How Would You Define A "Sales Funnel"?

Matthew

I know that feeling. That's when I step away from the computer. Go for a walk and it all comes to you. Better carry a notepad or a recorder.

As for sales funnel, I explain it as this:

Your sales system is set up so that free or low-priced reports bring new customers into your business -- or sales funnel -- where they are exposed to other products of yours (by links in your reports and e-mails). As they go further into the funnel, they start to buy some of your mid-priced products, and if you are still satisfying them, a few will go on to buy your high-priced courses, etc.

The reason it's called a funnel is, like a funnel, it is wide at the top where many customers come in on your low priced entry-level products. It narrows down a bit as the price goes up and fewer customers go on to buy higher-priced products. At the very bottom it narrows right down to a few elite customers who buy your top-level products.

Hope that unblocks you.

Matthew,

Different people use different types of sales funnels in their business.

For example, many people write physical books purely as lead generation exercises for their business of public speaking or consulting. They use books like most people use business cards.

For IM the sales funnel can be anything from distributing articles, to giving away free reports, memberships, products, workshops, seminars and more.

There seem to be 2 main types of funnel in popular use:

1 - the deep funnel, where you basically create a range of different price point products within one small niche and see how far along the price-point you can take prospects, the idea being to get train them to buy and keep increasing the price of the products.

2 - The wide funnel, this is where you don't put the funneling process in the way of a high ticket offer and you just give people in immediate wide range of products (or services) to choose from. Those that have the money and want the high ticket product can just buy it right away - no processing them through a funnel they didn't need to be in.


Ultimately, there are as many methods of 'funneling' prospects into your business as you can dream up based on your business model and the resources you have at your disposal.

The general concept of a funnel system is that it's easier to get people to say yes to something free, and once you have their details you can gently 'massage' them on to higher price products.

Andy

Hi,

When I was in offline sales we called it the collector of every one on their way to becoming a customer. All people were given a title and it changed as they went closer to the narrow end where the "chosen few" became customers or clients.

First they were suspects, (that's every warm body you come within 3 feet of or in IM you come in contact with)

A percentage of the suspects were moved down the funnel to become prospects and finally dripped through the narrow end as customers.

First time buyers become suspects all over again and are funneled to becoming repeat buyers.

Suspects, prospects and customers all fell under the heading of leads in the funnel.

That's how I first learned about the funnel.

George Wright