physical premium
- Small but critical
- Free or trial
- A la carte service
Don't forget to...
Offer a Core Product
A core product is your business' flagship service or product, which typically costs more and is difficult to sell. However, because your prospects have already enjoyed great offers in the form of lead magnet and Tripwire, they are very likely to accept whatever price you price your core product at. In fact, your sales funnel may lead them to believe that your core product costs a lot more than what you are offering.
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A profit maximizer is any upsell you provide to your customers, to increase the amount or value of transactions that they carry out with your business. It is an important element in a perfect sales funnel, which top brands like McDonalds and Best Buy use. Best Buy, for instance, makes more money from profit maximizers like installations and warranties than selling just electronics and gadgets. Likewise, McDonalds makes more profits from the sales of fries and coke as opposed to selling only burgers.
The last stage of the perfect sales funnel is the return path, which targets prospects who did not get to the end of the sales journey. The return path will follow up and keep them engaged with your business, with the hope that they get converted at a later date. In addition to these, you can use the return path to provide your customers with any new and exciting offers you may have. However, your return path must have certain tactics like email re-marketing, constant communication, and exit offers.
Building a sales funnel like the one previously explained can help your business stay profitable. When implemented correctly, you will create a system that will double your sales and make your website a profit generating machine. Remember, not every client is ready to buy the first time they visit your website. Open up the dialogue and guide them towards your end goal... buy something from you and keep them coming back for more.