Why You Absolutely Need a Sales Funnel

Why You Absolutely Need a Sales Funnel Writing a book or other information product is a great way – especially for service businesses, to gain some traction in the marketplace… Having a book credentialises  you. BUT – it can also be a great profit pocket for you. It’s important to think of where this book or information product fits into your sales funnel. What is a sales funnel and why do you need one? ==> What Is a Sales Funnel? A sales funnel is a well thought-out pattern of follow-up and product sales that’s designed to maximize the amount of money you make from each visitor on your site. This allows you to maximize the profit you make from these products. The sales funnel generally starts when someone gives you their email address when they land on your website. It then leads them step by step through each product offering. The sales funnel usually steps up to higher and higher price points over time. Your first product might only be $10. Your second might be $97, then $297 and eventually a $2,000 or even $10,000 bootcamp experience. ==> Why Is a Sales Funnel Important? In marketing circles, a well-known idiom is that “The Money is in the Back End.” That means that while up-front sales are important, the real profit is in making repeat sales. Statistics show that it’s about seven times as easy to sell an existing customer than it is to find a new buyer. (This applies to any sale… if you’re not marketing to your existing Customers you are likely leaving a lot of money on the table!) It’s also much easier to make significant money by selling higher ticket items. You’ll need to make over 50 sales at $47 to make up for one $2,500 workshop sale. ==> In Competitive Markets, it’s the Only Way to Compete In competitive markets, if you don’t have a sales funnel you simply won’t be able to promote your product. You just don’t have the leverage. Let’s say you’re selling a Book at $40. You have a conversion rate of 1%, making each visitor worth $0.40. Your competitor is selling an eBook at $40. But they also have a $20-a-month subscription Coaching program. Most people stay for 3 months, so his average customer value is $100. At the same conversion rate, his average visitor is worth $1. When it comes to advertising and promoting, they’ll be...
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