Sales Funnel Psychology
You need to continually be adding new prospects to your sales funnel because in this business, a certain attrition rate is inevitable. People change email addresses, lose interest in your niche, they change credit cards and a hundred other reasons.
So as you can see, prospects can and do jump out of your funnel at any time. Your job is to get them to move from the top of the funnel, where they are just potential prospects, all the way through the funnel to where they become raving fans, life-time customers and stop them from jumping out in the process.
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The key is to get your prospects to keep giving you more and more commitment because this is how they move from the top of your funnel where they are only potential prospects to the bottom where they actually buy your stuff. This commitment could start off with something as simple as visiting your site, then opting into a squeeze page to get something of exceptional value to taking a free trial or a $1 or $7 product to finally purchasing continuity, affiliate or high ticket items from you.
The further down your funnel people descend, the greater their level of commitment. At the early stages of your sales funnel, price is very important because at this stage people do not necessarily know, like and trust you. You need to offer them massive value for a small price to get the next level of commitment. If you get price and value right, and you give your customers a suitably highly targeted offer, you will make a certain percentage of sales when new prospects enter your funnel.
At this stage, you don't know what their depth of interest is on the subject that they have just spent money and so you don't know how much money they will ultimately be prepared to spend on either your products or suitable affiliate offers. I am sure that you can see that getting them to the next level of commitment as soon as possible is the best thing to do.
Once people have spent money with you, a relationship is automatically formed subconciously. If you made a good first impression (by giving excellent value), you have every opportunity of maximising that customers life time value. This is why you must have a suitable one time offer s soon as they opt into your list for the first time.
By the way, once they have made the first commitment to buy from you (and they still have their credit cards out), they are way more likely to buy more stuff and that is why you should be offering them additional products at a higher price point right off the bat.
If you want to verify this, go to say JV Zoo and look at the percentages of people who buy the front end products as opposed to OTO, upsells and down sells. This works virtually every time.
By continuing this process, you will automatically be narrowing your funnel and finding the 20% of customers that will buy 80% of your stuff.
You also have no idea how much they will be prepared to spend. So many marketers don't have the confidence to sell high ticket products, which can be affiliate products by the way. Just one $500 or $1,000 sale, which happens more frequently than the average marketer thinks, will change your business from a hobby to a sustainable long term business.
When you find these customers, they will be well worth your time. You can create other high value products or coaching programs for them. Do the math, how many $7 eBooks do you need to sell to make the equivalent revenue of say 4 - $1,000 coaching clients?
So, always be prospecting and figure out how to get your customers to progressively higher levels of commitment as soon as possible.
Regards
James Molfetas
P.S. Can someone please tell me how to wrap text around an inserted image. Thanks.
So as you can see, prospects can and do jump out of your funnel at any time. Your job is to get them to move from the top of the funnel, where they are just potential prospects, all the way through the funnel to where they become raving fans, life-time customers and stop them from jumping out in the process.
The key is to get your prospects to keep giving you more and more commitment because this is how they move from the top of your funnel where they are only potential prospects to the bottom where they actually buy your stuff. This commitment could start off with something as simple as visiting your site, then opting into a squeeze page to get something of exceptional value to taking a free trial or a $1 or $7 product to finally purchasing continuity, affiliate or high ticket items from you.
The further down your funnel people descend, the greater their level of commitment. At the early stages of your sales funnel, price is very important because at this stage people do not necessarily know, like and trust you. You need to offer them massive value for a small price to get the next level of commitment. If you get price and value right, and you give your customers a suitably highly targeted offer, you will make a certain percentage of sales when new prospects enter your funnel.
At this stage, you don't know what their depth of interest is on the subject that they have just spent money and so you don't know how much money they will ultimately be prepared to spend on either your products or suitable affiliate offers. I am sure that you can see that getting them to the next level of commitment as soon as possible is the best thing to do.
Once people have spent money with you, a relationship is automatically formed subconciously. If you made a good first impression (by giving excellent value), you have every opportunity of maximising that customers life time value. This is why you must have a suitable one time offer s soon as they opt into your list for the first time.
By the way, once they have made the first commitment to buy from you (and they still have their credit cards out), they are way more likely to buy more stuff and that is why you should be offering them additional products at a higher price point right off the bat.
If you want to verify this, go to say JV Zoo and look at the percentages of people who buy the front end products as opposed to OTO, upsells and down sells. This works virtually every time.
By continuing this process, you will automatically be narrowing your funnel and finding the 20% of customers that will buy 80% of your stuff.
You also have no idea how much they will be prepared to spend. So many marketers don't have the confidence to sell high ticket products, which can be affiliate products by the way. Just one $500 or $1,000 sale, which happens more frequently than the average marketer thinks, will change your business from a hobby to a sustainable long term business.
When you find these customers, they will be well worth your time. You can create other high value products or coaching programs for them. Do the math, how many $7 eBooks do you need to sell to make the equivalent revenue of say 4 - $1,000 coaching clients?
So, always be prospecting and figure out how to get your customers to progressively higher levels of commitment as soon as possible.
Regards
James Molfetas
P.S. Can someone please tell me how to wrap text around an inserted image. Thanks.
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